Leading Cardium Plays with Secondary Formation Potential

History of highly economic returns with years of low-risk inventory and significant owned/operated infrastructure

• Extensive acreage totaling 226 net sections prospective for Cardium, Belly River and Mannville plays (Cardium:  152 net sections)
• First Belly River formation well drilled in 2024 shows improving production results
• Advanced subsurface characterization and modelling techniques with modern drilling technology continues to unlock additional asset potential

OUR WILLESDEN GREEN ASSETS

• A high-grade light oil field with proven Cardium and emerging Belly River potential
• Increased working interest in Willesden Green Cardium Unit #2, which had strong drilling results in 2023 and 2024
• Significant reserve-based inventory of compelling drilling opportunities across extensive operated land base
• Flexible operated infrastructure allows ability to maximize production with minimal infrastructure spend
• Low cost, high return optimization programs and field management in Pembina* yield strong results, keeping production decline rates low

OUR PCU#11 ASSETS (NON-OPERATED)

• Strong initial production rates and additions from development programs
• Provides strong free cash flow and returns for reinvestment in operated properties

* Obsidian Energy entered into a definitive sales agreement with InPlay Oil Corp. to sell our operated Pembina assets in a transaction. Please see the associated news release for more information. 

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CARDIUM FORMATION FIELD HISTORY

• One of North America’s most significant light oil fields 
• Development since the 1950’s; various phases has kept field producing for over 70 years
• Advances in horizontal and halo drilling since late 2000’s rejuvenated the field