On January 17, 2018, FrontFour Capital Group LLC announced that it has issued a press release expressing concerns with Obsidian Energy Ltd.’s capital plan, strategic direction, and value proposition to investors. FrontFour Capital stated that due to these concerns and in light of its long-term shareholdings in the Company, FrontFour Capital also requested Board representation. In addition, FrontFour Capital stated that it efforts over the last 3 months to come to an amicable agreement with the Company’s management team and Board on the addition to the Board of 1 mutually agreed upon independent nominee proposed by FrontFour Capital, FrontFour Capital has been unable to come to an agreement that would avoid a needlessly costly and distracting proxy fight. FrontFour Capital stated that it is currently considering all available options, including seeking changes to the composition of the Board at the Company’s 2018 annual meeting.