Obsidian Energy provides additional details to proposed long term incentive plan amendments

In connection with the June 30, 2020 mailing of the management information circular and proxy statement (the “Circular“) in connection with our AGM, and in response to a number of investor questions relating to the proposed amendments to the LTI plan which will be voted on at the AGM, the Company is providing incremental information in the form of a presentation deck which has been posted on the Obsidian Energy website to help shareholders better understand the objectives and features of the proposed LTI plan amendments. The proposed amendments to the two plans have been prepared in collaboration with the Company’s compensation consultant Mercer (Canada) Ltd., with a focus on creating an LTI program that is both competitive with that of Obsidian Energy’s peers, and aligned with shareholder interests via the issuance of performance share units and stock options – the value of which are contingent on the future performance of Obsidian Energy’s shares on both an absolute and relative to peers basis.

Supporting Document

For further information on this issue, please see the detailed description of the amendments found in the Circular.  In addition, as noted above, the Company has also posted a presentation deck which can be found on its website www.obsidianenergy.com, to provide further detail and clarification on this matter. All interested shareholders are encouraged to refer to this document for more information and contact investor relations via email at investor_relations@obsidianenergy.com for any further questions.