Obsidian Energy

This sustained drilling program reflects continued investment in the area, with total 2026 light oil capital expenditures of approximately $200 million supporting average annual production of approximately 16,750 boe/d, while positioning the area for strong year-over-year production growth in 2027.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

(5) Net debt figures include the impact of purchases under our normal course issuer bid (“ NCIB ”) ($30 million) and prepaid equity forwards ($20 million) thus far in 2026.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

Based on midpoint of guidance Previous 2026 Guidance Updated 2026 Guidance Heavy oil bbl/d 11,700 11,200 Light oil bbl/d 7,600 7,000 NGLs bbl/d 2,300 2,350 Natural gas mmcf/d 50.4 50.7 Total production boe/d 30,000 29,000 BUDGET ASSUMPTIONS INFORMATION Capital Expenditures • Asset level capital does not include $1 million in corporate capital in both our updated and previous guidance cases.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

Non-GAAP Financial Measures The following measures are non-GAAP financial measures: AFFO, FFO; net debt; net operating costs; netback; and free cash flow.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

Non-GAAP Ratios 6 The following measures are non-GAAP ratios: AFFO (basic per share ($/share)), which use AFFO as a component; FFO (basic per share ($/share)), which uses FFO as a component; net operating costs ($/boe), which uses net operating costs as a component; netback ($/boe), which uses netback as a component; and net debt to FFO, which uses net debt and FFO as components.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

FUTURE-ORIENTED FINANCIAL INFORMATION This release contains future-oriented financial information (“ FOFI ”) and financial outlook information relating to the Company's prospective results of operations, operating costs, expenditures, production, FFO, FCF, net operating costs, and net debt, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth below under ‘ Forward-Looking Statements’ .

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

This activity has been complemented by the expansion of Clearwater waterflood infrastructure in the Dawson field and the reactivation of the Nampa 07-34 Clearwater pad.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

• Infrastructure Expansion – Construction of the Nampa all-season access road is complete, marking an important step in the waterflood integrated, full-field development of the Clearwater.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

With respect to forward-looking statements contained in this document, the Company has made assumptions regarding, among other things: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

These risks and uncertainties include, among other things: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026

By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.

SEC original ↗Obsidian Energy — Earnings release (6-K exhibit)EX-99Sep 14, 2026