Obsidian Energy Ltd. announces the resignation of Maureen Cormier Jackson and William (Bill) Friley from the Board of Directors (the "Board") effective immediately. Mr. Friley joined the Board in 2015 and Ms. Cormier Jackson joined in 2016. As a result of their resignations, Mr. Friley and Ms. Cormier Jackson will not stand or be nominated for election to the Board at the Annual and Special Meeting to be held on June 16, 2021 (the "Meeting"). The Board has determined to reduce the number of directors to be elected at the Meeting from eight to six. The six remaining directors identified in the Company's management information circular and proxy statement dated April 30, 2021 will stand for election at the Meeting.