Obsidian Energy Corporate Presentation August 2018 Important Notice to the Readers

This presentation should be read in conjunction with the Company’s unaudited consolidated financial statements, Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2018. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated. Certain financial measures included in this presentation do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore are considered non-generally accepted accounting practice ("non-GAAP") measures; accordingly, they may not be comparable to similar measures provided by other issuers. This presentation also contains oil and gas disclosures, various industry terms, and forward-looking statements, including various assumptions on which such forward-looking statements are based and related risk factors. Please see the Company's disclosures located in the Appendix at the end of this presentation for further details regarding these matters.

ObsidianEnergy.com | TSX/NYSE: OBE 2 Obsidian Energy Corporate Profile

Peace River Corporate Metrics Manufactured Cold Flow, High Rate, Low Share Price C$/share $1.39 Cost with Multiple Egress Options July 31st, 2018

4,834 boe/d Q2 2018 OBE-TSX Daily Volume MM 0.7 Net Sections: 235 % of shares outstanding 0.2%

OBE-NYSE Daily Volume MM 1.0 % of shares outstanding 0.2% Cardium Market Capitalization $MM $705 Meaningful Free Cash Flow Generation, Deep Basin Net Debt $MM $408 Waterflood Approach with Primary Optionality Multi Horizon Potential, Enterprise Value $MM $1,113 18,400 boe/d Q2 2018 Highly Economic Deep Basin Development Net Sections: 450 1,541 boe/d Q2 2018 FY 2018 Guidance Net Sections: 700 Production boe/d 29,000-30,000

Growth % 5% Index Map Total Expenditures Capital Expenditures $MM $180 Decommissioning $MM $10 Alberta Viking Expenses Short Cycle Investment to Toggle Growth, Operating Expense $/boe $13.00 - $13.50 Industry Leading IP Rates G&A Expense $/boe $2.00 - $2.50 Legacy Asset Production of 2,140 boe/d in Q2 2018. 1,782 boe/d Q2 2018 Net Sections: 170

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 3 Looking back on 2017

Beat production guidance & delivered double digit ✓ production growth for the second time in 10 years Reduced Opex and G&A by $130 million through ✓ divestments & efficiencies Dropped debt by $120 million and ✓ leverage to the lowest level in six years Replaced over 100 percent of produced ✓ reserves for the first time in five years ✓ Put in place a reserve based lending facility ✓ Settled legacy SEC corporate litigation Reduced decommissioning liability by ✓ approximately 35 percent ✓ Rebranded the Company

ObsidianEnergy.com | TSX/NYSE: OBE 4 2019: An Inflection Point in the Business

2019/2018 CFPS growth versus 19 EV-DACF at DSI price assumptions*

100% Median

80% OBE

60%

The analyst community recognizes OBE’s cash flow growth potential, with an attractive

40% valuation 19/18 CFPS growth (%) growth CFPS 19/18

20% Median

0% 3x 4x 5x 6x 7x 8x 9x 19 EV/DACF (x) Chart excludes five peers with either CFPS growth <0% and or EV/DACF > 9.0x Peers Include: AAV, ARX, ATH, BNP, BTE, CPG, CR, ERF, FRU, LXE, MEG, NVA, OBE, PEY, PGF, PNE, PONY, POU, PXX, RRX, TOG, TOU, TVE, VET, VII, WCP * Desjardins price deck: 2018 [ US$63.94/bbl WTI, C$1.69/mcf AECO, US$0.78/C$ FX ] and 2019 [ US$60.00/bbl WTI, C$2.00/mcf AECO, US$0.78/C$ FX ] Source: Desjardins Capital Markets, Bloomberg

ObsidianEnergy.com | TSX/NYSE: OBE 5 The Largest Land Holder in the Cardium Play Fairway

R10W5 INDEX MAP Significant Inventory Upside Reserve book includes 129 highly confident locations

Pembina Booked Locations 87 Additional Inventory 363 Total Inventory 450

T50 Willesden Green PEMBINA Booked Locations 42 Additional Inventory 208 Total Inventory 250

Total Inventory 700

T45 15 kms Reserves Summary Large light oil weighted reserves 10 miles Willesden

OBE Cardium WI Land Units Pembina Green Arc Baccalieu PDP MMboe 35 23 Bonterra Inplay Proved MMboe 45 28 Prairie Storm Ridgeback Proved + Probable MMboe 64 37 Tamarack Valley WILLESDEN Whitecap Yangarra GREEN T40 2P BTCF NPV10 $MM $877 $525

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 6 Why Willesden Green, Why Now?

