预计 2024 年平均产量约为 37,450 桶油当量/天，超过了我们指导范围的最高限度
2024 年资本计划的完成进一步划定了 Peace River 的土地面积
在 Peace River 新的 Peavine 和 Gift Lake 地区钻探的第一口井取得成功，
Peavine 8-13 Pad 的平均 30 天初始产量 (IP) 率为
每口井 302 桶油当量/天（100% 为油）
Pembina 的业绩超出预期，目前两口井 12-19 Pad 的产量超过 1,100 桶油当量/天

Obsidian Energy 很高兴提供有关我们 2024 年下半年开发计划的运营更新，所有油井钻机均按计划发布。根据初步估计，我们预计 2024 年全年平均产量约为 37,450 桶油当量/天（超过我们 37,000 桶油当量/天至 37,400 桶油当量/天的指导范围上限），比 2023 年增长约 16%。2024 年第四季度的平均产量约为 40,000 桶油当量/天（基于初步估计）。

“我们三年增长计划的第一年取得了强劲的成果，总体而言超出了我们最初的预期，并为 2025 年加快我们的开发活动奠定了基础，”Obsidian Energy 总裁兼首席执行官 Stephen Loukas 表示。 “我们对 2024 年取得的成果感到满意。通过平衡评估和描绘我们广泛的重质油资产，同时继续从我们的轻质油业务中提供稳定的生产和回报，我们能够推动强劲的生产和现金流增长 - 我们的股票回购计划进一步提高了每股收益。随着我们进入 2025 年，我们有望在 2026 年实现 50,000 桶油当量/天的产量。”

公司于 2024 年底调动了另外两台钻井平台，使我们能够抢先开始 2025 年的活动，目前有六台钻井平台投入运营。鉴于近期石油和天然气价格、外汇价格、贸易关税潜力和能源股票估值的波动，我们将继续总体评估市场状况，并预计将于 2025 年 2 月 5 日公布 2025 年上半年资本计划和指导。2024

年油井钻机发布并投入生产

Obsidian Energy 完成了我们 2024 年第四季度的钻井计划，共有四台钻机投入运营 - 和平河地区有三台钻井平台，威尔斯登格林地区有一台。 2024 年，共有 66 口（净 65.4 口）运营井被释放（包括五口油砂勘探井（“OSE”）），截至年底，共有 65 口（净 64.3 口）运营井投入生产（包括我们 2023 年计划中的七口（净 7.0 口）井）。三口（净 3.0 口）尚未在年底投入生产的井已在过去几天内投入生产。Obsidian Energy 还参与了 2024 年 18 口未运营（净 6.3 口）井的钻机释放，其中两口（净 0.9 口）是注水井。2024

年 12 月的最后两周，六口（净 6.0 口）新井投入生产，目前正在清理和/或优化（Peace River 的 Bluesky 地层四口井和 Clearwater 地层一口井，以及 Willesden Green 的 Belly River 地层一口井）。 1 月，2024 年计划中的三口 Bluesky 井（净产量 3.0）投入生产，位于 Peace River 的 Nampa 和 Gift Lake 的三口现有冬季通道 Clearwater 井重新启动。我们的 2025 年上半年开发计划于 1 月启动，Peace River 钻探 Clearwater 和 Bluesky 地层中有五台钻机活跃，Pembina (Cardium) 资产中有一台钻机活跃。

重油资产

我们的 Peace River 计划持续了整个 2024 年第四季度，有三台钻机投入运营，今年年初又增加了两台。2024 年，我们专注于执行战略增长计划，并评估 Clearwater 和 Bluesky 油田新开发领域的潜力。我们对迄今为止的成果感到满意，其中包括建立了几个新的开发区域。我们 2024 年第四季度计划的亮点按目标地层和油田概述如下。Clearwater

地层

我们完成了 2024 年的开发和勘探/评估计划，所有油井钻机均已释放并投入生产。道森的强劲生产率和西道森新 Clearwater 开发区的建立产生了许多后续地点，我们计划于 2025 年开始开发这些地点，同时在 Nampa、Peavine 和 Gift Lake 开展勘探/评估活动。过去两年来，通过有机开发和收购，公司的 Clearwater 产量大幅增长，从 2023 年 1 月的 99 桶油当量/天增长到 2024 年 12 月的平均 4,500 桶油当量/天以上（基于初步估计）。

