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Obsidian Energy Announces Extension of its Offer to Purchase the Shares of Bonterra Energy Corp.

Offer ) to purchase all of the issued and outstanding common shares (the Bonterra Bonterra ) until 5:00 p.m. (Mountain Daylight Time) on Monday, March 29, 2021. Obsidian Energy is uniquely positioned to be a true Cardium Champion , and we have heard from many Bonterra stakeholders who are supportive of our Offer and industry consolidation. Unfortunately, Bonterra s entrenched founder/CEO/Chairman, George Fink, and his fellow Bonterra Board members have continued to seek to discredit Obsidian Energy and our Offer through misinformation, fearmongering and questionable trading activities , said Stephen Loukas, Interim President and CEO. Through to the end of our now extended Offer period, we will continue to lay out the facts and benefits of our Offer to ensure that Bonterra s shareholders are in a position to make a fully informed decision. We will keep the focus on the advantages of the Offer and the significant share price appreciation that we are confident would result fro

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