• The Cardium is a premium light oil play and we hold a material position • Industry is improving with longer laterals and increased frac intensity • OBE outperformed the industry average oil production per well for the past four years

Willesden Green Average Cumulative Oil by Year R7W5 60

50 T43

40

30 10 kms

5 miles

20 OBE land 2017 OBE well 2017 industry well T40 2014 - OBE 2014 - INDUSTRY 2016 OBE well 2016 industry well 10 2015 - OBE 2015 - INDUSTRY 2015 OBE well 2015 industry well 2016 - OBE 2016 - INDUSTRY 2014 OBE well 2014 industry well

Average Cumulative Oil Production / Well (MBBL) Well / Production Oil Cumulative Average 2017 - OBE 2017 - INDUSTRY 0 0 10 20 30 40 50 60 Months

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 7 Fast Tracking the Cardium

Priority 1: Intensify short cycle Willesden Green Cardium drilling PROVIDING ENABLED BY INVESTORS WITH Strong results A focused that demand capital more capital allocation model Deliver on Cardium focused light oil Manufacturing Shallow decline process to waterflood growth systematically business unlock value Adding $50MM of development capital to drill 13 primary wells in Light oil growth The best acreage H2 2018 trajectory with in the play torque to rising fairway prices

We will set ourselves apart in the Cardium

ObsidianEnergy.com | TSX/NYSE: OBE 8 Obsidian Energy Has CRIMSON LAKE NEAR-TERM FOCUS AREA

Distinctive Running Room Crimson Lake “Halo”

• Line of sight to 80 primary locations, focused in Willesden Green • Both inside unit H1 2018 boundaries and in the Development “Halo” acreage Additional H2 2018 Wells • Additional primary development potential in East Willesden Green and “Halo” Crimson flanks Lake

• Fast track Cardium Open Creek plan has 15 primary Faraway wells in H2 2018 with 5 wells expected to be on production by year Additional end primary development

potential Near term inventory • Remaining wells OBE well 5 kms Industry well coming on early 2019 OBE unit land 3 miles OBE Cardium WI land

ObsidianEnergy.com | TSX/NYSE: OBE 9 Why Obsidian Energy, Why Now?

• Kick-started a disciplined growth story that is well positioned for self funded 2019 cash flow Setting up for growth expansion • Robust drill-ready portfolio focusing in Willesden Green, allowing quick capitalization on incremental free cash flow

• Cost reduction track record; reduced Opex and Focused and G&A by $130 million and lowered net debt by $120 million in 2017 disciplined operator • Depth and repeatability of inventory allows for programmatic scale of Cardium development

Stable asset base • 16% corporate base decline generates meaningful underpins cash year over year reinvestment decisions commodity price • Robust margins and high liquids position set up upside well for 2019+ price leverage

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 10 2018 Budget & Asset Details

ObsidianEnergy.com | TSX/NYSE: OBE Focused 2018 Plan

• Predictable & Liquids Weighted Growth Profile

• Development Capital is 72% of Total Expenditures

2018 Production (boe/d) 2018 Total Expenditures ($MM) 29,000 – 30,000 boe per day $190 million

32,000

5% A&D Adjusted Regulatory Base & $19 Infrastructure Production Growth Enviro 10% 30,000 $10 Capital $25 5% 13% 28,000

26,000

24,000

22,000 2018 Development $136 72% 20,000 2017E A&D Adjusted FY 2018E

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 12 Portfolio Optionality on Display Increased Cardium Capital Employing a quicker payout program that balances primary drilling with targeted by $50MM (13 wells) low capital integrated waterflood opportunities

