OBSIDIAN ENERGY LTD. announced that the company reached a mutually beneficial agreement in principle with the Woodland Cree First Nation (the "WCFN"). Obsidian Energy has commenced the restart of production from its Harmon Valley South field in its Peace River area. As previously disclosed, the field was producing at an approximate rate of 4,500 net boe per day prior to being shut down on May 12, 2024, due to the conflict with the WCFN.

The agreement between Obsidian Energy and the WCFN has a term through the end of 2025. The Company and the WCFN intend to keep the other terms of the agreement confidential.