Obsidian Energy Ltd · TSX:OBE
Obsidian Energy — Investor Presentation (September 2026)
41 slides from Obsidian Energy's investor presentation, September 2026
Slide 1: Obsidian Energy Ltd. Corporate Presentation
Obsidian Energy Ltd. Corporate Presentation September 2026
Slide 2: Overview
OVERVIEW Focused asset base with experienced team delivering value Q2 2026 Production 28,200 boe/d Q2 2026 Annualized Adjusted Funds flow from Operations (AFFO) $294 million Q2 2026 28,200 boe/d Net Debt to Q2 2026 Annualized AFFO 1.2x PEACE RIVER 11,734 boe/d Cold flow heavy oil Shares Outstanding
Slide 3: Obsidian Energy Value Proposition
OBSIDIAN ENERGY VALUE PROPOSITION Focus on superior execution to deliver results and create value for shareholders HIGH QUALITY ASSETS OPERATIONAL EXCELLENCE SHAREHOLDER FOCUSED • Extensive land position, substantial • Safety driven culture with solid polices • Focused on per share growth via growth
Slide 4: Returning Capital to Shareholders
RETURNING CAPITAL TO SHAREHOLDERS Opportunistic share buyback program under NCIB enhances growth profile • Since renewing our NCIB in March 2026, we have repurchased and cancelled ~2.3 million shares CORPORATE PRODUCTION NCIB REPURCHASES (Excluding fields included in Pembina Disposition) Shares canc
Slide 5: Updated 2026 Guidance
UPDATED 2026 GUIDANCE Development program supported by constructive oil prices Previous Updated 2026 Guidance 2026 Guidance Key Changes Average production boe/d 29,000 – 31,000 28,500 – 29,500 % Oil and NGLs % 72% 71% • Production guidance revised to 28,500 – 29,500 Capital expenditures $ millions 3
Slide 6: Updated 2026 Guidance/Sensitivities
UPDATED 2026 GUIDANCE/SENSITIVITES Advance delineation and development in both our heavy and light oil areas Previous Updated 2026 Guidance 2026 Guidance Based on midpoint of above guidance Heavy Oil Change in 2026 Average production boe/d 12,700 12,250 Sensitivity Range Guidance FFO ($millions) % O
Slide 7: Strategic Wilson Creek Asset Acquisition
STRATEGIC WILSON CREEK ASSET ACQUISITION Oil weighted acreage increasing scale of Belly River land base Transaction Overview Alberta • Closed transaction to acquire Wilson Creek assets from Highwood Asset Management on June 30, 2026 Pembina BELLY RIVER • $98 million cash consideration (including clo
Slide 8: Wilson Creek Transaction Highlights
WILSON CREEK TRANSACTION HIGHLIGHTS Acquisition further strengthens Willesden Green position Highlights Willesden Willesden • Establishes our position in the Belly River with >4,000 boe/d Green Wilson Creek Green (Current) Acquisition (Pro Forma) • ~2,500 boe/d of incremental production (based on Ma
Slide 9: Belly River Scale Advantage
BELLY RIVER SCALE ADVANTAGE Pro-forma Obsidian Energy leads the emerging Belly River play PRO-FORMA BELLY RIVER PRODUCTION PRO-FORMA BELLY RIVER LANDSCAPE (boe/d) (Q1 2026 average production, boe/d) 5,000 5,000 4,370 4,000 4,000 Largest Belly River Producer 3,000 3,000 2,410 Transaction 2,350 Effect
Slide 10: Hedging Program
HEDGING PROGRAM Risk management program to preserve cash flow WTI OIL HEDGES AECO GAS HEDGES WTI Swaps WTI Collars AECO Swaps % Hedged % Hedged Volumes Avg. Price Term (net) Volumes Avg. Price Volumes Floor Ceiling Term (net) (mcf/d) (per mcf) September 2026 79% 2,793 US$83.90 9,300 US$80.45 US$88.2
Slide 11: H2 2026 Development Program Highlights
H2 2026 DEVELOPMENT PROGRAM HIGHLIGHTS Accelerated Belly River development with continued waterflood focus Light Oil • Accelerating high-return production growth through a two-rig Willesden Green program supported by approximately $65 million of incremental capital • Total 2026 light oil investment
Slide 12: 2026 Capital Program
2026 CAPITAL PROGRAM Balanced capital program while furthering our waterflood initiatives in Peace River 2026E Development Appraisal Injector Gross (Net) Wells Heavy Oil Assets H1 Peace River (Bluesky) 1 (1.0) 1 (1.0) - 2 (2.0) H1 Peace River (Clearwater)1 8 (8.0) - 8 (8.0) 16 (16.0) PEACE RIVER H2
