Light Oil Assets:  Leading Cardium Play Areas

Long-term, low decline, stable production providing strong returns and quick payouts for years

Obsidian Energy is focused on manufacturing repeatable low-decline and high-netback light-oil wells across our unmatched Cardium land base in the Willesden Green and Pembina areas. Providing sustainable, efficient and highly economic development, this area provides:

• A history of strong returns and quick payouts, which can be leveraged to provide cash for the Company’s growth plans
• A delineated and de-risked asset with years of development potential ahead of us
• A significant reserve-based inventory of low-risk compelling drilling opportunities across our extensive operated land base 
• Flexible operated infrastructure allows ability to maximize production with minimal infrastructure spend

OUR CARDIUM ASSETS

• Largest acreage holder with ~25 years of drilling opportunities at current drilling rates
• Substantial locations with 237 net booked 2P locations (YE 2023)
• Significant upside to 2P reserve values
• Best-in-class wells in Willesden Green acreage since mid-2018
• Low cost, high return optimization programs and field management in Pembina yield strong results, keeping production decline rates low

OUR PLANS FOR 2024

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