Obsidian Energy Ltd. — Proxy Solicitation & Information Statement 2026

Apr 7, 2026

OBSIDIAN ENERGY 2026 MANAGEMENT

NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON THURSDAY, MAY 7, 2026

NOTICE IS HEREBY GIVEN that an annual and special meeting (the "Meeting") of the holders ("Shareholders") of the common shares ("Shares") of Obsidian Energy Ltd. ("Obsidian Energy") will be held at the corporate head office of Obsidian Energy, located at 200, 207 9th Avenue SW, Calgary, Alberta on Thursday, May 7, 2026, at 9:00 a.m. (Mountain Daylight Time) for the following purposes:

1. to receive the consolidated financial statements of Obsidian Energy for the year ended December 31, 2025 and the auditors' report thereon;
2. to appoint the auditors of Obsidian Energy for the ensuing year;
3. to elect directors of Obsidian Energy for the ensuing year;
4. to hold a non-binding advisory vote on Obsidian Energy's approach to executive compensation as more particularly described in the accompanying management information circular and proxy statement of Obsidian Energy dated March 15, 2026 (the "Information Circular");
5. to approve amendments to Obsidian Energy's Stock Option Plan, as more particularly described in the Information Circular;
6. to approve all unallocated options issuable pursuant to Obsidian Energy's Stock Option Plan, as more particularly described in the Information Circular;
7. to approve all unallocated share unit awards issuable pursuant to Obsidian Energy's Restricted and Performance Share Unit Plan, as more particularly described in the Information Circular; and
8. to transact such further and other business as may properly be brought before the Meeting or any adjournment or postponement thereof.

The specific details of the matters proposed to be put before the Meeting are set forth in the accompanying Information Circular.

The record date (the "Record Date") for determining Shareholders entitled to receive notice of and to vote at the Meeting is March 18, 2026. Only Shareholders whose names have been entered in the register of Shares on the close of business on the Record Date will be entitled to receive notice of and to vote at the Meeting, provided, however, that to the extent a Shareholder transfers the ownership of any of such Shareholder's Shares after the Record Date and the transferee of those Shares establishes that the transferee owns the Shares and demands, not later than 10 days before the Meeting, to be included in the list of Shareholders eligible to vote at the Meeting, such transferee will be entitled to vote those Shares at the Meeting. Each Share entitled to be voted at the Meeting will entitle the holder to one vote on any matter at the Meeting.

OBSIDIAN ENERGY 2026 MANAGEMENT PROXY CIRCULAR

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A registered Shareholder may attend the Meeting in person or may be represented by proxy. Registered Shareholders who are unable to attend the Meeting or any adjournment or postponement thereof in person are requested to date, sign and return the accompanying form of proxy for use at the Meeting or any adjournment or postponement thereof. To be effective, the proxy must be received by Obsidian Energy's registrar and transfer agent, Odyssey Trust Company at Proxy Department, Traders Bank Building 1100, 67 Yonge Street, Toronto, ON M5E 1J8, by internet at https://vote.odysseytrust.com, by facsimile at 1-800-517-4553 or by email at proxy@odysseytrust.com in each case by not later than 9:00 a.m. (Mountain Daylight Time) on May 5, 2026 or, in the case of any adjournment or postponement of the Meeting, not less than 48 hours (excluding Saturdays, Sundays and holidays) prior to the time of any adjourned or postponed Meeting. For information regarding voting by internet or appointing an alternative proxyholder by internet, see the form of proxy for Shareholders and/or the Information Circular enclosed herewith.

The proxyholder has discretion and authority under the accompanying form of proxy to consider amendments or variations of the matters of business identified in this Notice of Annual and Special Meeting, as well as any other matters properly brought before the Meeting, or any adjournment or postponement thereof. Shareholders are encouraged to review the Information Circular carefully before submitting the form of proxy.

Non-registered or beneficial Shareholders who do not hold Shares in their own name but rather through a broker, financial institution, trustee, nominee or other intermediary must complete and return the voting instruction form provided to them or follow the telephone or internet-based voting procedures described therein in advance of the deadline set forth in the voting instruction form in order to have such Shares voted at the Meeting on their behalf. See "Voting Information" in the accompanying Information Circular.

Any questions regarding voting your Shares should be directed to our Investor Relations department, who can be reached at 403-777-2500, or toll free at 1-888-770-2633, or by email at investor.relations@obsidianenergy.com.

Dated at the City of Calgary, in the Province of Alberta, this 15th day of March, 2026.

BY ORDER OF THE BOARD OF DIRECTORS OF OBSIDIAN ENERGY LTD.

(signed) "Stephen Loukas"
Stephen Loukas
President and Chief Executive Officer
Obsidian Energy Ltd.

OBSIDIAN ENERGY 2026 MANAGEMENT PROXY CIRCULAR