Obsidian Energy Ltd. Three-Year Growth Plan September 21, 2023 TSX:/NYSE American: OBE
CORPORATE OVERVIEW OVERVIEW World class assets and experienced team delivering value People, assets, discipline, return-focus and execution strength CORPORATE SUMMARY MARKET SUMMARY Q2 2023 Production 2023E 32,125 boe/d…
STRATEGIC OVERVIEW OVERVIEW Reshaped the Company and ready to unlock the value of Obsidian Energys assets 2020 2022: RESHAPED COMPANY AND BUSINESS Refinanced reserve-based loan and completed successful high-yield debenture…
OUR PEACE RIVER JOURNEY OVERVIEW 2021 2023 actions focused on improving asset potential for future growth Increased land position and production, delineated acreage, expanded infrastructure and discovered a new development…
WHY PEACE RIVER GROWTH OVERVIEW Underdeveloped land base supports increased capital investment, strong returns and value creation Peace River asset significantly under-exploited (only 34 sections developed of 500); recent…
THREE-YEAR GROWTH PLAN FINANCIALS OVERVIEW Compelling value proposition with accelerated production, and both free cash and funds flow growth for strong per share metrics 2024F 2025F 2026F Peace River (heavy oil) 8,500 boe/d…
PEACE RIVER MULTI-ZONE OPPORTUNITIES PEACE RIVER Creating value applying multi-zone development across our Peace River asset Bluesky: Multi-stacked drilling Apply learnings from 4 8 wells per section, Bluesky and Clearwater…
DEPTH OF INVENTORY PEACE RIVER Internal technical analysis and delineation identified un-risked inventory, opening new plays for future production and reserves Bluesky Bluesky Updated location inventory supported by: Clearwater…
BLUESKY AREA OVERVIEW PEACE RIVER Strong technical work provides foundation for increased development opportunities and future growth NAMPA WALRUS 36 inventory locations Recent appraisal/exploration 12 locations proposed in…
CLEARWATER AREA OVERVIEW PEACE RIVER Strong technical work provides foundation for increased development opportunities and future growth NAMPA SEAL MAIN Recent OSE drilling success (2023) 80 inventory locations identified…
DOMINANT INFRASTRUCTURE AND CAPACITY FOR GROWTH PEACE RIVER Owned infrastructure results in beneficial cost structure and capacity for additional production oil sales point major gas pipeline Access to many regional sales points…
PEACE RIVER SUMMARY PEACE RIVER Considerable growth and upside potential for Bluesky and Clearwater development Three-year production growth to average 24,000 boe/d in PEACE RIVER PRODUCTION GROWTH 2026 25,000 boe/d Weighted…
LIGHT OIL ASSETS LIGHT OIL ASSET STATEGY History of highly economic returns with years of low-risk inventory Cardium (Willesden Green/Pembina) One of North Americas most significant light oil fields with the dominant land…
LIGHT OIL ASSET STRATEGY LIGHT OIL ASSET STATEGY Foundational assets with established track record of high IP rates, strong returns and quick payouts STRATEGY STABLE LIGHT OIL PRODUCTION Accelerate activity in Q4 2023 then…
THREE-YEAR GROWTH PLAN SUMMARY GRWOTH PLAN SUMMARY Compelling value proposition with accelerated production, and both free cash and funds flow growth for strong per share metrics 2024F 2025F 2026F OBE PRODUCTION Average…
REVISED 2023 GUIDANCE 2023 GUIDANCE Balancing production growth, debt reduction and return of capital to shareholders 2022 August 2023E Revised 2023E (Sept/23) Revised 2023E commodity price assumptions are forecasted from…
WHY INVEST IN OBSIDIAN ENERGY SUMMARY Peace River growth area combined with established light oil production offers upside potential for shareholders GROWTH STRATEGY Strategy focused on growing Peace River production and per…
Endnotes TSX:/NYSE American: OBE
ENDNOTES ENDNOTES Slide 3: Corporate Overview Slide 10, 11: Bluesky Area Overview / Clearwater Area Overview Market capitalization and enterprise value was determined with share price on the close of business on Individual play…
ENDNOTES, CONT. ENDNOTES Slide 17: Revised 2023 Guidance Slide 17: Revised 2023 Guidance, cont. Revised 2023E guidance calculated on September 18, 2023. Revised 2023E guidance FFO and FCF include risk management (hedging)…
FORWARD-LOOKING INFORMATION ADVISORY (CONT.) ENDNOTES natural gas production levels; future exchange rates and interest rates; future debt levels; our ability to execute our transition towards less reliance on fossil fuels and/or…
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