2018 Development Allocations ($MM) Budget 2018 Operated Spuds 34 Operated spuds planned in 2018 80% Av. IRR (excludes non-operated activity)

45% Av. IRR 100% Av. IRR Deep 35 34 Basin PROP $7 Optimization $14 5% $14 9% 10% PROP 30 8

Deep Basin 25 2

20

15 Cardium 24 10

Cardium $101 74% 5

65% Av. IRR 0 2018 Wells Spud ObsidianEnergy.com | TSX/NYSE: OBE See end notes 13 Obsidian Energy’s Dominant Cardium Position

✓ The largest Cardium land holder with significant running room • 700 location inventory with >100MMboe of 2P Reserves

✓ Large size of the prize with the right geology for meaningful light oil recovery • High OOIP recovery factor potential with integrated waterflood approach

✓ Contiguous position is advantageous in a highly variable stratigraphic play • Multi-cycle bioturbated drilling approach

✓ Best in class Willesden Green results command more capital • Outperformed the industry average oil production per well for the past four years • Adding incremental wells to our 2018 program, focus on short cycle returns

✓ Attractive Pembina acreage driven by large EUR & waterflood upside • Integrated waterflood has stabilized decline rate

✓ Industry leading drilling practices • Focus on fit for purpose well design • Continuous improvement through partner collaboration and offset well monitoring

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 14 Variable Stratigraphy Across the Play Multi-Cycle Optionality for Bioturbated Drilling

SW E-NE Lodgepole PCU #9 G Lease F Lease

Pembina

Conglomerate Clean sandstone Muddy bioturbated sand Sandy bioturbated mud Shale (stratigraphic seal) Erosional contact (unconformity) Transitional contact

W West East E Crimson Crimson Crimson Open Primary Unit Primary Faraway Creek

Willesden Green

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 15 Near term inventory OBE well Industry well Willesden Green OBE unit land OBE Cardium WI land

Results Command 3 kms 2 miles More Capital

• Well brought on-stream in April currently producing approximately 300 boe per day, with IP30 rates of 780 boe per day and IP60 rates of H1 2018 Development 580 boe per day (60% liquids)

• The first three wells in our second half 2018 Additional H2 program will be drilled directly offsetting this 2018 Wells well 2018 Type Curve Economics Inputs 400 Recent Drills DCET Cost ($MM) $3.4 350 Above Type Curve Production 300 EUR (Mboe) 290 IP30 (boe/d) 250 250 IP365 (boe/d) 140 200 2018 Primary Type Curve Liquids (%) 90%

150 Economic Outputs

Production(bbl/d) NPV (10%) ($MM) $3.2 100 PIR (10%) 1.0 50 IRR (%) 66%

0 Payout (years) 2.2 0 6 12 18 24 30 36 42 48 Capital Efficiency ($/boe/d) $24,500 Months on Production F&D ($/boe) $11.30 ObsidianEnergy.com | TSX/NYSE: OBE See end notes 16 R10W5PEMBINA 7-22-049-11W5 Pad 2018 drilled or completed Future Development OBE well Pembina Development Industry Well Injectors OBE unit land Economics Driven by OBE Cardium WI land Large EUR 5 kms • Integrated waterflood approach 3 miles lowers capital spend and increases PEMBINA T48 8-25-47-9W5 Pad economics

• After 50+ years, resource and geology is delineated

• High-netback light oil production with low decline rate 2018 Type Curve Economics Inputs DCET Cost ($MM) $4.0 250 Production 200 EUR (Mboe) 300 IP30 (boe/d) 250 2018 Intergrated Waterflood Type Curve IP365 (boe/d) 210 150 Liquids (%) 87%

