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Obsidian Energy Ltd | July 2025 Corporate Presentation | Stephen E. Loukas | Page 3 of 11 | July 12, 2025

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TSX:/NYSE American: OBE P E A C E R I V E R 11,609 boe/d Q1 2025 Cold flow heavy oil V I K I N G 1,520 boe/d Q1 2025 Light oil conventional development W I L L E S D E N G R E E N & P C U # 1 1 People, assets, discipline and return-focused Focused asset base with experienced team delivering value CORPORATE OVERVIEW HEADQUARTERS Calgary, Alberta STRONG TEAM Experienced team delivering results year-over-year See endnotes for additional information MARKET SUMMARY Shares outstanding 67.7 million Market capitalization $557 million Net Debt (Q2 2025E) $255 million Net Debt/FFO (Q2 2025E, annualized) 1.1x Enterprise value 1 $812 million CORPORATE SUMMARY 1 Production (Q1 2025 proforma) 27,088 boe/d Production mix (Q1 2025 proforma) 70% oil and liquids Reserves (2P , YE 2024) 149 Mmboe PDP decline (YE 2024) 24% Tax pools (Q2 2025E) $2.2 billion OV E RV I E W * Map volumes do not include additional Q1 2025 legacy wells outside these core areas (320 boe/d). July 2025 | CORPORATE PRESENTATION | Q1 2025 ( p r o f o r m a ) 27,088 boe/d 1. All information adjusted to reflect Company post Pembina Disposition. 13,639 boe/d Q1 2025 Light oil conventional development 1. Excludes value of InPlay shares acquired through Pembina Disposition, valued at ~$87 million using a closing price of $9.50/share on July 9, 2025. 3