• New corporate presentation and management webcast available for replay on website

Calgary, Alberta--(Newsfile Corp. - June 16, 2022) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that at its annual and special meeting of shareholders held on June 16, 2022, Obsidian Energy's shareholders approved all resolutions outlined in the Notice of 2022 Annual and Special Meeting and Management Proxy Circular dated May 4, 2022 (the "Information Circular"), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on Obsidian Energy's website at www.obsidianenergy.com.

1. Appointment of Auditor

By resolution passed by show of hands, KPMG LLP, Chartered Accountants, was appointed as auditor of the Issuer for the ensuing year.

2. Election of Directors

By resolutions passed by ballot vote, the following seven nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

3. Non-Binding Advisory Vote on the Corporation's Approach to Executive Compensation
   

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company's approach to executive compensation as outlined in the Information Circular. The results of the ballot were as follows:

NEW CORPORATE PRESENTATION AND WEBCAST

Today, Obsidian Energy's management team held a webcast presentation live on the Internet (the "Presentation") for investors, shareholders and stakeholders to discuss the Company's strategy, assets, value and plans for the future.

The updated corporate presentation has been posted to our website, and the full webcast Presentation is available for replay either through our website or directly at the webcast portal.

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: www.obsidianenergy.com;

Investor Relations:
Toll Free: 1-888-770-2633
E-mail: investor.relations@obsidianenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128115