100 Economic Outputs NPV (10%) ($MM) $5.0 PIR (10%) 1.6

Production(bbl/d) 50 IRR (%) 99% Payout (years) 1.9 0 0 6 12 18 24 30 36 42 48 Capital Efficiency ($/boe/d) $19,000 Months on Production F&D ($/boe) $12.90 ObsidianEnergy.com | TSX/NYSE: OBE See end notes 17 R8W5 OBE land 100/02-03-044-09W5 OBE operated Cardium unit On Production: Deep Basin Results 10/26/2017 Initial Rate: 3.9 MMCFD

are Liquids Rich 100/14-30-043-07W5 Falher B On Production: 8/30/2017 Trend Initial Rate: 3.2 MMCFD • First Deep Basin program executed on WILLESDEN GREEN schedule and on budget 100/02-07-043-07W5 On Production: 10/12/2017 Initial Rate: 3.4 MMCFD • Condensate volumes in the 2017 program exceeded expectations making gas pricing less 10 kms T42 relevant 5 miles INDEX MAP

• Our second half 2018 Mannville was drilled in July and will be fracked in early-August Average Liquids Ratio 55 bbl/mmcf (135 bbl/d per well)

FORMATION Spirit River Type Curve Economics

BELLY RIVER 700 Inputs COLORADO SHALE DCET Cost ($MM) $3.8 600 CARDIUM COLORADO SHALE Production 500 NOTIKEWIN EUR (Mboe) 610

Deep Basin Type Curve FALHER RIVER SPIRIT >40 high WILRICH IP30 (boe/d) 660 400 GLAUCONTIC confidence IP365 (boe/d) 400 CRETACEOUS SANDSTONE near term Liquids (%) 28% OSTRACOD BEDS 300 liquids rich MANNVILLE ELLERSLIE FERNIE SHALE locations Economic Outputs 200 ROCK CREEK NPV (10%) ($MM) $4.40

Production(boe/d) PIR (10%) 1.2 100 IRR (%) 65%

0 0 6 12 18 24 30 36 42 48 Payout (years) 1.6 Capital Efficiency ($/boe/d) $9,500 Months on Production F&D ($/boe) $6.25

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 18 R15W5 Strong Results INDEX MAP Across Peace River OBE land Acquired land in 2017 Harmon Acreage PROP Valley • Large contiguous crude oil resource position amenable to conventional cold-flow production

Harmon Valley Seal • Strong initial results from 4 well 2018 program, South T80 peak rates averaging over 500 boe/d and adding 4 additional wells in H2 2018 15 kms

• Cash flow torque to increasing oil price with 10 miles significant long term inventory 2018 Type Curve Economics Successful in mitigating differential spreads by Inputs • DCET Cost ($MM) $2.7 utilizing multiple sales points Production 250 Gas EUR (Mboe) 363 Gathering IP30 (boe/d) 205 200 Impact IP365 (boe/d) 200 Liquids (%) 85% 150 Total Production (boe/d) Oil (bbl/d) Economic Outputs NPV (10%) ($MM) $2.5 100 PIR (10%) 0.9

IRR (%) 40% Production 50 0 Payout (years) 2.4 0 Capital Efficiency ($/boe/d) $13,500 0 6 12 18 24 30 36 42 48 F&D ($/boe) $7.50 Months on Production ObsidianEnergy.com | TSX/NYSE: OBE See end notes 19 R10 R10 R1W4 Compeer GP Stabilize & Optimize Misty GP Production in Monitor West GP AB Viking

Esther GP T30 • Light-oil, high netback shorter cycle wells

INDEX MAP • Infrastructure advantage with key 15 kms owned and operated gas plants and OBE gas plant OBE land minimal incremental facility spend 10 miles Type Curve Economics Inputs DCET Cost ($MM) $1.6

200 Production 180 EUR (Mboe) 74 160 Jay signoff IP30 (boe/d) 190 IP365 (boe/d) 100 140 Liquids (%)Update 57% 120 100 EconomicEconomics Outputs 80 NPV (10%) ($MM) $0.7 60 Type Curve (boe/d) PIR (10%) 0.4 IRR (%) 45%

Production 40

20 Payout (years) 1.9 0 Capital Efficiency ($/boe/d) $15,500 0 6 12 18 24 30 36 42 48 F&D ($/boe) $21.15 Months on Production ObsidianEnergy.com | TSX/NYSE: OBE See end notes 20 Appendix

