0000000000 Obsidian Energy Corporate Presentation July 2020 Important Notice to the Readers This presentation should be read in conjunction with the Company's unaudited interim consolidated financial statements, Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2020. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated. Certain financial measures included in this presentation do not have a standardi ...

0000000000 1 2 1 2 Obsidian Energy Corporate Presentation May 2020 Important Notice to the Readers This presentation should be read in conjunction with the Company's unaudited interim consolidated financial statements, Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2020. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated. Certain financial measures included in this presentation do not have a standardi ...

Financial Data and Key Metrics Changes - The first quarter of 2019 saw funds flow from operations (FFO) at $36 million, a $38 million increase from the previous quarter, driven by stabilized oil differentials and improved WTI prices [13] - The field netback in the Cardium area was $28.08 per BOE, an increase of $16.87 per BOE compared to the previous quarter [13] - Production averaged 27,651 BOE per day, exceeding prerelease targets [15] - Net debt as of March 31, 2019, was $497 million, with a senior debt-to-adjusted EBITDA ratio of 2.9 times, well within the amended covenant of 4.25 times [19][20] Business Line Data and Key Metrics Changes - The Cardium development program showed strong production rates, with initial production rates averaging 538 BOE per day per well for 19 wells drilled [22] - The 12-18 three-well pad averaged initial production rates of 620 BOE per day per well, indicating strong performance in the Crimson area [23] - Capital spending for the first quarter totaled $34 million, including five development wells and various optimization activities [14] Market Data and Key Metrics Changes - Canadian light and heavy oil differentials averaged $4.85 and $12.22 per barrel respectively during the quarter [13] - The company implemented a conservative hedging strategy to protect cash flow and capital programs while allowing for potential benefits from rising commodity prices [17] Company Strategy and Development Direction - The company is focused on maintaining momentum in the Cardium area, strengthening the balance sheet, and reviewing cost structures to improve operational efficiency [7][9][10] - Plans to monetize non-core assets to reduce debt and allocate proceeds responsibly between the balance sheet and development activities in the Cardium [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction, highlighting strong operational results and increased cash flow [6] - The focus remains on enhancing shareholder value through disciplined spending and operational improvements [29] Other Important Information - The total planned capital for 2019 remains unchanged at $120 million, with $45 million allocated for the second half of the year [27] - The company plans to drill additional wells in the Crimson asset, reaffirming its commitment to the Cardium as a high-margin asset [25][26] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management reiterating confidence in the company's direction and operational capabilities [28][30]

Call Starts: 08:30 January 1, 0000 8:56 AM ET Obsidian Energy Ltd. (NYSE:OBE) Q4 2018 Results Earnings Conference Call March 7, 2019 08:30 AM ET Company Participants Kyle Doucet - Corporate Planning and Strategy Analyst Dave French - President, Chief Executive Officer Michael Faust - Incoming Interim President, Chief Executive Officer David Hendry - Chief Financial Officer Aaron Smith - Senior Vice President of Development and Operations Conference Call Participants Tyler Crawford - Obsidian Energy Scott St ...