道森 - 我们的道森 Clearwater 开发油田计划在 2024 年第四季度继续以高于最初预测的速度生产，从而实现了比预期更快的开发速度。公司打算在 2025 年继续开发该地区，并已为未来的钻探建造了额外的平台。

西道森 - 我们最近发现的油田中道森 9-21 平台的两口（净产 2.0）勘探/评估井超出了产量预期，每口井 30 天平均 IP 产量为 269 桶油当量/天（100% 石油），油品质量较高（API 重力约为 16O）。在 9-21 平台附近确定了超过 25 个后续位置（未预订、内部生成），我们计划在评估道森 Clearwater 地层趋势的潜在西部延伸的同时进一步开发这个新的 Clearwater 油田。Peavine

和 Gift Lake - 我们对 2024 年第四季度钻探的四口井的初步结果感到满意，这些井用于评估最近在 Peace River 收购的这些资产。

Peavine：位于 Peavine Metis 定居点区域内的 Peavine 8-13 平台的三口井（净产 3.0 桶）于 2024 年投入使用，平均每口井 30 天平均产油量为 302 桶油当量/天（100% 石油）。这些井将我们的 Dawson 趋势向东延伸至 Peavine 定居点，并将在 2025 年进行更多钻探。Gift

Lake：我们于 12 月在 Gift Lake Metis 定居点区域内的 13-33 平台投入了第一口 Gift Lake 井，成功测试了第二个下 Clearwater 区域，这确定了下 Clearwater 砂层增加未来油井库存和扩大这一油田的潜力。此外，Obsidian Energy 使 13-33 平台现有的两口（净产 2.0 桶）油井恢复生产（从上部区域生产）。我们目前正在 Gift Lake 地区的 4-15 号平台钻探第二口勘探/评估井，以测试油田的东部范围，预计该油田将于 1 月底投产。

南帕 - 2024 年第四季度，公司恢复了南帕 6-28 号平台的生产，这是一口冬季专用的勘探/评估井，于 2024 年初钻探，初期油量令人鼓舞。2024 年 12 月底，我们开始钻探一口与该平台相邻的井，以进一步划定南帕的油田面积。

蓝天地层

我们在年底前释放了 2024 年蓝天地层计划中所有剩余的钻井，并已将 12 月释放的三口（净 3.0 口）剩余钻井投入使用。

哈蒙谷南部（“HVS”） - 2024 年，Obsidian Energy 成功测试了我们蓝天 HVS 油田的新钻井和设施设计，部分平台的生产结果超出了我们的预期。今年一月，我们开始在该地区实施2025发展计划。

HVS 8-28 平台：我们在 2024 年下半年计划中在​​这个四井平台上钻探的两口井（净 2.0 口）已于年底投入生产。这些井是 2024 年上半年钻探的两口井的后续，每口井 30 天平均 IP 产量为 105 桶油当量/天（78% 为石油），60 天平均 IP 产量为 129 桶油当量/天（84% 为石油）。

海象：Obsidian Energy 现已在我们的 Walrus 开发油田钻探平台，以确定油田的范围并更好地了解油藏的复杂性。新井的结果好坏参半，下降幅度较小，但水量较高，IP 速率略低于最初的预期。通过我们的 2024 年计划获得的信息将用于改进我们针对该油田的 2025 年开发计划。

Walrus 15-01 平台：我们位于油田中部的第一个平台，四口井中的前两口井于 12 月底投产，其余两口井于上周投产。钻井在所有四口井中都遇到了高质量的储层，其中两口井测试了“华夫格”腿设计，继续评估这一有前途的技术。整个 2025 年 1 月，这些井预计将继续接受评估和优化。Cadotte

- 为抵消现有的强产平台，在 2024 年下半年在 Cadotte 钻探的两个平台均已于 12 月释放并投入生产。Cadotte 地区的单个井清理时间可能会延长，因为油粘度和水饱和度通常高于我们 Peace River 资产的其他地方，需要额外的水管理才能实现稳定的油率。这些开发井的结果将用于进一步描绘和释放 Cadotte 地区的未来潜力。