ObsidianEnergy.com | TSX/NYSE: OBE 2017 Reserves Highlight Revitalized Operational Delivery • Reserve book reflects a conservative future NAV Valuation ($/Share) development profile centered around a growing PDP 2P quantum of low F&D waterflood additions 2P NPV10 ($BN) $1.18 $1.71 Net Debt ($BN) $0.38 $0.38 • Adding reserves at just over $13 per boe through Shares O/S (MM) 504 504 2017 demonstrates a powerful engine to reward investors Total NAV / Share $1.58 $2.63

Corporate Reserves Replaced 126% ✓ Replaced Over 100% of 140 131 Produced Reserves for the first time in five years 120 Replaced 131% 96 43 Cardium operated 100 Replaced 121% ✓ development costs down 24% 75 10 80 32 from year-end 2016 12 60 27 8 ✓ Commercial Trades Increased 8 6 Liquids Weighting by Six 40 6 66 Percent 20 47 35 ✓ Independent reserve engineers 0 recognizes the Deep Basin PDP 1P 2P potential for the first time Light & Medium Crude Oil (mmbbl) Heavy Crude Oil & Bitumen (mmbbl) Natural Gas Liquids (mmbbl) Conventional Natural Gas (mmboe) ObsidianEnergy.com | TSX/NYSE: OBE See end notes 22 Reducing Liability Through Legacy Asset Disposition Legacy Asset Disposition Lands

• January 2018 sale of a significant portion our non-core legacy R1W5 R20 R10 R1W4 assets in exchange for the assumption of abandonment and SUGDEN reclamation liabilities INDEX MAP

• Cash flow accretive based on opex savings and liquids weight T55 Legacy Package • Reduces discounted decommissioning liabilities, improves OBE land corporate netback

Midpoint of Production Guidance (boe/d) Midpoint of Opex Guidance ($/boe)

40,000 $20.00 3 1 ,500 2 ,000 2 9 ,500 $13.75 $ 0.50 T45 30,000 $15.00 $13.25

20,000 $10.00 BASHAW 10,000 $5.00

MIKWAN 0 $0.00 2018E Legacy 2018E 2018E Legacy 2018E Previous Adjustment Proforma Previous Adjustment Prof orma Opex T35 Guidance Guidance Production WIMBORNE Liquids Weight (%) Decommissioning Liabilities ($MM)

100% $250 ALSASK $200 $ 1 7 0 $ 2 3 75% 6 2 % 3% 6 5 % $ 1 4 7 $150

50% T25 $100 45 kms ACADIA 25% $50 30 miles

$0 0% Q4 2017 Legacy Q4 2017 2018E Legacy 2018E Decommissioning Adjustment Prof orma Liquids Weight Adjustment Prof orma Liquids Liabilities Decommissioning Weight Liabilities ObsidianEnergy.com | TSX/NYSE: OBE See end notes 23 Reducing Liability Through Efficient Asset Retirement • Program based abandonment • Working with AER as part of the Portfolio Management Pilot on full field abandonment to realize efficiencies and further reduce decommissioning expense

• Conducting science based methodology • Streamlines reclamation phase and trajectory towards reclamation

Asset Retirement Operations

Average Well Abandonment Cost ($/Well) Average Pipeline Abandonment Cost ($/km) Average Reclamation Cost ($/Hectare)

$120,000 $20,000 $25,000 28% Decrease 20% Decrease 58% Decrease $92,000 $19,000 $100,000 $15,000 $20,000 $83,000 $15,000 $13,500 $12,000 $80,000 $14,000 $66,000 $15,000

$60,000 $10,000 $10,000 $8,000 $40,000 $5,000 $5,000 $20,000

$0 $0 $0 2015Corporate2016 2017 2015 2016 2017 2015 2016 2017

ObsidianEnergy.com | TSX/NYSE: OBE See end notes 24 End Notes

All slides should be read in conjunction with “Definitions and Industry Terms”, “Non-GAAP Measure Advisory”, “Oil and Gas Disclosures Advisory” and “Forward-Looking Advisory”

Slide 3. Obsidian Energy Corporate Profile Slide 24. Reducing Liability Through Efficient Asset Retirement Daily Volume (shares) is the 30 day average share volume traded on Canadian and US Exchanges per Bloomberg. All figures are internal estimates and are rounded Production is based on Q2 2018 results. The net sections are approximate numbers and are internal estimates.

