Obsidian Energy Announces Offering and Pricing of $175 Million, 5-Year Senior Unsecured Notes due in 2030 and Redemption of Existing $80.8 Million Senior Unsecured Notes due in 2027November 19, 2025 5:00 PM EST | Source: Obsidian Energy Ltd.NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Calgary, Alberta--(Newsfile Corp. - November 19, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or ...

Core Insights - The article highlights the launch of a free two-week trial for the Distressed Value Investing group, which offers exclusive research and access to a portfolio of over 1,000 reports on more than 100 companies [1] Group 1 - The author, Aaron Chow, has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [2] - Chow co-founded a mobile gaming company, Absolute Games, which was acquired by PENN Entertainment, showcasing his experience in the gaming sector [2] - The Distressed Value Investing group focuses on value opportunities and distressed plays, particularly in the energy sector [2]

Exhibit 99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS For the three and nine months ended September 30, 2025 This management's discussion and analysis of financial condition and results of operations ("MD&A") of Obsidian Energy Ltd. ("Obsidian Energy", the "Company", "we", "us", "our") should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and the Company's audited consolidated financial statements and ...

Group 1 - Obsidian Energy Ltd. (NYSE:OBE) is involved in the exploration, development, and production of oil and natural gas, with a diverse asset portfolio including light oil, heavy oil, and natural gas properties [1][2] - On September 8, 2023, Obsidian Energy announced significant progress in its second half 2025 program, having drilled 13 wells with early production exceeding expectations, contributing to record output in Peace River [2] - The company improved its financial position by selling InPlay Oil shares, redeeming $30 million in debt, and completing its share buyback plan, which reduced its year-end debt forecast to $213 million [2] Group 2 - BMO Capital maintained an Outperform rating for Obsidian Energy with a price target of C$10 following its guidance for the second half of the year [1] - Despite the positive developments, Jim Cramer expressed caution regarding smaller-cap energy companies like OBE, particularly in light of declining oil prices [1]

Group 1 - Obsidian Energy Ltd. has significantly reduced its net debt through the sale of its stake in InPlay Oil Corp [2] - The company has been repurchasing/redeeming its 11.95% unsecured debt [2] - The focus of the investment group Distressed Value Investing is on value opportunities and distressed plays, particularly in the energy sector [2]

Core Points - Obsidian Energy has completed a partial redemption of $30 million of its outstanding Senior Unsecured Notes, which have an interest rate of 11.95% and are due on July 27, 2027 [1][2] - Following the redemption, the company has $80.8 million of Notes remaining outstanding, with a maximum semi-annual free cash flow offer of $17.0 million required under the trust indenture governing the Notes [2] Company Overview - Obsidian Energy is an intermediate-sized oil and gas producer with a diversified portfolio of high-quality assets, primarily located in the Peace River, Willesden Green, and Viking areas of Alberta [3] - The company's operations focus on exploring, developing, and holding interests in oil and natural gas properties, along with related production infrastructure in the Western Canada Sedimentary Basin [3] - The company's shares are listed on both the Toronto Stock Exchange and the NYSE American under the symbol "OBE" [4]

Core Viewpoint - Obsidian Energy has announced a partial redemption of $30 million of its outstanding Senior Unsecured Notes, reflecting a strong balance sheet and liquidity position, which will help reduce future interest expenses [1][2]. Group 1: Redemption Details - The redemption date is set for August 29, 2025, with a redemption price of $1,029.88 per $1,000 principal amount of the redeemed Notes, equating to 102.988 percent of the principal amount, plus accrued interest [2]. - After the redemption, Obsidian Energy will have $80.8 million of Notes outstanding, and the maximum semi-annual free cash flow offer required under the trust indenture will be $17.0 million [2]. Group 2: Company Overview - Obsidian Energy is an intermediate-sized oil and gas producer with a diverse portfolio of high-quality assets, primarily located in Alberta's Peace River, Willesden Green, and Viking areas [5]. - The company focuses on exploring, developing, and holding interests in oil and natural gas properties and related production infrastructure within the Western Canada Sedimentary Basin [5][6].

Core Points - Obsidian Energy has completed its offer to purchase up to $48.4 million of its outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027, with the offer expiring on August 12, 2025 [1][2] - The offer was undersubscribed, with only approximately $1.4 million of the Notes validly tendered [2] - Following the completion of the offer, Obsidian Energy has $110.8 million of Notes outstanding [3] Offer Details - The aggregate purchase consideration paid by the company was $1.4 million, with Notes accepted for purchase only in minimum denominations of $2,000 [2] - Settlement of the offer was completed, and holders will receive payment for the accepted Notes as soon as practicable [3] Company Overview - Obsidian Energy is an intermediate-sized oil and gas producer with a portfolio of high-quality assets primarily located in Alberta [5] - The company is engaged in exploring, developing, and holding interests in oil and natural gas properties within the Western Canada Sedimentary Basin [5][6]

Core Viewpoint - Obsidian Energy has entered into a definitive agreement to sell its common share position in InPlay Oil Corp, consisting of approximately 9.14 million shares, for a total of $91.4 million at a price of $10.00 per share [1][4]. Group 1: Transaction Details - The Disposition Transaction is expected to close in the first half of August 2025, pending customary closing conditions [2]. - The purchase price will be adjusted based on certain filing fees and potential dividends, with specific conditions outlined for adjustments if the transaction closes after August 12, 2025 [3][19]. - Following the transaction, Obsidian Energy will no longer hold any InPlay Shares but will retain 20,834 restricted awards, which represent 0.07% of the outstanding shares [4]. Group 2: Company Background - Obsidian Energy is an intermediate-sized oil and gas producer with a diverse portfolio of assets primarily located in Alberta [9]. - The company focuses on exploring, developing, and holding interests in oil and natural gas properties within the Western Canada Sedimentary Basin [9][10].

Corporate Overview - Obsidian Energy's Q2 2025 production was 28,943 boe/d, with 71% oil and liquids[9] - The company's 2P reserves at year-end 2024 were 149 Mmboe[9] - Obsidian Energy has $2.2 billion in tax pools as of Q2 2025[9] - The company's market capitalization is $575 million, with net debt at $270 million as of Q2 2025[10] Operational Highlights - Obsidian Energy plans H2 2025 capital expenditures between Peace River and Willesden Green, totaling $110-$120 million[26] - The company purchased and cancelled approximately 7.1 million shares for $51.1 million up to July 29, 2025[26] - H2 2025 average production is guided between 27,100 and 28,300 boe/d[27] Strategic Initiatives - Obsidian Energy completed the Pembina Disposition, reducing net debt to $270 million as of June 30, 2025[26] - The company is negotiating to sell its InPlay share position, valued at approximately $96 million, acquired through the Pembina Disposition[10, 26] - Obsidian Energy renewed its credit facility, extending the $235 million facility into 2027[26] Reserves and Valuation - Pro forma reserves post-Pembina Disposition are 149 Mmboe[79] - Pro forma net asset value per share ranges from $8.57 to $28.57, depending on WTI pricing scenarios[81]