Obsidian Energy (OBE) investor relations material

Financial and operational highlights

• Q1 2026 production averaged 28,733 boe/d, with annualized funds flow from operations (FFO) of $244 million and a net debt to FFO ratio of 1.1x.

• Market capitalization reached $775 million, with enterprise value at $1,055 million and net debt at $280 million.

• 2P reserves stand at 158 million boe, with a 2P NPV10% of $2,309 million at US$75/bbl WTI.

• Active share repurchase program has retired approximately 23% of shares since 2023, enhancing per share growth.

• Updated 2026 guidance projects average production of 29,000–31,000 boe/d and FFO of $317 million.

Strategic asset development and acquisitions

• Acquired Wilson Creek assets for $98 million, expanding the Belly River land base and increasing scale and production.

• Pro forma, now the largest Belly River producer in Central Alberta with over 4,000 boe/d.

• Wilson Creek acquisition adds 2,500 boe/d in 2026 and is expected to deliver $45 million NOI and $15 million FCF in 2027.

• Accelerated development in Willesden Green and Peace River, with a focus on waterflood and high-return light oil projects.

• 2026 capital program includes 65 operated wells, with significant investment in both light and heavy oil assets.

Operational excellence and asset performance

• Willesden Green and PCU #11 deliver strong light oil returns, with robust drilling inventory and infrastructure synergies.

• Peace River asset produces 13,270 boe/d with a large contiguous land base and ongoing waterflood pilots in Dawson, Nampa, and West Dawson.

• Belly River development shows increasing production rates and higher long-term well performance.

• Viking asset provides stable, low-risk returns with significant drilling inventory and high capital efficiency.

• New Ventures program targets multi-zone exploration with over 150 sections acquired for future growth.