Slide 5. 2019: An inflection point in the business Chart was provided by Desjardins Capital Markets and was based on their internal estimates

Slide 6. The Largest Land Holder in The Cardium Play Fairway Additional inventory is an internal estimate, reserves summary was prepared by our independent reserves evaluation (Sproule Associates Limited) as at year-end 2017

Slide 7. Why Willesden Green, Why Now? Average Cumulative Oil by is public data pulled from IHS database. Industry average oil production per well data pulled from IHS database.

Slide 9. Obsidian Energy Has Distinctive Running Room Additional locations are internal estimates.

Slide 10. Why Obsidian Energy, Why Now? All Figures are internal estimates and rounded.

Slide 12. Focused 2018 Plan Production and capital expenditures are based on internal estimates for 2018.

Slide 13. Portfolio Optionality on Display Internal Rates of Returns are rounded and based our budget price deck, a blended Sep 30, 2017 strip price and independent reserves evaluator (Sproule Associates Limited) price deck.

Slide 14. Obsidian’s Dominate Cardium Position 2P reserves was prepared by our independent reserves evaluation (Sproule Associates Limited) as at year-end 2017. Locations are internal estimates. Best in Class refers to industry average oil production per well for the past four consecutive years being above industry average.

Original Oil In Place (OOIP) means Discovered Petroleum Initially In Place (DPIIP) as at December 31, 2017. OOIP/DPIIP estimates and recovery rates are as at December 31, 2017, and are based on current accepted technology and have been prepared by internal geologists and reservoir engineers. DPIIP, as defined in the Canadian Oil and Gas Evaluations Handbook (COGEH), is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves and contingent resources; the remainder is unrecoverable. There is significant uncertainty regarding the ultimate recoverability and the commercial viability to produce any portion of this OOIP/DPIIP. The Company’s average working interest in the Cardium is 81%. Notwithstanding the uncertainty regarding recoverability of OOIP/DPIIP, the Company believes that it is the most appropriate measure to properly consider the effects of the primary and integrated waterflood program, particularly the effect of changes to recovery factor on potential ultimate resource recovery.

Slide 15. Variable Stratigraphy Across the Play Is for illustration only, represents the stratigraphy across the Cardium fairway play and is an internal estimate.

Slides 16, 17, 18,19, 20 (Asset Slides) Economics are based on Ed Par - Cad$66.93/bbl in 2018, Cad$64.72/bbl in 2019, escalating through 2022 and AECO - C$1.67/Mcf in 2018, C$1.88/Mcf in 2019, escalating through 2021.

Slide 22. 2017 Reserves Highlight Revitalized Operations Delivery NAV Valuation is based on 2P NPV10 as prepared by our independent reserves evaluation (Sproule Associates Limited) as at year-end 2017. Net Debt and share count is as at year-end 2017. All numbers are rounded

Slide 23. Reducing Liability Through Legacy Asset Disposition All figures are internal estimates.

ObsidianEnergy.com | TSX/NYSE: OBE 25 Definitions and Industry Terms

% means percent Frac means fraccing, short name for Hydraulic fracturing, a Net Debt means Senior Debt plus bank debt plus non-cash method for extracting oil and natural gas working capital deficit, detailed in the Non-GAAP measure PDP means proved developed producing reserves as per Oil advisory and Gas Disclosures Advisory FX means foreign exchange rate, in our case typically refers to C$ to US$ exchange rates NGL means natural gas liquids which includes hydrocarbon 1P means proved reserves as per Oil and Gas Disclosures not marketed as natural gas (methane) or various classes of Advisory Free Cash Flow, which is Funds Flow from Operations less oil Total Capital Expenditures 2P means proved plus probable reserves as per Oil and Gas NPV means net present value Disclosures Advisory FY means fiscal year OOIP means original oil in place Av., Ave., Avg. means average G&A means general and administrative expenses Opex means operating costs A&D means oil and natural gas property acquisitions and H2 mean second half of the year divestitures PCU Means Pembina Cardium Unit Hz means horizontal well A&D Adj. means oil and natural gas property acquisitions and POR means porosity divestitures IP means initial production, which is the average production over a specified time period Perm means permeability AER means Alberta Energy Regulator IRR means Internal Rate of Return which is the interest rate PIR means profit investment ratio BTCF means before tax cash flow at which the NPV equals zero PROP means Peace River Oil Partnership bbl and bbl/d means means barrels of oil and barrels of oil per km means kilometers day, respectively scf/d means standard cubic feet per day Liquids % means the percentage of crude oil and NGLs $BN means billions of dollars from the total barrels of oil equivalent of production SEC means U.S. Securities and Exchange Commission

