Calgary, Alberta--(Newsfile Corp. - January 18, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") announces that we expect to release our 2023 capital budget and associated guidance after North American markets close on Monday, January 30, 2023. At the same time, we will be providing our intentions regarding continued debt repayment and shareholder return of capital, as well as the results of our independent reserves evaluation for the year ended December 31, 2022, prepared by GLJ Ltd.