On January 17, 2018, Obsidian Energy Ltd. confirms it is aware of a statement by FrontFour Capital Group LLC regarding their views on the direction of the Company. Obsidian Energy’s corporate strategy is well defined and has the unanimous support of the Board of Directors. Further, the Company added that Board interviewed candidates proposed by FrontFour Capital and mutually agreed to the addition of one of those individuals. The appointment was accompanied with the same standstill agreement executed by latest Board addition, Edward H. Kernaghan. The Company added that despite extensive negotiations, FrontFour Capital was unwilling to execute the agreement and as a result, it was unable to add the mutually agreed upon candidate to the Board.