Bopd means barrel of oil per day Liquids means crude oil and NGLs Spud mean the process of beginning to drill a well

Boe, boe/d or BOE/D means barrels of oil equivalent and M or k means thousands TD means total depth where drilling has stopped barrels of oil equivalent per day, respectively m means meters TSX means Toronto Stock Exchange Capital Expenditures & Capex includes all direct costs related to our operated and non-operated development programs Mmcf means million cubic feet WI means working interest including drilling, completions, tie-in, development of and expansions to existing facilities and major infrastructure, Mmcf/d means million cubic feet per day optimization and EOR activities WF means waterflood

Mboe means thousand barrels oil equivalent Company or OBE means Obsidian Energy Ltd; as applicable

MMboe means million barrels oil equivalent DCET means drilling, completions, equip and tie-in costs

MBBL & MMbbl means thousands barrels of oil and million Decommissioning means decommissioning expenditures barrels of oil, respectively Enviro means decommissioning expenditures MM means millions E means estimate N, S, E, W means the North, South, East, West or in any combination EUR means estimated ultimate recovery NAV means net asset value F&D means finding and development costs

ObsidianEnergy.com | TSX/NYSE: OBE 26 Non-GAAP Measures Advisory

Non-GAAP measures advisory

In this presentation, we refer to certain financial measures that are not determined in accordance with IFRS. These measures as presented do not have any standardized meaning prescribed by IFRS and therefore they may not be comparable with calculations of similar measures for other companies. We believe that, in conjunction with results presented in accordance with IFRS, these measures assist in providing a more complete understanding of certain aspects of our results of operations and financial performance. You are cautioned, however, that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of our performance. These measures include the following:

Netback is a measure of cash operating margin on an absolute or per-unit-of-production basis and is calculated as the absolute or per-unit-of-production amount of revenue less royalties, operating costs and transportation. The measure is used to assess the operational profitability of the company as well as relative profitability of individual assets. For additional information relating to netbacks, including a detailed calculation of our netbacks, see our latest management's discussion and analysis which is available in Canada at www.sedar.com and in the United States at www.sec.gov; and

Net debt is the amount of long-term debt, comprised of long-term notes and bank debt, plus net working capital (surplus)/deficit. Net debt is a measure of leverage and liquidity

ObsidianEnergy.com | TSX/NYSE: OBE 27 Reserves Disclosure and Definitions

Unless otherwise noted, any reference to reserves in this presentation are based on the report ("Sproule Report") prepared by Sproule Associates Limited dated January 29, 2018 where they evaluated one hundred percent of the crude oil, natural gas and natural gas liquids reserves of Obsidian Energy and the net present value of future net revenue attributable to those reserves effective as at December 31, 2017. For further information regarding the Sproule Report, see Appendix A to our Annual Information Form dated March 6, 2018 ("AIF"). It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions will be attained and variances could be material. The recovery and reserves estimates of crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquid reserves may be greater than or less than the estimates provided herein. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Production and Reserves

The use of the word "gross" in this presentation (i) in relation to our interest in production and reserves, means our working interest (operating or non-operating) share before deduction of royalties and without including our royalty interests, (ii) in relation to wells, means the total number of wells in which we have an interest, and (iii) in relation to properties, means the total area of properties in which we have an interest. The use of the word "net" in this presentation (i) in relation to our interest in production and reserves, means our working interest (operating or non-operating) share after deduction of royalty obligations, plus our royalty interests, (ii) in relation to our interest in wells, means the number of wells obtained by aggregating our working interest in each of our gross wells, and (iii) in relation to our interest in a property, means the total area in which we have an interest multiplied by the working interest owned by us. Unless otherwise stated, production volumes and reserves estimates in this presentation are stated on a gross basis. All references to well counts are net to the Company, unless otherwise indicated.