Cadotte 13-15 平台：所有三口（净产 3.0 桶）井均于 2024 年第四季度末投产，清理期比通常更长。为了管理设施限制，Obsidian Energy 在年底错开了这个平台的投产时间，其中两口井目前正在清理。第一口投产井在 1 月初需要更换泵之前，总平均 IP 30 天产量达到 172 桶油当量/天（100% 为油）。第二口井的总平均 IP 30 天产量为 30 桶油当量/天（100% 为油），在 1 月初达到峰值产量 251 桶油当量/天（99% 为油），经过大约两个月的生产，目前产量超过 150 桶油当量/天。Cadotte

9-36 平台：所有三口（净产 3.0 桶）井均于 12 月底前释放钻机，其中一口井目前正在生产。随着平台初始的高气量开始下降，剩余油井将投入生产。

轻质石油资产

我们完成了 2024 年下半年的轻质石油资本计划，在 Willesden Green 使用一台钻井平台，然后将其转移到 Pembina 开钻我们 2025 年资本计划中的第一口井，抵消了我们 2024 年计划中的成功平台。迄今为止，我们第四季度剩余时间和 2025 年初活动的最新情况如下：

Pembina (Cardium)：我们完成了 2024 年下半年的 Pembina 计划，所有计划中的油井钻机都已发布并于年底前投入生产。12-19 平台的两口（净 2.0 口）油井已投入生产，每口井的总平均 IP 30 天产量为 343 桶油当量/天（90% 为石油）。产量持续上升，目前两口井平台的产量超过 1,100 桶油当量/天。

Willesden Green（Belly River）：我们最初的勘探井瞄准了 15-06 Pad 的 Belly River 地层，于 12 月底释放了钻机。该井的初始产量令人鼓舞，然而砂生产问题使得必须进行盘管干预。我们预计该井将在 1 月下半月恢复生产。

高级管理任命

Obsidian Energy 很高兴地宣布任命 Jay McGilvary 为我们新的开发副总裁。Jay 在 Obsidian Energy 的转型中发挥了关键作用，担任关键技术领导职务，并在整个 Obsidian Energy 投资组合中承担越来越重要的责任。在这个职位上，Jay 将继续领导负责我们地下描述和开发所有方面的团队，以及我们的钻井和完井作业。

Estimated 2024 average production of approximately 37,450 boe/d exceeded the top end of our guidance range
Completion of 2024 capital program provided furthers delineation of Peace River acreage
Successful results from first wells drilled in new Peavine and Gift Lake areas in Peace River
with the Peavine 8-13 Pad achieving an average 30-day initial production ("IP") rate of
302 boe/d (100 percent oil) per well
Pembina results exceeded expectations with current production of over 1,100 boe/d from the two-well 12-19 Pad

Obsidian Energy is pleased to provide an operational update on our second half 2024 development program with all wells rig released as scheduled. We expect our full year 2024 average production to be approximately 37,450 boe/d based on preliminary estimates (surpassing the top end of our 37,000 boe/d to 37,400 boe/d guidance range), representing an approximate 16 percent increase over 2023. For the fourth quarter of 2024, average production was approximately 40,000 boe/d (based on preliminary estimates).

"The first year of our three-year growth program provided strong results that, in aggregate, exceeded our initial expectations and set the foundation for accelerating our development activity in 2025," said Stephen Loukas, Obsidian Energy's President and CEO. "We are pleased with the results achieved during 2024. With a balanced focus of appraising and delineating our extensive heavy oil asset while continuing to provide stable production and returns from our light oil business, we were able to drive strong production and cash flow growth - which was further enhanced on a per share basis by our share buyback program. As we enter 2025, we are well-positioned to achieve 50,000 boe/d of production during 2026."

The Company mobilized two additional drilling rigs late in 2024 to allow us to make a head start to our 2025 activities, and presently have six drilling rigs in operation. Given the recent fluctuation in oil and gas prices, foreign exchange prices, potential for trade tariffs, and the valuation of energy equities, we continue to assess the market conditions in aggregate and expect to announce our first half 2025 capital program and guidance on February 5, 2025.

