Obsidian Energy Corporate Presentation January 2020 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 nine months ended September 30, 2019. 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 & Endnotes at the end of this presentation for further details regarding these matters. All slides in this presentation should be read in conjunction with “Definitions and Industry Terms”, “Non-GAAP Measure Advisory”, “Oil and Gas Information Advisory”, “Reserves Disclosure and Definitions Advisory” and “Forward-Looking Information Advisory”. All locations are considered to be Unbooked locations unless otherwise noted. 2 Corporate Overview Market Summary Ticker Symbol OBE Peace River 4,519 boe/d Q3 2019 Shares Outstanding MM 73 Cold flow heavy oil Manage base production Market Capitalization MM $80 Net Debt MM $497 Enterprise Value MM $577 Deep Basin 1,154 boe/d Q3 2019 Corporate Summary Liquids rich deeper development underlying Cardium Reserves (2P YE 2018) mmboe 125 RLI (2P YE 2018) years 13 PDP Decline (YE 2018) % 16 Tax Pools (YE 2018) MM $2,533 2019 Guidance Production boe/d 26,750 – 27,250 Capital Expenditures Cardium MM $120 incl. Decommissioning 18,272 boe/d Q3 2019 Light oil conventional development Production Growth % Flat Manufacturing model for extensive, Operating Costs $/boe $13.50 - $13.75 repeatable inventory. Leverage shallow decline base Alberta Viking General & $/boe $2.10 - $2.35 1,051 boe/d Q3 2019 Administrative Higher GOR oil play Manage base production See end notes for additional information *Legacy Asset Production of 509 boe/d in Q3 2019 3 Obsidian’s Go-Forward Strategic Priorities Superior Shareholder Return Generate excess free Drive per share growth cash flow while holding Create scale and via organic development production flat with decrease cost structure and debt paydown growth optionality at via Cardium increased commodity consolidation strategy prices 4 Investment Highlights • Largest acreage holder in the Cardium • Cardium is one of Canada’s lowest cost light oil resource, with strong IRR and recycle ratios • Strong well performance since the beginning of 2018 in the Willesden Green Cardium (Crimson Lake and East Crimson) High Quality • Average IP30 rates of 527 boe/d (84% oil) and IP90 Assets and Large rates of 404 boe/d (77% oil) per well Acreage Position • YTD Opex of ~$5.50 per boe in Willesden Green • ~11% decrease in DCE&T costs in 2019 program versus 2018 Investor Day Guidance • Over 400 gross type curve quality Cardium locations • Additional projects, such as waterflood and EUR enhancements, become competitive with increased pricing Infrastructure • Ownership and control of strategic infrastructure including pipelines, processing and compression facilities Ownership and • Ability to grow near-term production in both Willesden Control Green and Pembina with minimal infrastructure spend See end notes for additional information 5 2020 Cardium Development Program Focused on Delivering Strong Capital Returns Willesden Green Focused • Drilling prioritized to target highest return opportunities Strong Economics • Wells ranked by IRR with focus on recycle ratio • 2020 program is license ready and scalable with an Flexible inventory of drill ready locations to add significant program optionality • Additional capital allocated to highly efficient Optimization optimization projects • ~$10,000 per boe/d capital efficiencies with ~65% oil • Well spacing and frac designed for cost efficiency and Well Design tailored to target reservoirs • Minimal infrastructure spend required Infrastructure • Drill order optimized to manage infrastructure capacity 6 Execute Operationally Crimson 2018/2019 Development Program Summary Development Oil Production vs 2018 Investor Day Crimson Lake - 33 Wells Drilled 5,000 OBE average oil production has exceeded OBE 2018-2019 well Investor Day 2018 estimates PAD: 14-24 3-Well PAD: 12-18 Inventory 4,000 IP30: 575 boe/d IP30: 620 boe/d Unit land 77% Oil 83% Oil OBE Cardium WI land 3,000 PAD: 5-18 IP30: 463 boe/d 2,000 PAD: 7-24 IP30: 438 boe/d 90% Oil 73% Oil 1,000 More oil, fewer wells, less CAPEX 13 Wells ($55MM) v. 14 Wells ($60MM) PAD: 14-1 IP30: 439 boe/d 0 Average Daily Oil Production (bbl/d) AverageProduction Oil Daily 3-Well PAD: 8-9 83% Oil IP30: 633 boe/d 75% Oil H2 2018 H1 2019 H2 2019 OBE H2 2018 Investor Day Estimate PAD: 2-18 IP30: 324 