Obsidian Energy Ltd · TSX:OBE
Obsidian Energy — Investor Presentation (November 2026)
42 slides from Obsidian Energy's investor presentation, November 2026
Slide 1: Obsidian Energy Ltd. Corporate Presentation
Obsidian Energy Ltd. Corporate Presentation November 2026
Slide 2: Overview
OVERVIEW Focused asset base with experienced team delivering value Q3 2026 Production 28,113 boe/d Q3 2026 Annualized Adjusted Funds flow from Operations (AFFO) $322 million Q3 2026 28,113 boe/d Net Debt to Q3 2026 Annualized AFFO 1.1x PEACE RIVER 10,992 boe/d Cold flow heavy oil Shares Outstanding
Slide 3: Obsidian Energy Value Proposition
OBSIDIAN ENERGY VALUE PROPOSITION Focus on superior execution to deliver results and create value for shareholders HIGH QUALITY ASSETS OPERATIONAL EXCELLENCE SHAREHOLDER FOCUSED • Extensive land position, substantial • Safety driven culture with solid policies • Focused on per share growth via growt
Slide 4: Returning Capital to Shareholders
RETURNING CAPITAL TO SHAREHOLDERS Opportunistic share buyback program under NCIB enhances growth profile • Since renewing our NCIB in March 2026, we have repurchased and cancelled ~2.7 million shares CORPORATE PRODUCTION NCIB REPURCHASES (Excluding fields included in Pembina Disposition) Shares canc
Slide 5: Delivering Results
DELIVERING RESULTS Strategy and execution create momentum for long-term value creation Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 Financial Highlights WTI US$/bbl $59.14 $71.93 $92.79 $85.79 • Rig released 18 (18.0 net) wells, including AECO $/mcf $2.23 $2.01 $1.63 $1.57 4 (4.0) net injector wells, brought
Slide 6: Hedging Production to Preserve Cash Flow
HEDGING PRODUCTION TO PRESERVE CASH FLOW As at November 4, 2026 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) November 2026 49% - - 7,300 US$88.40 US$100.02 Winter
Slide 7: 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 8: H2 2026 Development Program Highlights: Belly River
H2 2026 DEVELOPMENT PROGRAM HIGHLIGHTS Belly River – strong results Light Oil • Accelerating high-return production growth through a two-rig Willesden Green program in the second half of 2026 • Record Belly River Production at Crimson 01-05 – Two net Belly River wells brought onstream in Q3 have pro
Slide 9: H2 2026 Development Program Highlights: Peace River
H2 2026 DEVELOPMENT PROGRAM HIGHLIGHTS Peace River – continued waterflood focus, additional rig Heavy Oil • Advancing drilling and waterflood development to enhance long-term recovery and increase capital efficiencies • Strong Production Results – Five (5.0 net) producing wells were brought on produ
Slide 10: 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 11: Willesden Green Asset
WILLESDEN GREEN ASSET Expanding Belly River program and drilling underexploited Cardium at Open Creek Belly River 96% WI 16,093 boe/d 17% decline rate • Large inventory of wells with proven strong results from drills in Open (operated) (Q3 2026) (PDP, 3-year average) Creek and from our delineation w
Slide 12: Belly River Position
BELLY RIVER POSITION Three distinct fairways with multi-year development runway Belly River Fairways: • Three distinct Belly River fairways on our land T44 base; Crimson/Faraway, Open Creek and the recently acquired Wilson Creek Wilson Creek • Crimson/Faraway • Large, contiguous land base with delin
Slide 13: 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 • Robust inventory and readiness supports area growth Open Creek 06-04 Pad T44 IP60: 559 boe/d (82%
Slide 14: Peace River Asset
PEACE RIVER ASSET Highly economic plays with significant scale 99% WI 10,992 boe/d 25% decline rate • Large, contiguous, long-term land base of (operated) (Q3 2026 production) (PDP, 3-year average) ~830 sections with Bluesky and Clearwater heavy oil rights Nampa • New development fields at Dawson, W
Slide 15: Peace River Regional Area
PEACE RIVER REGIONAL AREA ~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 cumulative produc
Slide 16: Dawson/Peavine
DAWSON/PEAVINE Continued integrated waterflood development Area Highlights 08-24 Pad • Large, contiguous land block at 130+ sections Avg IP30 196 • Clearwater focused multilateral open hole development boe/d • Strong primary deliverability with enhanced oil recovery upside Q4 Drilling Integrated and
