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Obsidian Surpasses 2017 Guidance at Year-End; Touts Cardium Pad Results

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   |    Tuesday,January 16,2018

Obsidian Energy has confirmed its full year 2017 production expectations as well as an operational update.

Highlights:

• Full year 2017 production was 31,700 boe/d, above the high end of our guidance range of 30,500 – 31,500 boe/d.

Willesden Cardium Production Up Over 30% with New Four Well Pad

Our four well pad in Willesden Green Cardium was on-stream as of January 3, 2018. The pad has averaged approximately 2,800 boe/d since the wells came on production, implying an average of 700 boe/d per well over that timeframe. As a result, we expect to increase our entire Willesden Green Cardium production by over 30% for the month of January. These strong well results continue our successful approach to optimizing wellbore placement in the bioturbated interval and proven completion design.

Accelerated 2018 Cardium Program; Optimize Rig Schedule

With continued execution success and a focus on capital efficiency, we decided to accelerate a portion of our 2018 capital program into 2017. In December, we drilled two primary horizontal wells in Willesden Green targeting the bioturbated interval. We also drilled three of four horizontal producers from our PCU #9 pad, which employs a low capital, integrated waterflood approach to mitigate declines. Accelerating these projects into 2017 maintained our operational efficiency which will reduce well costs and save approximately $0.5MM on the Cardium program.