Obsidian Energy Ltd · TSX:OBE
Obsidian Energy — Investor Presentation (October 2025)
35 slides from Obsidian Energy's investor presentation, Oct 2, 2025
Slide 1: Obsidian Energy Ltd. Corporate Presentation
Obsidian Energy Ltd. Corporate Presentation October 2, 2025
Slide 2: Overview
OVERVIEW Focused asset base with experienced team delivering value H2 2025E Average Production 27,700 boe/d H2 2025E Annualized Funds Flow from Operations (FFO) $226 million Q2 2025 28,943 boe/d H2 2025E Annualized Net Debt to FFO 0.9x PEACE RIVER 12,827 boe/d Shares Outstanding 67.0 million Cold fl
Slide 3: Obsidian Energy Strategy
OBSIDIAN ENERGY STRATEGY Focus on superior execution to deliver results and create value for shareholders High Quality Assets Extensive land base with multiple productive horizons in both our core regions of Peace River and Willesden Green Strong EOR potential to reduce sustaining capital and realiz
Slide 4: Strategic Pembina Disposition
STRATEGIC PEMBINA DISPOSITION Rationalizes portfolio at a value accretive to our shareholders • Sold operated Pembina assets in April 2025 for proceeds of $320 million T52 • Additional $6 million of upside realized during monetization of IPO shares in R4 W5 August 2025 Sales Metrics Pembina (Disposi
Slide 5: Returning Capital to Shareholders
RETURNING CAPITAL TO SHAREHOLDERS Opportunistic share buyback program under NCIB enhances growth profile • Over 20% of shares repurchased/cancelled (~17.2 million shares) since the implementation of our NCIB program in February 2023 • Fully utilized current NCIB in August 2025 CORPORATE PRODUCTION N
Slide 6: Delivering Results
DELIVERING RESULTS Strategy and execution create momentum for long-term value creation CORPORATE PRODUCTION 2024 Q1 2025 Q2 2025 40 200 WTI US$/bbl $75.72 $71.42 $63.74 Production (boe) per share (000s) 37 38 AECO $/GJ $1.36 $2.06 $1.60 30 150 Production (Mboe/d) 29 28 20 100 Production boe/d 37,474
Slide 7: 2025 Highlights
2025 HIGHLIGHTS Unlock future asset potential, buyback shares, and repay debt Operations Financial H1 Highlights Completed Pembina Disposition • Peace River focused $169 million capital program, including • Sold operated Pembina assets in April 2025 for proceeds of ~$27 million for exploration/appra
Slide 8: H2 2025 Guidance
H2 2025 GUIDANCE H2 2025E Heavy Oil Light Oil Average production boe/d 27,100 – 28,300 Based on midpoint Capital expenditures $ millions 110 – 120 Average production boe/d 13,500 14,200 Decommissioning expenditures $ millions 13 –15 Capital expenditures1 $ millions 62 52 Net operating costs $/boe 13
Slide 9: 2025 Capital Program
2025 CAPITAL PROGRAM Development focused H2 2025 capital program in Peace River and Willesden Green H1 2025E H2 2025E 2025E Gross (Net) Wells Gross (Net) Wells Gross (Net) Wells DEVELOPMENT WELLS Heavy Oil Assets Peace River (Bluesky) 12 (10.4) 2 (2.0) 14 (12.4) Peace River (Clearwater) 7 (7.0) 18 (
Slide 10: Peace River Asset
PEACE RIVER ASSET Highly economic plays with significant scale 99% WI 12,827 boe/d 24% decline rate • Large, contiguous, long-term land base of (operated) (Q2 2025 production) (PDP, 3-year average) >700 sections with Bluesky and Clearwater heavy oil rights • New development fields at Dawson (Clearwa
Slide 11: Peace River Transformation
PEACE RIVER TRANSFORMATION December 2021 2025 (post 45% WI PROP acquisition) 2021 2025 (as at June 30) 4,891 Average production 12,827 (Dec./21)1 (boe/d) (Q2 2025) 473 >700 # net sections (year-end 2021) (Q2 2025) Nampa # producing net ~34 ~94 sections Peace Peace Cadotte 26 Bluesky 63 Bluesky Cadot
Slide 12: Peace River 2025 Capital Program