2024 WELLS RIG RELEASED AND ON PRODUCTION

Obsidian Energy completed our fourth quarter 2024 drilling program with four rigs in operation - three drilling rigs in our Peace River area and one in our Willesden Green area. In 2024, a total of 66 (65.4 net) operated wells were rig released (including five oilsands exploration ("OSE") wells) and 65 (64.3 net) operated wells were brought on production by the end of the year (including seven (7.0 net) wells from our 2023 program). The three (3.0 net) wells yet to be placed on production at year-end were brought onstream in the last few days. Obsidian Energy also participated in the rig release of 18 non-operated (6.3 net) wells in 2024, two (0.9 net) of which were water injection wells.

Six (6.0 net) new wells were brought on production over the last two weeks of December 2024 and are in the process of clean up and/or optimization (four wells in the Bluesky formation and one in the Clearwater formation at Peace River, and one well targeting the Belly River formation at Willesden Green). In January, three (3.0 net) Bluesky wells from the 2024 program were placed on production and three existing, winter access Clearwater wells at Nampa and Gift Lake in Peace River were restarted. Our 2025 first half development program started in January with five rigs active in Peace River drilling in the Clearwater and Bluesky formations, and one rig in our Pembina (Cardium) asset.

HEAVY OIL ASSETS

Our Peace River program continued throughout the fourth quarter of 2024 with three rigs in operation and two more added at the start of this year. In 2024, we focused on execution of our strategic growth plan and appraising the potential of new development areas in both our Clearwater and Bluesky plays. We are pleased with our results to date, which include establishing several new development areas. Highlights of our fourth quarter 2024 program are outlined below by targeted formation and field.

Clearwater Formation

We completed our 2024 development and exploration/appraisal programs with all wells rig released and on production. Robust production rates at Dawson and the establishment of a new Clearwater development area at West Dawson produced numerous follow-up locations that we plan to start developing in 2025 along with exploration/appraisal activities at Nampa, Peavine and Gift Lake. The Company's Clearwater production has grown substantially over the past two years through organic development and acquisitions from 99 boe/d in January 2023 to average over 4,500 boe/d in December 2024 (based on preliminary estimates).

Dawson - Our Dawson Clearwater development field program continued to produce at higher rates than initially forecasted over the fourth quarter of 2024, allowing a faster pace of development than anticipated. The Company intends to continue developing this area in 2025 and has constructed additional pads for future drilling.

West Dawson - The two (2.0 net) exploration/appraisal wells at the Dawson 9-21 Pad in our recently discovered field exceeded production expectations with a gross average 30-day IP rate of 269 boe/d (100 percent oil) per well of a higher-quality oil (API gravity of approximately 16O). With over 25 follow-up locations (unbooked, internally generated) identified in proximity to the 9-21 Pad, we plan to further develop this new Clearwater field as we evaluate the potential western extension of the Clearwater formation trend at Dawson.

Peavine and Gift Lake - We are pleased with the initial results of the four wells drilled during the fourth quarter of 2024 to appraise these recently acquired properties in Peace River.

Peavine: The three well (3.0 net) Peavine 8-13 Pad located within the Peavine Metis Settlement area was rig released in 2024 and produced at a gross average IP 30-day rate of 302 boe/d (100 percent oil) per well. These wells extend our Dawson trend eastward into the Peavine settlement and will be followed up with additional drilling in 2025.

Gift Lake: We rig released our first Gift Lake well at the 13-33 Pad within the Gift Lake Metis Settlement area in December, successfully testing a second, lower Clearwater zone that establishes the lower Clearwater sand's potential to add future well inventory and expand this play. In addition, Obsidian Energy brought the existing two (2.0 net) acquired wells at the 13-33 Pad back on production (producing from the upper zone). We are currently drilling the second exploration/appraisal well at the 4-15 Pad in the Gift Lake area to test the eastern extent of the field, which is expected on production in late January.

