Corporate Overview Market Summary Ticker Symbol OBE Shares Outstanding MM 73.5 Peace River 3,136 boe/d 2020* Market Capitalization MM 152 Cold flow heavy oil Net Debt MM 468 Optimize base production Enterprise Value MM 620…
Production and Free Cash Flow 2021 drilling program recognizes full benefit in 2022 OBE 2021 2022 Base Case Business Plan 2020 2021E 2022E (Actual) (Guidance) (Forecast) Production boe/d 25,404 23,300 23,800 25,400 26,400 Capital…
Short-term Strategic Priorities & Results Short-term Priorities Continue operational momentum and cost reduction initiatives to improve the base business Successfully complete H1 2021 development program and prepare to execute…
Long-term Strategic Priorities Superior Shareholder Return Generate excess free cash flow while restoring Create scale and further Drive per share growth via production to pre- decrease cost structure via organic development…
Obsidian Energy Investment Highlights Base business continues to improve through strong production performance leveraging significantly improved cost structure Corporate Focused on Cardium consolidation to realize significant…
Corporate Cost Improvements Operating Expenses (OPEX) Commentary 16.00 Operating Expenses (OPEX) 15.18 Took decisive action to shut in temporarily 15.00 13.89 uneconomic production 14.00 13.42 Strong reduction in unit OPEX to…
Cardium Play Fairways A large high-graded inventory West Pembina Central Pembina 132 Locations (Gross) R10W5 INDEX MAP 680 Locations (Gross) 48 Booked Reserve 69 Booked Reserve Locations (Net) Locations (Net) Well established…
Leading Cardium Well Performance Cumulative Oil Rate Over Time in the Willesden Green Field 100,000 Cumulative Light Oil since Rig Release 90,000 80,000 70,000 (bbl/well) 60,000 50,000 40,000 30,000 20,000…
Cardium Growth & Operational Improvements Total Cardium Production Commentary 25,000 Our 2017-2020 drilling programs in Crimson Lake delivered robust production growth with high- netbacks and low operating costs Average Daily…
Operational Update H1 drilling program on track with record results OBE Development Program Map H1 2021 Development Program Update Strong results from the H1 2021 nine well Willesden Green Area Focused Capital Program program to…
Crimson Lake Summary Economics 2020 average production of 9,320 boe/d DCET Capex (MM) 3.2 Obsidian Energy cornerstone for revitalized primary EUR (Mboe) 229 development on our Cardium acreage Oil IP365 (bbl/d) 157 Banked oil from…
East Crimson Summary Economics 2020 average production of 2,982 boe/d DCET Capex (MM) 2.9 Continued Eastward extension of the successful EUR (Mboe) 203 Crimson Lake development program Oil IP365 (bbl/d) 136 Area has been de-risked…
Central Pembina Summary Economics 2020 average production of 4,506 boe/d DCET Capex (MM) 2.1 The epicenter of low decline and pressure-maintained EUR (Mboe) 193 development Oil IP365 (bbl/d) 102 Ability to de-risk inventory and add…
West Pembina Summary Economics 2020 average production of 4,195 boe/d DCET Capex (MM) 3.0 Proven oil rich Cardium trend with undeveloped EUR (Mboe) 190 primary development acreage Oil IP365 (bbl/d) 148 Significant offsetting…
Optimization Finding low cost, high value opportunities in our base 2020 Total Optimization Program Production Commentary Optimization at Obsidian 1,400 Multi-year inventory of targeted, low 1,200 2020 Annual Average Optimization…
Peace River Oil Partnership (PROP) Ongoing optimization allowing for continued positive net income Summary PROP 2020 average production of 3,136 boe/d, with an R25 R20 R15W5 average of 1,701 boe/d shut-in during Q2 2020 in INDEX…
Viking Strengthening AECO gas prices improving economics Summary Economics 2020 average production of 860 boe/d DCET Capex (MM) 1.1 Sweet, light oil development play with significant EUR (Mboe) 73 drilling inventory, including both…
Reducing Decommissioning Liability Asset Retirement Obligations Historical and Forecast Abandonment Compelling decommissioning liability reductions 838 well abandonments between 2020 2022 2020 liability of 597 MM reflects a 24 MM…
Current Hedge Strategy and Position Physical Oil Hedges (CAD/bbl) Hedging Strategy WTI Heavy Oil Hedge Oil Differential Target to hedge up to 50% of net production after 1,500 Locked-in WTI, Light oil 7,500 royalty differentials and…
Environmental, Social & Governance Environmental Social Governance Obsidian Energy is committed Obsidian Energy is committed Obsidian Energy makes it a to minimizing the impact of to making a positive impact in priority to ensure…
Experienced Management & 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,…
Appendix & Endnotes 25
Forward-Looking Information Advisory, cont. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are…
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