PEACE RIVER 2025 CAPITAL PROGRAM 46 (44.4 net) development and appraisal/delineation wells ~99% ownership in wells NAMPA allows for ability to control pace • Mapping indicates large development potential with stacked pay potential of development through multiple zones • 2025 H1: 3 exploration/apprai
Slide 13: Light Oil Assets
LIGHT OIL ASSETS History of highly economic returns with years of low-risk inventory Willesden Green (Cardium/Belly River/Mannville) • A high-grade light oil field with proven Cardium and emerging PCU#11 T49 R4 Belly River success W5 • Increased working interest in Willesden Green Cardium Unit #2, w
Slide 14: Willesden Green Asset
WILLESDEN GREEN ASSET Underexploited Cardium at Open Creek with Belly River upside Cardium 74% WI (operated) 11,181 boe/d (Q2 2025 production 17% decline rate (PDP, 3-year average) • Open Creek field has had limited horizontal Cardium T45 development to date R6 W5 • Consolidated to ~100% working int
Slide 15: Hedging Production to Preserve Cash Flow
HEDGING PRODUCTION TO PRESERVE CASH FLOW Updated as of October 2, 2025 WTI OIL HEDGES AECO GAS HEDGES ($, bbl/d) ($, mcf/d) 14,000 Oil Swaps 35,000 Gas Collars 12,000 (at $2.11-$2.64) 30,000 Gas Swaps 10,000 50% 1,896 8,000 25,000 50% hedge 20,000 hedge level level 6,000 12,000 15,000 11,250 $90.11
Slide 16: Reserves Underpin Our Current and Future Value
RESERVES UNDERPIN OUR CURRENT AND FUTURE VALUE Trading at substantial discount on booked reserves basis PRO FORMA NET ASSET VALUE/SHARE YEAR-END 2024 AND PRO FORMA RESERVES SUMMARY (C$ per share) Total US$60 WTI US$70 WTI US$80 WTI $30 Proved Developed Proved Total Proved Producing (PDP) (1P) Plus P
Slide 17: Why Invest in Obsidian Energy
WHY INVEST IN OBSIDIAN ENERGY Peace River growth combined with established light oil assets offers shareholder upside FOCUSED STRATEGY • Strategy directed to unlocking asset potential to drive future production and funds flow per share growth while continuing to return capital to shareholders SUBSTA
Slide 18: Appendix
Appendix 18
Slide 19: Pembina Cardium Unit #11 Asset
PEMBINA CARDIUM UNIT #11 ASSET Non-Operated unit with years of low-risk inventory 45% WI 2,448 boe/d 19% decline rate • Large non-operated unit with 45% working interest, 35 gross (operated) (Q2 2025 production (PDP, 3-year average) sections • Historically underdeveloped area in the heart of the Pem
Slide 20: Viking Asset
VIKING ASSET Stable returns with development upside History of unlocking reserves and production value 100% WI 1,338 boe/d 23% decline rate (operated) (Q2 2025 production (PDP, 3-year average) • Sweet, light oil development play with associated natural gas • Significant drilling inventory, including
Slide 21: Considerable Future Value from Tax Pools
CONSIDERABLE FUTURE VALUE FROM TAX POOLS Amount of Pools Illustrative Value of Tax Pools TA X P O O L C O M P O S I T I O N Utilized by Year1 @ 8% Discount Rate2 (Q2 2025) $200 million $327 million $4.39/share $0.3 billion $300 million $370 million $4.97/share $1.6 billion $400 million $394 million
Slide 22: 2024 Reserves Highlights
2024 RESERVES HIGHLIGHTS Y E A R - E N D 2 0 2 4 R E S E R V E S S U M M A RY 8th Consecutive Year Proved Developed Total Proved Total Proved of >100% reserve replacement (1P & 2P) Producing (PDP) (1P) Plus Probable (2P) 2024 Pro forma 2024 Pro forma 2024 Pro forma ___________ Reserves volume 85.3 5
Slide 23: 2024 Reserves Locations
2024 RESERVES LOCATIONS Significant unbooked potential Replacing production by >146% and increasing booked locations with significant future inventory potential BOOKED RESERVE LOCATIONS OBE LAND (number, 2P, net) (net sections prospective for formation) 450 129 135 Willesden Green - Cardium 458 Pemb
