Offer to Purchase Senior Unsecured Notes

Obsidian Energy commenced an offer (the “Offer”) to purchase up to $48.4 million of our outstanding 11.95% Senior Unsecured Notes due July 27, 2027, please see our press release for further details. The Offer is being made pursuant to an offer to purchase the “Offer to Purchase”) and a related letter of transmittal, each dated July 31, 2025, and a notice of guaranteed delivery. The Offer will expire at 5:00 p.m., Eastern Daylight Time, on August 12, 2025, unless extended. Tendered Notes may be withdrawn at any time before the expiry of the Offer.

Documents related to the Offer for tendering senior unsecured notes are as follows:

Offer to Purchase
Letter of Transmittal
Notice of Guaranteed Delivery

Computershare Investor Services Inc. is the tender agent for the Offer, by telephone at 1-800-564-6253 or email at corporateactions@computershare.com.