Reserve Definitions

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates.

proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Each of the reserves categories (proved and probable) may be divided into developed and undeveloped categories:

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing.

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable) to which they are assigned.

For additional reserve definitions, see "Notes to Reserves Data Tables" in our AIF.

ObsidianEnergy.com | TSX/NYSE: OBE 28 Forward-Looking Information Advisory

Certain statements contained in this presentation constitute forward-looking statements or information (collectively "forward-looking statements. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "budget", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "objective", "aim", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this presentation contains, without limitation, forward-looking statements pertaining to the following: our expected 2018 guidance for production, growth, total expenditures (including capital and decommissioning), operating expenses and general and administrative expense; potential drilling locations; that we expect certain formations to be near term liquids rich locations; expectations for well production and timing at various locations; the potential cash flow growth versus corporate valuation of the Company for 2019; the significant inventory upside of the Company; that we will be fast tracking the Cardium and intensifying short cycle Willesden Green Cardium drilling; that we will set ourselves apart in the Cardium and provide investors with a focused capital application model, manufacturing process to systematically unlock value and light oil growth trajectory with torque to rising prices; the addition of $50 million of development capital and the resulting potential wells and the timing thereof, our expectations for other locations such as Deep Basin, Pembina, PROP and Alberta Viking; that there is a robust pipeline of drill ready portfolio focusing in Willesden Green, allowing quick capitalization on incremental free cash flow; that depth and repeatability of inventory allows for programmatic scale of Cardium development; that we will be employing a quicker payout program that balances primary drilling with targeted low capital integrated waterflood opportunities; that robust margins and high liquids position set up well for 2019+ price leverage; the Original Oil in Place; the addition of potential incremental wells to our 2018 program and focus on short cycle returns; that we will focus on fit for purpose well design and continuous improvement through partner collaboration and offset well monitoring; the expected type curves; that the integrated waterflood approach improves the recovery factor; and how we plan to reduce liabilities through efficient asset retirement and asset disposition.

The key metrics for the Company set forth in this presentation may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this presentation are based on assumptions about future events based on management's assessment of the relevant information currently available. In particular, this presentation contains projected operational and financial information for 2018, 2019 and beyond for the Company. The future-oriented financial information and financial outlooks contained in this presentation have been approved by management as of the date of this presentation. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things: our ability to complete asset sales and the terms and timing of any such sales; the economic returns that we anticipate realizing from expenditures made on our assets; future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil and natural gas prices; future capital expenditure levels; future crude oil, natural gas liquids and natural gas production levels; drilling results; future exchange rates and interest rates; future taxes and royalties; the continued suspension of our dividend; our ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including weather, infrastructure access and delays in obtaining regulatory approvals and third party consents; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully; our ability to obtain financing on acceptable terms, including our ability to renew or replace our reserve based loan; our ability to finance the repayment of our senior secured notes on maturity; and our ability to add production and reserves through our development and exploitation activities. In addition, many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements, and such assumptions should be taken into account when reading such forward-looking statements. Please note that illustrative examples are not to be construed as guidance for the Company and further details on assumptions can be found in the Endnotes section of the presentation.

Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Obsidian Energy can give no assurances that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; the possibility that the semi- annual borrowing base re-determination under our of our reserve-based loan is not acceptable to the Company or that we breach one or more of the financial covenants pursuant to our amending agreements with holders of our senior, secured notes; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; reliance on third parties; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on these and other factors that could affect Obsidian Energy, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein)), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), EDGAR website (www.sec.gov) or Obsidian Energy's website.

Unless otherwise specified, the forward-looking statements contained in this document speak only as of July 31, 2018. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

ObsidianEnergy.com | TSX/NYSE: OBE 29