Slide 17: 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 May 2026 • Multi-zone potential
Slide 18: Harmon Valley South (HVS)
HARMON VALLEY SOUTH (HVS) Drilling success recently in Q3, EOR pilot area Area Highlights • Core operating field HVS 16-18 Pad IP30 408 boe/d per well • Bluesky focused, multilateral open hole development (first 2.0 net wells) • Exploring enhanced oil recovery upside Operational Update • HVS 16-18 B
Slide 19: West Dawson
WEST DAWSON Initiated waterflood pilot, delineation success Area Highlights Area wells Directly supported • 20+ sections all-weather access production wells Injection wells • Clearwater focused multilateral open hole development EOR scheme area Baytex Licenses • Enhanced oil recovery upside OBE pipe
Slide 20: New Ventures
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 21: 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 22: Appendix
OBSIDIANY ENERGY,
Slide 23: 2026 Guidance
2026 GUIDANCE Development program supported by constructive oil prices 2026 Guidance 2026 Guidance Average production boe/d 28,500 – 29,500 Based on midpoint of above guidance % Oil and NGLs % 71% Heavy Oil Light Oil Capital expenditures $ millions 300 – 325 Average production boe/d 12,250 16,750 De
Slide 24: Reserves Underpin Our Current and Future Value
RESERVES UNDERPIN OUR CURRENT AND FUTURE VALUE Trading at substantial discount on a reserve basis PRO FORMA 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 $41.07 382 350 $35 $33.87 300 $30 318 250 $25 $2
Slide 25: 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 26: 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 27: Pembina Cardium Unit #11 Asset
PEMBINA CARDIUM UNIT #11 ASSET Non-Operated unit with years of low-risk inventory 45% WI 2,654 boe/d 21% decline rate • Large non-operated unit with 45% working interest, 35 gross (non-operated) (Q3 2026) (PDP, 3-year average) sections • Historically underdeveloped area in the heart of the Pembina C
Slide 28: Viking Asset
VIKING ASSET Stable returns with development upside History of unlocking reserves and production value 100% WI 752 boe/d 16% decline rate (operated) (Q3 2026) (PDP, 3-year average) • Sweet, light oil development play with associated natural gas • Significant drilling inventory, including both low ri
Slide 29: 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 (Q3 2026) $200 million $339 million $5.11/share $300 mi
Slide 30: 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 31: 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 32: 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 33: 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 nine months ended September 30, 2026. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless othe
Slide 34: Endnotes
Endnotes
Slide 35: Endnotes
ENDNOTES Slide 2: Overview Market capitalization determined with share price on the close of business on November 4, 2026, on the TSX ($12.92 per Slide 11: Willesden Green Asset share) and common shares outstanding at November 4, 2026. Enterprise value calculated by adding net debt as at Obsidian En
Slide 36: Endnotes
ENDNOTES Slide 23: 2026 Guidance cont. Slide 26: Wilson Creek Transaction Highlights Further details of production guidance ranges, by product type, are as follows: Willesden Green 2P Reserves, 2P locations, 2P Belly River locations, and 2P RLI as defined by our Independent Qualified Reserve Evaluat
Slide 37: 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 38: 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 39: 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 Unbooked locations have been identified by management as an estimation of our multi-year drilling activities based thousand cubic feet of natural gas
Slide 40: 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 41: 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 42: 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 and/or adhere to production quotas from time to time that are sufficient to balance supply and demand fundamentals document, and the assumpti
Obsidian Energy — Investor Presentation (November 2026) on 6ix