Here are 1-3 brief analogies for Obsidian Energy:

• Canada's independent oil and gas producer, similar to a smaller ConocoPhillips.
• Like the Canadian oil and gas production arm of a company such as Shell or BP.
• A focused Western Canadian oil and natural gas explorer and producer, comparable to EOG Resources in the US.

• Crude Oil: A liquid fossil fuel extracted from underground reservoirs, sold for refining into various petroleum products.
• Natural Gas: A gaseous fossil fuel extracted from underground reservoirs, sold primarily for heating, electricity generation, and industrial use.
• Natural Gas Liquids (NGLs): Hydrocarbon liquids derived from natural gas processing, used as fuels or chemical feedstocks.

Obsidian Energy Ltd. (OBE) is an exploration and production company in the oil and natural gas sector. As such, it sells commodity products (crude oil, natural gas, and natural gas liquids) into the wholesale market. Its major customers are other companies within the energy industry's midstream and downstream sectors, rather than individual consumers.

Based on industry standard practices for E&P companies and information from Obsidian Energy's public filings (such as their Annual Information Form), the company sells its production to a diverse group of purchasers. These typically include:

• Midstream and Marketing Companies: These companies purchase crude oil, natural gas, and natural gas liquids (NGLs) from producers like Obsidian Energy. They are responsible for gathering, processing, transporting, and marketing these commodities to end-users or other intermediaries. These can include commodity trading houses and specialized marketing firms.
• Refineries: For crude oil production, refineries are key customers, processing crude into refined petroleum products like gasoline, diesel, and jet fuel.
• Natural Gas Processors and Utility Companies: For natural gas production, processors prepare the gas for market, and utility companies distribute it to homes and businesses, or large industrial users consume it directly.

Obsidian Energy does not typically disclose the specific names of individual major customers in its public filings, as its sales are generally made into competitive commodity markets to a variety of players rather than being concentrated with one or a few named entities.

Stephen E. Loukas, President and Chief Executive Officer

Mr. Loukas has served as President and Chief Executive Officer of Obsidian Energy Ltd. since 2022, having previously held the position of Interim President and Chief Executive Officer since 2019. He has been on the company's Board of Directors since 2018. Mr. Loukas brings extensive experience in corporate transactions, capital markets, and leadership. He is a partner, managing member, and portfolio manager at FrontFour Capital Group LLC, a value-based investment management firm known as an activist investor. His prior experience includes roles as a Portfolio Manager and Head of Investment Research at Credit Suisse Securities, Senior Investment Analyst at Pirate Capital, and various positions within the Corporate Finance & Distribution Group of Scotia Capital, where he focused on leveraged loans and high-yield debt. He began his career at the restructuring firm Zolfo Cooper. Mr. Loukas has also served as a director for other companies, including Xinergy Ltd. and InPlay Oil Corp.

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

Mr. Scott joined Obsidian Energy as Senior Vice President and Chief Financial Officer in 2019. He possesses over 30 years of experience in financial leadership, with more than 20 years as a Chief Financial Officer. His responsibilities have encompassed a wide array of functional areas, including finance, accounting, tax, budgeting and planning, investor relations, risk management, insurance, legal, marketing, and general administration. Before joining Obsidian Energy, Mr. Scott held the position of Senior Vice President and Chief Financial Officer at Ridgeback Resources Inc. (formerly Lightstream Resources Ltd.). He also served as Vice President Finance and Chief Financial Officer at several other oil and gas companies, including Iteration Energy Ltd., Rock Energy Inc., and Beau Canada Exploration Ltd. Mr. Scott started his career with Amoco Canada Petroleum Company Ltd. in 1983.

Gary Sykes, Senior Vice President, Commercial and Development

Mr. Sykes joined Obsidian Energy in 2019 and was promoted to Senior Vice President, Commercial and Development in 2022, after initially serving as Vice President, Commercial and Corporate Planning. He has held diverse technical, operational, and managerial roles in various international locations, including the UK, Canada, Indonesia, the USA, and the Middle East. From 2012 to 2016, Mr. Sykes was President, Qatar and Iraq for ConocoPhillips, where he managed the company's regional asset portfolio. Prior to joining Obsidian Energy, from 2017 to 2019, he supported a small private equity-backed North Sea oil and gas venture.

Mark Hawkins, Vice President, Legal, General Counsel and Corporate Secretary

Mr. Hawkins has served as Corporate Secretary since 2015 and previously held the title of General Counsel and Corporate Secretary. Before joining Obsidian Energy in 2015, he was a senior associate with Fasken Martineau DuMoulin LLP from 2010 to 2015, and an associate with McCarthy Tetrault LLP from 2005 to 2010. His expertise lies in corporate governance, securities, and mergers and acquisitions law, having represented clients in significant acquisitions and public offerings.

Cliff Swadling, Vice President, Operations

Mr. Swadling joined Obsidian Energy in 2017, bringing over 25 years of diverse experience in operations and leadership. He has held various technical and leadership positions across Canada, Albania, and Egypt. Since beginning his career in 1998, Mr. Swadling has taken on roles of increasing responsibility in areas such as field operations, production, facilities, enhanced oil recovery, asset management, safety, asset retirement, and continuous improvement.

The key risks to Obsidian Energy (symbol: OBE) are primarily driven by the inherent volatility and operational demands of the oil and natural gas industry.

