Corporate presentation and management webcast available for replay on website

Calgary, Alberta--(Newsfile Corp. - June 12, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("ObsidianEnergy", the "Company", "we", "us" or "our") is pleased to announce that at our annual and special meeting of shareholders held on June 12, 2023, Obsidian Energy's shareholders approved all resolutions outlined in the Notice of 2023 Annual and Special Meeting and Management Proxy Circular dated May 1, 2023 (the "Information Circular"), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on Obsidian Energy's website at www.obsidianenergy.com.

Appointment of Auditor

By resolution passed by show of hands, KPMG LLP, Chartered Accountants, was appointed as auditor of the Issuer for the ensuing year.

Election of Directors

By resolutions passed by ballot vote, the following seven nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

Votes For Percent Votes Withheld Percent Shani Bosman 25,818,199 82.24% 5,576,628 17.76% John Brydson 24,111,821 76.80% 7,283,006 23.20% Raymond D. Crossley 23,547,340 75.00% 7,847,487 25.00% Michael J. Faust 25,830,772 82.28% 5,564,055 17.72% Edward H. Kernaghan 25,634,192 81.65% 5,760,635 18.35% Stephen Loukas 25,419,608 80.97% 5,975,219 19.03% Gordon Ritchie 26,326,905 83.86% 5,067,922 16.14%

Non-Binding Advisory Vote on the Corporation's Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company's approach to executive compensation as outlined in the Information Circular. The results of the ballot were as follows:

Votes For Percent Votes Against Percent 20,852,095 66.42% 10,542,733 33.58%

Approval of Unallocated Options Pursuant to the Stock Option Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the stock option plan until July 12, 2026, was approved. The results of the ballot were as follows:

Votes For Percent Votes Against Percent 17,387,941 55.38% 14,006,885 44.62%

Approval of Unallocated Units Pursuant to the Restricted and Performance Share Unit Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the restricted and performance share unit plan, until July 12, 2026 was approved. The results of the ballot were as follows:

Votes For Percent Votes Against Percent 21,972,915 69.99% 9,422,001 30.01%

CORPORATE PRESENTATION AND WEBCAST

Today, Obsidian Energy's management team held a webcast presentation live on the Internet (the "Presentation") for investors, shareholders and stakeholders to discuss the Company's strategy, assets, value and plans for the future. The corporate presentation has been posted to our website, and the full webcast Presentation is available for replay either through our website or directly at the webcast portal.

CONTACT

OBSIDIAN ENERGY Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: www.obsidianenergy.com;

Investor Relations: Toll Free: 1-888-770-2633
E-mail: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169634