Slide 13: Light Oil Assets
LIGHT OIL ASSETS Delivering highly economic returns with years of low-risk inventory Willesden Green (Belly River/Cardium/Mannville) PCU#11 T49 R3 W5 • A high-grade light oil field with proven Cardium and emerging Belly River success • Significant reserve-based inventory of compelling drilling oppor
Slide 14: Willesden Green Asset
WILLESDEN GREEN ASSET Expanding Belly River program and drilling underexploited Cardium at Open Creek Belly River 96% WI 14,884 boe/d 17% decline rate (Q2 2026 pro forma (operated) (PDP, 3-year average) • Large inventory of wells with proven strong results from drills in Open production) Creek and f
Slide 15: Belly River Activity
BELLY RIVER ACTIVITY Increasing production rates, higher IP120 than IP30 Area Highlights • Large Belly River land base of ~145 sections Crimson 12-21 Pad IP30: 510 boe/d (76% Liq) Open Creek 15-06 Pad T44 • Robust inventory and readiness supports area growth IP60: 559 boe/d (82% Liq) Open Creek 06-0
Slide 16: Peace River Asset
PEACE RIVER ASSET Highly economic plays with significant scale 99% WI 11,734 boe/d 25% decline rate • Large, contiguous, long-term land base of (operated) (Q2 2026 production) (PDP, 3-year average) >830 sections with Bluesky and Clearwater heavy oil rights Nampa • New development fields at Dawson, W
Slide 17: Peace River Regional Area
PEACE RIVER REGIONAL AREA Over 830 sections of land holdings with multi-zone potential T88 Nampa Golden Clearwater focus with recently HVS/Walrus initiated waterflood pilot Bluesky development with Recent infrastructure build-out recent recognition of top heavy oil wells 12-month Nampa T85 cumulativ
Slide 18: Dawson/Peavine
DAWSON/PEAVINE Initiated waterflood pilot, continued integrated full-field development Area Highlights Baytex Peavine • Large, contiguous land block at 130+ sections Waterflood Pilot • Clearwater focused multilateral open hole development Injector rig released March 2026 • Production ~5,000 boe/d, 1
Slide 19: Nampa
NAMPA Initiated waterflood pilot, infrastructure build and continued delineation Area Highlights • Significant land position at 90+sections, with multi-zone Nampa 06-28 potential Waterflood Pilot Injection online • Clearwater focused multilateral open hole development early May • Multi-zone potentia
Slide 20: West Dawson
WEST DAWSON Initiated waterflood pilot, delineation success Area Highlights • 20+ sections all-weather access • Clearwater focused multilateral open hole development • Production increasing with activity, recently over ~700 boe/d • Enhanced oil recovery upside Operational Update 02/08-22 • Highest o
Slide 21: New Ventures: Mississippian
NEW VENTURES Strategic multi-zone exploration opportunity Area Highlights • Successfully participated in recent area Crown Land Sales to establish a dominant position • Mineral land acreage acquired at an average cost of ~$380/ha • Accumulated over 150 sections of which 99 are in the oil sands Strat
Slide 22: Reserves Underpin Our Current and Future Value
RESERVES UNDERPIN OUR CURRENT AND FUTURE VALUE Trading at substantial discount on booked reserves basis PRO FORMA BOOKED RESERVE LOCATIONS PRO FORMA NET ASSET VALUE/SHARE (number, 2P, net) (C$ per share) 2023 2024 2025 US$70 WTI US$80 WTI US$90 WTI 450 $45 400 $40 $40.91 350 $35 357 $33.77 300 $30 3
Slide 23: Why Invest in Obsidian Energy
WHY INVEST IN OBSIDIAN ENERGY Focused oil development, EOR upside, share buybacks drive per share growth Focused Strategy Substantial Reserves Valuation Upside Unlock asset value to drive Low decline, oil weighted asset Trades at a significant discount production and FFO per share base with signific
Slide 24: Appendix
OBSIDIANY ENERGY,
Slide 25: Delivering Results
DELIVERING RESULTS Strategy and execution create momentum for long-term value creation Q3 2025 Q4 2025 Q1 2026 Q2 2026 WTI US$/bbl $64.93 $59.14 $71.93 $92.79 AECO $/mcf $0.60 $2.23 $2.01 $1.63 Q2 Financial Highlights • Rig released 8 (8.0 net) wells, including Production boe/d 27,316 27,971 28,733