Slide 24: Well Economics
WELL ECONOMICS HALF CYCLE RESERVE TYPE CURVE ECONOMICS1,2 PEACE RIVER WILLESDEN GREEN VIKING Formation Bluesky3 Clearwater Cardium4 Belly River W. Viking (Esther)5 Well Length 10 legs 8 legs 2.0 mile 1.6 mile 1.8 mile DCET Capex $3.3 million $2.3 million $4.5 million $5.5 million $2.1 million EUR 25
Slide 25: Experienced Team with Strong Technical Skills
EXPERIENCED TEAM WITH STRONG TECHNICAL SKILLS MANAGEMENT TEAM EMPLOYEES FINANCIAL AND COMMERCIAL Stephen E. Loukas President and Chief Staff & contractors with deep experience Strong financial, commercial and capital Executive Officer in their professions, representing the top markets experience lea
Slide 26: Advisory
ADVISORY This presentation should be read in conjunction with the Company’s unaudited interim consolidated financial statements and MD&A for the three and six months ended June 30, 2025. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise
Slide 27: Endnotes
Endnotes
Slide 28: Endnotes
ENDNOTES Slide 2: Overview Slide 10: Peace River Asset Market capitalization determined with share price on the close of business on August 29, 2025, on the TSX ($8.47 per Booked reserve locations reflects locations as defined by our Independent, Qualified Reserves Evaluator in their Reserves share)
Slide 29: Endnotes, Cont.
ENDNOTES, CONT. Slide 16: Reserves Underpin our Current and Future Value Slide 20: Viking Asset Reserves evaluation excludes inactive ARO. Our YE2024 reserves evaluation conforms to the requirements of National Booked reserve locations reflects locations as defined by our Independent, Qualified Rese
Slide 30: Definitions and Industry Terms
DEFINITIONS AND INDUSTRY TERMS H2 2025E means the expected 2025 results for the second half of the Decommissioning means decommissioning expenditures NYSE American means the New York Stock Exchange, American year, based on internal assumptions and estimates EOR stands for enhanced oi recovery Payout
Slide 31: Non-GAAP Measures Advisory
NON-GAAP MEASURES ADVISORY Throughout this presentation and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS
Slide 32: Oil and Gas Information Advisory
OIL AND GAS INFORMATION ADVISORY Barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six Test Results and Initial Production Rates thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion
Slide 33: 2024 Reserves Disclosure and Definitions
2024 RESERVES DISCLOSURE AND DEFINITIONS Unless otherwise noted, any reference to 2024 reserves in this presentation are based on the report (the “Reserves Each of the reserves categories (proved and probable) may be divided into developed and undeveloped Report”) prepared by GLJ Ltd. dated January
Slide 34: Forward-Looking Information Advisory
FORWARD-LOOKING INFORMATION ADVISORY Certain statements contained in this document constitute forward-looking statements or information (collectively With respect to forward-looking statements and FOFI contained in this document, the Company has made "forward-looking statements") within the meaning
Slide 35: Forward-Looking Information Advisory (Cont.)
FORWARD-LOOKING INFORMATION ADVISORY (CONT.) Although the Company believes that the expectations reflected in the forward-looking statements and FOFI contained the risk that the financial capacity of the Company's contractual counterparties is adversely affected and potentially in this document, and
Obsidian Energy — Investor Presentation (October 2025) on 6ix