Here are 1-2 brief analogies for Obsidian Energy (OBE):

• A smaller, Canadian ConocoPhillips.
• A scaled-down Canadian Natural Resources (CNQ).

• Crude Oil: Obsidian Energy focuses on the exploration, development, and production of various grades of crude oil.
• Natural Gas: The company is involved in the extraction and sale of natural gas for energy consumption.
• Natural Gas Liquids (NGLs): They recover and sell natural gas liquids, which include products like propane, butane, and condensate separated from natural gas.

Obsidian Energy (symbol: OBE) sells primarily to other companies rather than individuals.

According to its public disclosures (e.g., 2023 Annual Information Form and Management's Discussion & Analysis), Obsidian Energy states that it is not dependent on a single purchaser or a small number of purchasers, the loss of which would have a material adverse effect on the Company. Therefore, there are no individually identified "major customers" that account for a significant portion of their revenue to be specifically named.

Obsidian Energy sells its crude oil, natural gas liquids, and natural gas production to a diversified base of purchasers, which typically include:

• Refiners: Major North American refiners of crude oil.
• Crude Oil Marketers: Companies that purchase crude oil for resale or further distribution.
• Natural Gas Marketers: Companies that purchase natural gas for resale or further distribution.
• Industrial End-Users: Companies that consume natural gas directly in their industrial processes.

As the company does not disclose specific major customers by name due to the diversified nature of their sales, specific customer company names and their symbols cannot be provided.

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Stephen E. Loukas, President and Chief Executive Officer

Mr. Loukas has been President and Chief Executive Officer of Obsidian Energy Ltd. since 2022, following his role as Interim President and Chief Executive Officer beginning in 2019. He joined the Board of Directors in 2018. Mr. Loukas possesses extensive experience in corporate transactions, capital markets, and leadership. He is also a partner, managing member, and portfolio manager at FrontFour Capital Group LLC, a value-based investment management firm. Previously, he held positions at Credit Suisse Securities.

Peter D. Scott, Senior Vice President and Chief Financial Officer

Mr. Scott joined Obsidian Energy in 2019. He brings over 30 years of financial leadership experience, including more than two decades as a Chief Financial Officer. His responsibilities have encompassed various functional areas such as finance, accounting, tax, budgeting and planning, investor relations, risk management, insurance, legal, marketing, and general administration. Prior to joining Obsidian Energy, Mr. Scott served as Senior Vice President and Chief Financial Officer at Ridgeback Resources Inc. (formerly Lightstream Resources Ltd.) for seven years. Before Lightstream, he held Vice President Finance and Chief Financial Officer roles at several other companies.

Gary Sykes, Senior Vice President, Commercial and Development

Mr. Sykes joined Obsidian Energy in 2019, initially as Vice President, Commercial and Corporate Planning, and was promoted to Senior Vice President, Commercial and Development in 2022. He has held diverse technical, operational, and managerial positions in various locations globally, including the UK, Canada, Indonesia, the USA, and the Middle East. From 2012 to 2016, he was President, Qatar and Iraq for ConocoPhillips. Between 2017 and 2019, he supported a private equity-backed North Sea oil and gas venture.

Cliff Swadling, Vice President, Operations

Mr. Swadling joined Obsidian Energy in 2017, bringing over 25 years of extensive experience across various operations and leadership capacities. His career, which began in 1998, includes technical and leadership roles in Canada, Albania, and Egypt. He has held positions of increasing responsibility in field operations, production, facilities, enhanced oil recovery, asset management, safety, asset retirement, and continuous improvement.

Jay McGilvary, Vice President - Development

Mr. McGilvary joined Obsidian Energy in 2017 and has over 20 years of experience within the oil and gas industry. He has held key technical leadership roles with increasing responsibility across the company's asset portfolio and currently leads the team responsible for technical development, exploration/appraisal programs, and drilling and completions operations. Before joining Obsidian Energy, Mr. McGilvary worked in international corporate planning at Bankers Petroleum and held various roles at Husky Energy Inc. and Apache Canada Ltd. He is a Professional Geologist (P. Geol.).

