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 2027

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Calgary, Alberta–(Newsfile Corp. – November 19, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“ Obsidian Energy “, the “ Company “, “ we “, “ us ” or “ our “) announces that it has entered into an underwriting agreement to sell, on a private placement basis (the “ Offering “), $175.0 million aggregate principal amount of 8.125 percent five-year senior unsecured notes due December 3, 2030 (the “ Notes “). The Notes will be issued at par under a trust indenture and will be direct senior unsecured obligations of Obsidian Energy ranking equal with all other present and future senior unsecured indebtedness of the Company. Closing of the Offering is expected to occur