Slide 26: Pembina Cardium Unit #11 Asset
PEMBINA CARDIUM UNIT #11 ASSET Non-Operated unit with years of low-risk inventory 45% WI 3,010 boe/d 21% decline rate • Large non-operated unit with 45% working interest, 35 gross (non-operated) (Q2 2026 production (PDP, 3-year average) sections • Historically underdeveloped area in the heart of the
Slide 27: Viking Asset
VIKING ASSET Stable returns with development upside History of unlocking reserves and production value 100% WI 778 boe/d 16% decline rate (operated) (Q2 2026 production (PDP, 3-year average) • Sweet, light oil development play with associated natural gas • Significant drilling inventory, including b
Slide 28: Considerable Future Value from Tax Pools
CONSIDERABLE FUTURE VALUE FROM TAX POOLS $2.3 billion of tax pools in unrecognized value to be leveraged with future growth 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 2026) $200 million $339 million $4.89/share $300 mi
Slide 29: 2025 Reserves Highlights
2025 RESERVES HIGHLIGHTS Reserves replacement ratios reflect development program success Y E A R - E N D 2 0 2 5 R E S E R V E S S U M M A RY ( O B E O N LY ) 5th Consecutive Year Total of >100% reserve Proved Developed Proved Total Proved replacement (PDP,1P & 2P) Producing (PDP) (1P) Plus Probable
Slide 30: 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 1.8 mile 2.1 mile 1.8 mile DCET Capex $3.0 million $2.3 million $4.7 million $4.6 million $2.1 million EUR 25
Slide 31: Experienced Team with Strong Technical Skills
EXPERIENCED TEAM WITH STRONG TECHNICAL SKILLS Working together as a top tier developer that provides solid returns to stakeholders MANAGEMENT TEAM EMPLOYEES FINANCIAL AND COMMERCIAL Stephen E. Loukas Staff & contractors with deep experience Strong financial, commercial and capital President and Chie
Slide 32: 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, 2026. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise
Slide 33: Endnotes
Endnotes
Slide 34: Endnotes
ENDNOTES Slide 2: Overview Slide 7: Strategic Wilson Creek Asset Acquisition Market capitalization determined with share price on the close of business on September 11, 2026, on the TSX ($17.97 The total cash consideration payable at close was approximately $98 million, reflecting an initial unadjus
Slide 35: Endnotes
ENDNOTES Slide 13: Light Oil Assets Slide 23: Why Invest in Obsidian Energy Booked locations reflects locations as defined by our Independent, QRE in their Reserves Report. For the 2P WG/PCU#11 Percentage of shares purchased and cancelled through the share buyback program calculated based on shares
Slide 36: Definitions and Industry Terms
DEFINITIONS AND INDUSTRY TERMS 2026E means the guidance for 2026 for the full year, based on internal Decommissioning means decommissioning expenditures NPV or NPV Btax 10% means net present value, before tax discounted at assumptions and estimates 10% EOR stands for enhanced oil recovery 2027E mean
Slide 37: 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 38: 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 39: 2025 Reserves Disclosure and Definitions
2025 RESERVES DISCLOSURE AND DEFINITIONS Unless otherwise noted, any reference to 2025 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 40: 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 contained in this document, the Company has made assumptions “forward-looking statements”) within the meani
Slide 41: Forward-Looking Information Advisory (Cont.)
FORWARD-LOOKING INFORMATION ADVISORY (CONT.) Although the Company believes that the expectations reflected in the forward-looking statements contained in this nations fail to agree on and/or adhere to production quotas from time to time that are sufficient to balance supply and document, and the ass
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