Obsidian Energy Announces Voting Results from the 2020 Annual and Special Meeting of Shareholders

CALGARY, AB, July 30, 2020 /PRNewswire/ - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy" or the "Company") is pleased to announce that at its annual and special meeting of shareholders held on July 30, 2020, Obsidian Energy's shareholders approved all resolutions outlined in the Notice of 2020 Annual and Special Meeting and Management Proxy Circular dated June 15, 2020 (the "Information Circular"), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on Obsidian Energy's website at www.obsidianenergy.com.

1. Appointment of Auditor

By resolution passed by show of hands, Ernst & Young LLP, Chartered Accountants, was appointed as auditor of the Issuer for the ensuing year.

2. Election of Directors

By resolutions passed by ballot vote, the following eight nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

                               Votes For Percent  Votes Withheld  Percent




     John Brydson            20,492,819   59.27%      14,085,100    40.73%



     Raymond D. Crossley     19,105,688   55.25%      15,472,231    44.75%



     Michael J. Faust        30,814,842   89.12%       3,763,077    10.88%



     William A. Friley       19,151,253   55.39%      15,426,666    44.61%


      Maureen Cormier Jackson 19,097,246   55.23%      15,480,673    44.77%



     Edward H. Kernaghan     19,661,525   56.86%      14,916,394    43.14%



     Stephen Loukas          23,083,703   66.76%      11,494,216    33.24%



     Gordon Ritchie          23,549,505   68.11%      11,028,414    31.89%

3. Non-Binding Advisory Vote on the Corporation's Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company's approach to executive compensation as outlined in the Information Circular. The results of the ballot were as follows:

                   Votes For Percent Votes Against Percent

    ---


       17,630,021            50.99%    16,947,899   49.01%

4. Approval of Amendment to Stock Option Plan

By resolution passed by ballot vote, a resolution was passed to approve the amendment to the stock option plan, as outlined in the Information Circular. The results of the ballot were as follows:

                   Votes For Percent Votes Against Percent

    ---


       17,493,022            50.59%    17,084,898   49.41%

5. Approval of Unallocated Options Pursuant to the Stock Option Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the stock option plan until July 30, 2023 was approved. The results of the ballot were as follows:

                   Votes For Percent Votes Against Percent

    ---


       17,618,132            50.95%    16,959,788   49.05%

6. Approval of Amendment to Restricted and Performance Share Unit Plan

By resolution passed by ballot vote, a resolution was passed to approve the amendment to the restricted and performance share unit plan, as outlined in the Information Circular. The results of the ballot were as follows:

           Votes For Percent Votes Against Percent

    ---

        
     17,552,474  50.76%    17,025,446   49.24%

7. Approval of Unallocated Units Pursuant to the Restricted and Performance Share Unit Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the restricted and performance share unit plan, until July 30, 2023 was approved. The results of the ballot were as follows:

                   Votes For Percent Votes Against Percent

    ---


       17,557,206            50.83%    17,000,714   49.17%

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SOURCE Obsidian Energy Ltd.