boe/d 84% Oil Willesden Green Peer* Comparison – Cumulative Oil WELL: 1-15 IP30: 777 boe/d 3-Well PAD: 12-6 100,000 Peer 1 Avg 65% Oil Peer 2 Avg IP30: 597 boe/d Peer 3 Avg 88% Oil Peer 4 Avg Peer 5 Avg PAD: 9-2 75,000 Peer Avg IP30: 477 boe/d OBE Avg 3-Well PAD: 4-6 91% Oil IP30: 529 boe/d 91% Oil 50,000 PAD: 10-36 IP30: 375 boe/d PAD: 3-29 89% Oil IP30: 434 boe/d 25,000 90% Oil Since 2018, OBE Willesden Green wells have Cumulative Oil Production (bbl) CumulativeProduction Oil averaged more oil production than peers PAD: 1-36 PAD: 1-25 0 IP30: 683 boe/d On Production 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 93% Oil December 2019 M onth See end notes for additional information 7 Execute Operationally H1 2020 Development Program Crimson Lake 2020 H1 – 9 Well Program R8W5 INDEX MAP • Committed to keeping our capital program within full- year Funds Flow from Operations (FFO) • Manufacturing-style drilling program, methodically developing our land base 3 kms • Flexible short-cycle drilling program that can quickly 2 miles scale with commodity price fluctuations H1 2020 Development • Additional optimization projects to maintain our shallow Program directly decline, high-netback Cardium production offsetting successful 2018-2019 programsT43 Current H1 2020 Capital Summary ($49.4MM) $3.9MM, 8% Cardium $4.7MM, 9% Optimization $2.3MM, 5% Non-Op Development $4.0MM, 8% $34.5MM, Environmental OBE H1 2020 program 70% OBE 2018-2019 well Peer well Unit land Maintenance & OBE Cardium WI land Corporate See end notes for additional information 8 Cardium Growth & Operational Improvements Total Cardium Production Commentary 25,000 • Our 2017-2019 drilling programs in Crimson Lake have 15% Liquids Growth delivered robust production growth with high- 20,000 Netbacks and low operating costs 15,000 • Cardium 63% 65% 64% Liquids Growth since 2017 – 15% 10,000 Total Production growth since 2017 – 7% 5,000 • Willesden Green 36% 37% 35% Liquids growth since 2017 – 93% Average Daily Production (boe/d) AverageProduction Daily 0 Total Production growth since 2017 – 73% FY 2017 FY 2018 YTD 2019 Opex/boe improvement since 2017 – 26% Gas (boe/d) Liquids (boe/d) Willesden Green Production Willesden Green Operating Costs 12,000 12,000 $8.00 10,000 93% Liquids Growth 10,000 $7.36 8,000 61% 8,000 $7.00 $7.04 54% 6,000 6,000 55% 4,000 4,000 $6.00 Operating Cost ($/boe) Operating Cost 2,000 46% 39% 2,000 45% Average Daily Production (boe/d) AverageProduction Daily Average Daily Production (boe/d) AverageProduction Daily $5.46 0 0 $5.00 FY 2017 FY 2018 YTD 2019 FY 2017 FY 2018 YTD 2019 Gas (boe/d) Liquids (boe/d) Total Production Opex per boe See end notes for additional information 9 2019 Optimization Program Overview 2019 Optimization Program Production 2019 Opti Capital Estimate 1,800 $2.0 $9.0 Cardium Optimization program $1.8 $8.0 $1.6 $7.0 $1.4 1,600 Peak production of 1,600 boe/d $6.0 $1.2 Annual average of 800 boe/d $5.0 $1.0 $4.0 1,400 65% oil weighting $0.8 $3.0 $8MM investment $0.6 M($MM) onthlyCapital $0.4 $2.0 Cumulative Capital ($MM) CumulativeCapital 1,200 In-year cash flow improvement $0.2 $1.0 $0.0 $0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,000 Monthly Capital Cumulative Capital 2019 Opti Job Type Count 800 Vertical Wellbore 72 Stimulations 600 Horizontal Stimulations & AverageDaily Production (boe/d) 88 Pressure Reduction 400 Facility & Infrastructure 4 Pressure Reduction 200 Wellbore & Facility 43 Re-activations 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Original 2019 Budget Current Forecast Significant multi-year inventory of additional Cardium optimization projects See end notes for additional information 10 Crimson Lake Cost Reduction Trajectory Drill, Complete, Equip & Tie-In Costs ($M) Commentary Construction $4,000 • Utilization and expansion of existing pads to reduce construction and ($65) infrastructure costs • Construction timing optimization to ($190) reduce weather related impact and equipment mobilization costs Drilling • Monobore where reservoir pressure ($200) permits • Single bit runs over extended reach HZ wells • Multi-well pads and geographically focused programs mitigate rig move $3,545 costs Completions • Frac optimization and nitrogen 11% improvement in drilling costs since 2018 reduction Investor Day • Elimination of c-rings to reduce water costs • Utilizing industry