Corporate Overview Market Summary Ticker Symbol OBE Peace River Shares Outstanding MM 73 4,452 boe/d FY 2019 Cold flow heavy oil Manage base production Market Capitalization MM 18 Net Debt MM 495 Enterprise Value MM 513…
Strategic Priorities Short-term Priorities Protect long-term asset value Temporarily shut-in uneconomic properties Temper new well production Defer development capital program Maintain liquidity Cost reduction initiatives…
Investment Highlights Largest acreage holder in the Cardium Cardium is one of Canadas lowest cost light oil resource, with strong IRR and recycle ratios Strong well performance since the beginning of 2018 in the Willesden Green…
Cardium Development Program Focused on Delivering Strong Capital Returns Willesden Green Drilling prioritized to target highest return opportunities Focused Strong Economics Wells ranked by IRR with focus on recycle ratio…
Execute Operationally Crimson 2018/2019 Development Program Summary Development Oil Production vs 2018 Investor Day Crimson Lake 2018-2019 Per Well Rates (33 wells) 5,000 OBE average oil production has exceeded A verage Daily Oil…
Execute Operationally H1 2020 Development Program Crimson Lake 2020 H1 10 Well Program R8W5 3 kms INDEX MAP Early deliverability results from the first five wells to date 2 miles have been particularly strong Two wells on-stream…
Cardium Growth & Operational Improvements Total Cardium Production Commentary 25,000 Our 2017-2019 drilling programs in Crimson Lake have A verage Daily Production (boe/d) 15% Liquids Growth delivered robust production growth…
2019 Optimization Program Overview 2019 Optimization Program Production 2019 Optimization Capital 2.0 9.0 1,800 1.8 8.0 Cu mulative Capital (MM) 1.6 7.0 Cardium Optimization program M onthly Capital (MM) 1.4 1,600 6.0…
Crimson Lake Cost Reduction Trajectory Drill, Complete, Equip & Tie-In Costs (M) Commentary Construction Utilization and expansion of existing pads to reduce construction and infrastructure costs Construction timing optimization…
Cardium Play Fairways A Large High-Graded Inventory West Pembina Central Pembina 132 R10W5 INDEX MAP 171 Type Curve Locations Type Curve Locations Well established Individual fairways and productive trend unit boundaries in…
Crimson Lake Near Term Focus Summary Economics 2019 average production of 9,645 boe/d Total Capex (MM) 3.5 Obsidian Energy cornerstone for revitalized primary EUR (Mboe) 229 development on our Cardium acreage Banked oil from…
East Crimson Mid Term Focus Summary Economics 2019 average production of 2,073 boe/d Total Capex (MM) 3.5 Continued Eastward extension of the successful EUR (Mboe) 203 Crimson Lake development program Oil IP365 (bbl/d) 136 Area has…
West Pembina Mid Term Focus Summary Economics 2019 average production of 4,473 boe/d Total Capex (MM) 3.2 Proven oil rich Cardium trend with undeveloped EUR (Mboe) 200 primary development acreage Significant offsetting production…
Central Pembina Long Term Focus Summary Economics 2019 average production of 4,514 boe/d Total Capex (MM) 2.5 The epicenter of low decline and pressure maintained EUR (Mboe) 290 development Strong technical model is the foundation…
Peace River Oil Partnership (PROP) Summary PROP 2019 average production of 4,452 boe/d R25 R20 R15W5 Large contiguous heavy oil resource developed with T90 cold-flow, multi-leg horizontal wells Reliable and steady base production…
Corporate Cost Improvements Corporate Opex Commentary 20.00 Operating Costs 18.56 17.50 Total reduction in Opex per boe of 28% from 2015 to year end 2019 Opex per boe () 15.18 15.00 Beat 2019 13.89 Guidance 13.18…
Decommissioning Liability Improvement Commentary YTD Well Abandonment Costs Wa inwright 2019 C a rdium 2019 115 Wells 12 Wells Obsidian is a participant and supporter of the 5.0 0.8 AERs Area-Base Closure (ABC) program 50% 35%…
Current Hedge Strategy and Position Hedging Strategy Hedge up to 50% of production volumes after royalty Hedge at price levels to: Protect FFO Support economic capital program Potential debt repayment Hedges are done on a CAD…
Environmental, Social & Governance Environmental Social Governance Obsidian Energy is committed to Obsidian Energy is committed to Obsidian Energy makes it a minimizing the impact of our making a positive impact in the priority to…
Experienced management and strong technical team Stephen E. Loukas, Interim President and Chief Executive Officer Financial and commercial Vast experience in corporate transactions, capital markets, corporate finance Strong financial,…
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