Obsidian Energy Announces Voting Results from the 2025 Annual and Special Meeting of Shareholders

New corporate presentation and management webcast available for replay on website

Calgary, Alberta–(Newsfile Corp. – May 7, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy”, the “Company”, “we”, “us” or “our”) is pleased to announce that at our annual and special meeting of shareholders held on May 7, 2025, Obsidian Energy’s shareholders approved all resolutions outlined in the Notice of 2025 Annual and Special Meeting and Management Proxy Circular dated March 15, 2025 (the “Information Circular”), which is available on SEDAR at www.sedarplus.ca, on EDGAR at www.sec.gov, and on Obsidian Energy’s website at www.obsidianenergy.com.

Appointment of Auditor

By resolution passed by show of hands, KPMG LLP, Chartered Accountants, was appointed as auditor of the Company for the ensuing year.

Election of Directors

By resolutions passed by ballot vote, the following seven nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

Votes ForPercent Votes WithheldPercentShani Bosman24,807,037 84.0%4,711,63016.0%John Brydson25,745,94787.2%3,772,72012.8%Raymond D. Crossley27,281,72892.4%2,236,9397.6%Michael J. Faust25,942,96487.9%3,575,70312.1%Edward H. Kernaghan25,852,85287.6%3,665,81512.4%Stephen Loukas27,629,00293.6%1,889,6656.4%Gordon Ritchie27,826,89794.3%1,691,7705.7%

Non-Binding Advisory Vote on the Corporation’s Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company’s approach to executive compensation as outlined in the Information Circular. The results of the ballot were as follows:

Votes ForPercentVotes AgainstPercent23,678,70380.2%5,839,96419.8%

NEW CORPORATE PRESENTATION AND WEBCAST

Today, Obsidian Energy’s management team provided a corporate update and question-and-answer session through a live webcast presentation on the Internet (the “Presentation”) for investors, shareholders and stakeholders. The associated updated corporate presentation was posted to our website, and the full webcast Presentation is available for replay either through our website or directly at the webcast portal.

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