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Obsidian Energy Announces Strong 2025 Reserves Results
Reserve replacement of 118 percent, 185 percent and 235 percent of 2025 production (adjusted for ...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Strong 2025 Reserves ResultsReserve replacement of 118 percent, 185 percent and 235 percent of 2025 production (adjusted for dispositions) on a proved developed producing (\"PDP\"), proved (\"1P\"), and proved plus probable(\"2P\") reserves basisAdded locations in the Willesden Green (Belly River) in both Crimson and Open Creek based on 2025 successInitial waterflood reserve bookings from recent pilots at Peace River in the ClearwaterCalgary, Alberta--(Newsfile Corp. - February 5, 2026) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce the results of our independent reserves evaluation for the year ended December 31, 2025 (the \"2025 Reserve Report\") prepared by GLJ Ltd. (\"GLJ\").\"Our reserves report reflects what was a transformational year at the Company given the disposition of our Pembina asset in April 2025,\" commented Stephen Loukas, Obsidian Energy's President and CEO. \"However, organic activity once again more than replaced production across all reserve categories despite moderating our capital program in the second half of the year in response to lower commodity prices. The Pembina disposition had a material impact on our results as it represented approximately 35 percent of the Company's reserve volumes but importantly reduced corporate decommissioning liabilities by over half and significantly improved our balance sheet strength and liquidity position. Lastly, we are pleased with both the waterflood additions that were added in Peace River, and recognition of our emerging Belly River play in Willesden Green.\"HIGHLIGHTS Our 2025 capital program consisted of further development and delineation in both Peace River and Willesden Green. In the first half of the year, we focused on primary development as well as exploration in Peace River, specifically in Harmon Valley South (\"HVS\") and Dawson. Our program in the second half of the year was balanced between heavy and light oil assets with continued development in Peace River, particularly in the Clearwater, in addition to advancing waterflood initiatives with one pilot in Dawson (Clearwater) and another in HVS (Bluesky). In Willesden Green, we were active in Open Creek, including drilling initial wells in the emerging Belly River formation with str...