Nampa - In the fourth quarter of 2024, the Company resumed production at our Nampa 6-28 Pad, a winter access only exploration/appraisal well drilled in early 2024, with encouraging initial early oil rates. In late December 2024, we commenced drilling an offset well to this pad to further delineate our Nampa acreage.

Bluesky Formation

We rig released all remaining wells in our 2024 Bluesky formation program by the end of the year and have since brought online the three (3.0 net) remaining wells rig released in December.

Harmon Valley South ("HVS") - In 2024, Obsidian Energy successfully tested new drilling and facility designs in our Bluesky HVS field, which provided production results at some pads at the top end of our expectations. In January, we began our 2025 development program in the area.

HVS 8-28 Pad: The two (2.0 net) wells drilled in our second half 2024 program on this four-well pad were placed on production by year-end. These wells followed-up two wells drilled in the first half of 2024, and produced at a gross average IP 30-day rate of 105 boe/d (78 percent oil) per well and an average IP 60-day rate of 129 boe/d (84 percent oil).

Walrus: Obsidian Energy has now drilled pads across our Walrus development field to determine the extent of the field and better understand reservoir complexity. New wells have provided mixed results with shallower declines, but higher water volumes and slightly lower IP rates than originally expected. The information gained through our 2024 program is being used to refine our 2025 development program for this field.

Walrus 15-01 Pad: Our first pad in the central portion of the field had the first two wells of four brought on production in late December with the remaining two wells brought on last week. Drilling encountered high quality reservoir on all four wells with two wells testing the "waffle" leg design, continuing our evaluation of this promising technique. Throughout January 2025, the wells are expected to undergo continued evaluation and optimization.

Cadotte - Offsetting existing strong producing pads, both pads drilled in the second half 2024 program at Cadotte were rig released and placed on production in December. Individual well clean up can be prolonged in the Cadotte area as oil viscosity and water saturation are typically higher than seen elsewhere in our Peace River asset, requiring additional water management prior to realizing stabilized oil rates. The results from these development wells will be used to further delineate and unlock future potential in the Cadotte area.

Cadotte 13-15 Pad: All three (3.0 net) wells were placed onstream late in the fourth quarter of 2024 and displayed longer than typical clean up periods. To manage facility constraints, Obsidian Energy staggered the start of this pad throughout the end of the year with two of the wells currently in the process of cleaning up. The first well on production reached a gross average IP 30-day rate of 172 boe/d (100 percent oil) before requiring a pump replacement in early January. The second well had a gross average IP 30-day rate of 30 boe/d (100 percent oil) and hit a peak rate of 251 boe/d (99 percent oil) in early January, and is presently producing in excess of 150 boe/d after approximately two months of production.

Cadotte 9-36 Pad: All three (3.0 net) wells were rig released by the end of December with one of the three wells currently on production. The remaining wells will be placed on production as the initial high gas rates on the pad begin to decline.

LIGHT OIL ASSETS

We completed our second half 2024 light oil capital program with one drilling rig at Willesden Green, which then moved to Pembina to spud the first well in our 2025 capital program, offsetting successful pads from our 2024 program. An update to the remainder of our fourth quarter and initial 2025 activities to date is as follows:

Pembina (Cardium): We completed our second half 2024 Pembina program with all planned wells rig released and on production by year end. The two (2.0 net) wells at the 12-19 Pad were placed on production and produced at a gross average IP 30-day rate of 343 boe/d (90 percent oil) per well. Production rates have continued to rise with current production of over 1,100 boe/d for the two well pad.

Willesden Green (Belly River): Our initial delineation well targeting the Belly River formation at the 15-06 Pad was rig released in late December. Initial production from the well was encouraging, however sand production problems have necessitated a coil tubing intervention. We expect that the well will be returned to production during the second half of January.

SENIOR MANAGEMENT APPOINTMENT

Obsidian Energy is pleased to announce the appointment of Jay McGilvary as our new Vice President, Development. Jay has played a key role in the transition of Obsidian Energy, holding key technical leadership roles of increasing responsibility across the full Obsidian Energy portfolio. In this role, Jay will continue to lead the teams responsible for all aspects of our subsurface characterization and exploitation in addition to our drilling and completions operations.