1. Commodity Price Volatility: Obsidian Energy's financial performance, including sales, profitability, and ability to fund operations and expansion plans, is highly dependent on fluctuating oil and natural gas prices. Specifically, their heavy oil production, a significant component of their growth strategy, is particularly vulnerable to low oil prices, which could necessitate a reduction in operations or lead to asset impairments.
2. Regulatory and Environmental Policy Changes: The company faces risks associated with evolving regulatory landscapes and increasing environmental legislation. Compliance with new or enhanced environmental standards can lead to higher operating expenditures and potentially impact the scope or feasibility of their exploration and production activities. Furthermore, broader shifts towards renewable energy sources and changes in energy policies could limit Obsidian Energy's ability to expand or maintain current production levels.
3. Execution of Growth Plans and Maintenance of Production: Obsidian Energy has set ambitious growth targets, including increasing production, but these plans are susceptible to the prevailing macroeconomic environment and commodity prices. Challenges in generating sufficient funds from operations to cover expenses, including depletion, depreciation, impairment, and accretion, could hinder the company's ability to maintain existing production levels or achieve its expansion goals, potentially impacting future revenue and profitability.

Obsidian Energy Ltd. primarily focuses on the exploration, production, and development of oil and natural gas properties within the Western Canada Sedimentary Basin (WCSB). The addressable market for Obsidian Energy's main products, oil and natural gas, is the Canadian oil and gas market.

The Canada Oil and Gas Market was valued at USD 38.89 billion in 2025 and is projected to grow to USD 46.24 billion by 2031, at a compound annual growth rate (CAGR) of 2.93% during the forecast period (2026-2031). In 2025, upstream operations, which include exploration and production like Obsidian Energy's activities, constituted 72.10% of Canada's oil and gas market share. Onshore production, prevalent in the WCSB across Alberta, Saskatchewan, and British Columbia, accounted for 64.60% of Canada's oil and gas market share in 2025.

The Western Canada Sedimentary Basin is Canada's largest source of oil and natural gas. It contains an estimated 171 billion recoverable barrels of oil and 632 trillion cubic feet of natural gas. Alberta, a key province within the WCSB, is Canada's largest producer and exporter of oil and gas, with exports of approximately 4.7 million barrels of oil equivalent per day (MMBOE/d) in 2024, valued at $133 billion.

Obsidian Energy (OBE) is expected to drive future revenue growth over the next 2-3 years through a multi-faceted strategy focused on increasing production, optimizing its asset base, and strategic capital allocation:

1. Increased Production from Development Drilling: The company has set ambitious production targets, aiming for over 50,000 boe/d in 2026, building upon an approximate 16 percent increase in average annual production in 2024 to 37,474 boe/d. This growth is directly tied to an active capital program and the drilling of numerous new wells, particularly in the Peace River area.
2. Enhanced Oil Recovery (Waterflood Programs): Obsidian Energy is initiating and expanding waterflood programs, specifically a Clearwater waterflood pilot project in the Dawson field within Peace River during the first half of 2025. These projects are designed to boost future production, reduce decline rates, and enhance recovery factors of its heavy oil reserves, thereby contributing to sustained revenue growth.
3. Strategic Focus and Delineation of Peace River Assets: A significant portion of Obsidian Energy's capital is allocated to the Peace River region, with continued exploration, appraisal, and development drilling in the Bluesky and Clearwater formations. This strategic emphasis aims to further delineate its land position and build upon successful drilling results, enhancing the long-term productive capacity of these key heavy oil assets.
4. Optimized Capital Allocation and Infrastructure Development: The company maintains a consistent and flexible capital program focused on development in its core areas, including Peace River and Willesden Green. Planned infrastructure upgrades in fields like Open Creek and Nampa are set to support future production growth and bring shut-in volumes online, enabling aggressive growth in Cardium and Belly River production as market conditions improve.

Share Repurchases

• Obsidian Energy received TSX approval to renew its normal course issuer bid (NCIB) in March 2026, allowing it to repurchase up to 6.46 million common shares, representing 10% of its public float, over the next 12 months. The previous NCIB was fully utilized, repurchasing 7.14 million shares at an average price of approximately $7.16 per share.
• In 2025, the company repurchased and cancelled approximately 7.6 million shares for $54.9 million (average price of $7.20 per share).
• In 2024, Obsidian Energy repurchased and cancelled 4.5 million shares for $41.7 million through its NCIB.

Share Issuance

• In Q1 2023, Obsidian Energy settled $9.8 million of equity award plans in cash rather than issuing more shares.

Outbound Investments

• In April 2025, Obsidian Energy sold its Pembina assets for approximately $325 million, which also reduced decommissioning liabilities by $390 million.
• As partial consideration for the Pembina Disposition in 2025, Obsidian Energy acquired 9,139,784 InPlay Shares, representing approximately 32.7% of InPlay Oil Corp.'s issued and outstanding shares.

Capital Expenditures

• For 2026, Obsidian Energy has a capital expenditures guidance of $210 million (midpoint), which includes $22 million for waterflood spending, primarily focused on the Peace River (Bluesky and Clearwater formations) and Willesden Green (Open Creek, Belly River formation) assets.
• In 2025, capital expenditures totaled $298.9 million, focusing on the development and delineation of the Peace River asset, waterflood initiatives, and drilling in Open Creek (Belly River formation).
• Capital expenditures in 2024 amounted to $343.1 million, with a focus on executing its strategic growth plan and appraising new development areas in its Clearwater and Bluesky plays.