Corporate Overview Market Summary Peace River(1) Ticker Symbol OBE 4,449 boe/d Q1 2019 Cold flow heavy oil Shares Outstanding MM 510 Manage base production and commercialize Market Value MM 194 Net Debt MM 497 Enterprise Value…
Strategic Priorities Unlock value from Production and cash flow Cardium asset base growth through modest investments Targeted investments to grow Target annual corporate Cardium light oil production production growth of 5-10% 20%…
The Cardium Advantage
Willesden Green 2018-2019 Program Summary Crimson Lake 19 Well Program Results R8W5 INDEX MAP Average IP30 rates of 538 boe/d (86% oil) with an average capital cost of 3.8MM per well H1 2019 Drilling Program 3 kms Successfully…
Revitalization of the Cardium Play Historical Cardium Pool Historical Cardium Pool Historical Willesden Green Oil Production (bbl/d) Total Well Count () Cumulative Oil Production (Mbbl/d) 180,000 7,000 Horizontals 80 Horizontals…
Breaking Down the Cardium Play Fairways - A Large High-graded Inventory West Pembina Central Pembina R10W5 INDEX MAP Well established Individual fairways and productive trend unit boundaries in significantly de-risked by…
Crimson Lake - Near Term Focus The Obsidian Energy flag pole for revitalized primary development on our Cardium acreage Banked oil from historical pressure maintenance in WGCU9 Top quality reservoir previously ignored by historical…
Crimson Lake Economics Type Curve Rate vs Time Cost Inputs Cumulative Oil vs. Time 2,200m 2,6 00m 900 180 Drill & Complete MM 3.2 3.5 Equip & Tie MM 0.5 0.5 800 160 Total MM 3.7 4.0 700 140 Economics Production Rate (boe/d)…
East Crimson Mid Term Focus Moving the Crimson success eastward and onward Continued Eastward extension of the Crimson Lake development program Area has been de-risked by recent drilling results supporting the revitalized…
Targeting Oil Banks in Historic Waterflood Targeting Oil Banks Horizontal development in pressure R6W5 maintained fields like East Crimson has WGCU1 two key target types: Banked oil on area edges where legacy drilling has…
West Pembina Mid Term Focus Proven oil rich Cardium trend with undeveloped primary development acreage Significant offsetting production from established Cardium players throughout the West side of Pembina Underdeveloped halo and…
Central Pembina Long Term Focus The epicenter of low decline and pressure maintained development Strong technical model is the foundation for additional development from unswept fairways Ability to de-risk through geological and…
Reserves and production summary Comments 2P Production Profile and Targets Conservative reserve booking with only 175 net 2P locations, with 126 in the Cardium Cardium Growth above Low average three-year PDP decline rate of 15.8%…
Why invest in Obsidian Energy 2P reserves of 125 mmboe across four primary assets, 83% from the Cardium area Material asset base Q1 2019 production of 27,651 boe/d with significant production growth with significant potential…
Appendix & Endnotes 17
Decommissioning Liability Improvement Commentary Decommissioning Liability Decommissioning liability is the estimated liability for Overview future abandonment obligations on the Companys wells, facilities and pipelines Obsidian…
Current hedge position and strategy Hedging Strategy Hedge Position and Exercise Price Hedging program and capital flexibility improve Bbl/d Exercise price ability to live within funds flow from operations 7,000 CAD Hedges will…
Experienced management and strong technical team Michael Faust, Interim President and Chief Executive Officer 35 years of Subsurface and Management experience Drilling and completions Prior to Obsidian, VP Exploration, Land and…
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