Key Risks to Obsidian Energy (OBE)

1. Commodity Price Volatility: Obsidian Energy's revenue, profitability, and ability to fund expansion plans are highly dependent on fluctuating oil and gas prices. The company is vulnerable to low oil prices, which have historically forced it to reduce operations and can lead to impairments and losses.
2. Evolving Energy Policies and Transition to Renewables: Shifts towards renewable energy sources and stricter environmental regulations pose risks to Obsidian Energy's growth plans. These evolving policies could create hurdles for oil and gas producers, potentially limiting the company's ability to expand operations or maintain current production levels in the long term.

The accelerating global energy transition away from fossil fuels, driven by the rapid deployment and cost reduction of renewable energy sources (solar, wind), the widespread adoption of electric vehicles, and increasing governmental and societal pressure for decarbonization. This directly threatens the long-term demand for Obsidian Energy's oil and natural gas products, as well as its access to capital due to growing environmental, social, and governance (ESG) considerations from investors and financial institutions.

Obsidian Energy is an intermediate-sized oil and gas producer primarily focused on the exploration, development, and production of petroleum resources in Alberta, Canada. Their main products are crude oil (including heavy and light oil) and natural gas.

The addressable market for Obsidian Energy's main products and services is the Canadian oil and gas extraction industry.

• The total revenue for the Canadian oil and gas extraction industry reached CAD 269.9 billion in 2022. This market size is for the region of Canada.
• More broadly, the Canada oil and gas market size was estimated at USD 38.89 billion in 2025, and is projected to grow to USD 45.39 billion by 2030, with a compound annual growth rate (CAGR) of 3.14%. This market size is for the region of Canada.

Obsidian Energy (symbol: OBE) is expected to drive future revenue growth over the next 2-3 years through a combination of increased production from its core assets, strategic capital investments, and favorable commodity prices.

Here are 3-5 expected drivers of future revenue growth:

1. Increased Production from Core Development Areas: Obsidian Energy is focused on expanding its production, particularly from its Peace River heavy oil assets and successful development in the Clearwater and Bluesky formations. The company's active capital programs for 2024 and 2025 are designed to grow production through the development and delineation of these key areas. For example, their 2024 capital program led to a 16 percent increase in average annual production. While a previous three-year growth plan to reach 50,000 barrels of oil equivalent per day (BOEPD) by 2026 was withdrawn due to asset sales, Obsidian Energy continues to invest in development programs that have increased its second-half 2025 production guidance.
2. Strategic Capital Investments: The company's allocation of capital expenditures towards drilling new wells and infrastructure projects is a direct driver of future revenue growth. Obsidian Energy announced a capital program of $110 to $120 million for the second half of 2025, with infrastructure projects underway to support future growth. These investments are crucial for bringing new production online and enhancing the capabilities of existing operations.
3. Improved Commodity Prices: While not directly controlled by Obsidian Energy, a favorable commodity price environment for oil and natural gas is a significant driver of revenue. The company's capital programs and overall financial outlook are sensitive to oil prices, with lower prices leading to reduced growth plans. Conversely, stronger commodity prices would enhance funds flow from operations, allowing for potentially more aggressive development and exploration activities, directly boosting revenue.

Share Repurchases

• Obsidian Energy repurchased and cancelled approximately 7.1 million shares under its Normal Course Issuer Bid (NCIB) as of August 2025, reaching the maximum allowed under the program renewed in March 2025.
• Since the inception of its share buyback program in 2023, Obsidian Energy has repurchased and cancelled approximately 13.1 million common shares for a total consideration of approximately $113.6 million.
• The company expects to renew its NCIB in March 2026.

Share Issuance

• In November 2021, Obsidian Energy announced a marketed equity offering of subscription receipts aimed at raising gross proceeds between $12.5 million and $22.5 million.
• The net proceeds from this offering were intended to repay and permanently reduce a non-revolving term loan from the company's credit facility and its outstanding senior notes to fund an acquisition.

Inbound Investments

No information available for large investments made in the company by third-parties.

Outbound Investments

No information available for instances where the company made a strategic investment in another company.

Capital Expenditures

• Capital expenditures for the nine months ended September 30, 2025, totaled $233.9 million.
• For the first half of 2025, planned capital expenditures were between $185 million and $195 million, primarily focused on Peace River for development and exploration/appraisal drilling, and initiating a Clearwater waterflood program.
• For the second half of 2025, the capital program was initially planned between $110 million and $120 million, later revised to $120 million to $125 million, with a focus on development in Peace River and Willesden Green, and infrastructure projects in Open Creek and Nampa fields.