Obsidian Energy (OBE) Corporate presentation summary

Financial performance and capital allocation

• Achieved Q3 2025 production of 27,316 boe/d, with annualized funds flow from operations of $199 million and a net debt to FFO ratio of 1.1x.

• Completed the sale of Pembina assets for $320 million, reducing asset retirement obligations and focusing the portfolio.

• Fully utilized the NCIB share buyback program, repurchasing over 20% of shares since 2023, and plans to renew the program in 2026.

• Extended $235 million credit facility to 2027 and refinanced senior notes at a lower interest rate.

• Maintained disciplined capital allocation, balancing development between Peace River and Willesden Green.

Operational highlights and asset development

• Peace River asset production increased to 13,503 boe/d in Q3 2025, with significant expansion in Bluesky and Clearwater fields.

• 2025 capital program included 46 wells in Peace River and active waterflood pilots, supporting future growth.

• Willesden Green saw successful Cardium and Belly River drilling, with infrastructure expansion to support efficient development.

• Viking and Pembina Cardium Unit #11 assets provide stable, low-risk production and inventory for future drilling.

• 2026 capital program targets 38 operated wells, with a focus on further delineation and waterflood initiatives.

Reserves, value, and risk management

• Year-end 2024 pro forma 2P reserves of 149 MMboe, with NPV10% of $1.8 billion at US$70/bbl WTI.

• Achieved 8th consecutive year of >100% reserve replacement, with improved F&D and FD&A costs and strong recycle ratios.

• Trading at a substantial discount to booked reserve value, with a pro forma net asset value of $22.49/share.

• Maintains a robust hedging program to protect cash flows, with significant oil and gas volumes hedged through 2026.

• Holds $2.2 billion in tax pools, supporting non-cash taxpayer status for up to 10 years at current oil prices.