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Obsidian Energy Ltd (OBE.TO)

OBE.TO on Toronto Stock Exchange

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Summary

Name Age Since Current Position

Jay Thornton

61 2018 Independent Chairman of the Board

David French

48 2016 President, Chief Executive Officer, Director

David Hendry

2017 Chief Financial Officer

Tony Berthelet

Vice President - Development & Commercial

Mark Hodgson

2018 Vice President - Operations and E&P Services

Aaron Smith

2018 Vice President - Development

Andrew Sweerts

2018 Vice President - Business Development and Commercial

John Brydson

65 2014 Independent Director

Raymond Crossley

59 2015 Independent Director

Michael Faust

57 2018 Independent Director

William Friley

66 2015 Independent Director

Maureen Jackson

60 2016 Independent Director

Edward Kernaghan

46 2018 Independent Director

Stephen Loukas

41 2018 Independent Director

Gordon Ritchie

65 2017 Independent Director

Biographies

Name Description

Jay Thornton

Mr. Jay W. Thornton is Independent Chairman of the Board of the Company. He has over 27 years of oil and gas experience. Mr. Thornton held various operating and corporate executive positions with Shell Canada and Suncor energy Inc. He is currently a director of North American Energy Partners Inc. and Tervita corporation and held a director position with the Canadian Association of Petroleum Producers (CAPP). He is a graduate of McMaster university with an Honours degree in Economics. He is also completed the Institute of Corporate Directors (ICD) Education Program. Mr. Thornton was appointed the new independent Chairman of the Corporation’s Board of Directors on February 22, 2018.

David French

Mr. David Lawrence French is President, Chief Executive Officer, Director of the Company. He is an international energy executive with 25 years of experience in the development and production of oil and gas fields in North America and overseas. Mr. French has been the President and Chief Executive Officer of Obsidian Energy since October 2016. Prior thereto, President and Chief Executive Officer of Bankers Petroleum Ltd. from April 2013 to October 2016 and prior thereto was the Vice-President, Business Development of Apache Corporation in Houston, from January 2010 to April 2013. From July 2007 to December 2009, Mr. French was Region Production Manager for Apache Canada in Calgary. From 2001 to 2006, Mr. French worked for McKinsey & Company in Houston, a management consulting firm focused on energy firm growth, portfolio management and capital efficiency.

David Hendry

Mr. David Warren Hendry is Chief Financial Officer of Penn West Petroleum Ltd., since January 2017. Mr. Hendry is a Chartered Accountant with over 25 years of finance experience. Joining Penn West in April 2015 as Vice President of Finance, he moved into the CFO position in January 2017. Prior to joining Penn West, he served as a finance Vice President at Talisman Energy Inc. where he also worked overseas for nine years in the Norway and U.K. North Sea offices. Mr. Hendry started his career working nine years in public accounting, largely at PricewaterhouseCoopers.

Tony Berthelet

Mr. Tony Berthelet is Vice President - Development & Commercial of the Company. He was appointed Vice President, Cardium in September 2015 and then Vice President, Development & Production for the entire company in June 2016. He originally joined Penn West as General Manager, Cardium in December 2014. He has 19 years of energy industry experience in onshore North America as well as several international projects in South America, Russia and the Middle East. He previously held a variety of technical and management positons with Taqa North, Apache Canada, Nexen and Schlumberger. He is a Professional Engineer with a degree in Geological Engineering from the University of Saskatchewan and is a practicing member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta.

Mark Hodgson

Mr. Mark Hodgson is Vice President - Operations and E&P Services of the Company. Mr. Hodgson brings over 16 years' experience in the industry most recently leading Bankers Petroleum technical and commercial expansion efforts in Eastern Europe. Prior to New Ventures, Mr. Hodgson held positions managing service functions of Legal, Crude Marketing, Stakeholder Engagement, Supply Chain, Investor Relations, and Corporate Planning. Prior to Bankers Petroleum, he worked five years each in investment banking with Tristone Capital in London, and on Wall Street in New York with Group One, a trading house. Mr. Hodsgon holds a degree in Finance from the Wharton school at the University of Pennsylvania.

Aaron Smith

Mr. Aaron Smith is Vice President - Development of the Company. Mr. Smith has over 20 years of engineering expertise across a broad range of technical and leadership roles. Most recently, Mr. Smith held the position of Vice President, Production at a diversified oil and natural gas company based inCalgary. Prior to that, Mr. Smith held various management positions overseeing major development campaigns inWestern Canada, successfully executing horizontal drilling programs targeting liquids rich formations such as the Cardium. Mr. Smith's technical expertise and leadership capabilities will prove critical as the Company fast tracks Cardium development with a repeatable, low cost approach.

Andrew Sweerts

Mr. Andrew Francis Sweerts serves as a Vice President - Business Development and Commercial of the Company. Mr. Sweerts is the Vice President, Production and Technical Services for Penn West. He joined Penn West in June of 2014, and held the position of VP, Business Development and Commercial until February of 2017. Mr. Sweerts has over 25 years’ experience in the oil and gas industry, leading A&D and trading activities, directing projects and overseeing joint venture partnerships. Prior to joining the Company in June of 2014, Mr. Sweerts held a number of senior roles within Marathon Oil Canada Corp. including Vice President, Operations and Engineering and Vice President, JV Operations and Marketing. Earlier in his career, he held a variety of technical and commercial positions with successive levels of responsibility at Western Oil Sands LP and Suncor Energy. Mr. Sweerts has a Bachelor of Science degree in Chemical Engineering from the University of Waterloo, and a Master in Business Administration from Wilfred Laurier University.

John Brydson

Mr. John Brydson is Independent Director of Penn West Petroleum Ltd. He has over 30 years of experience in the financial sector and has occupied senior roles in both major investment and commercial banks. Since 2012, Mr. Brydson has been a private investor. From 2010 until the end of 2012, he was Chairman of a small full-service management consulting firm, Hestan Consulting Group (“HCG”), which he founded. Prior to HCG, Mr. Brydson was a Managing Director with Credit Suisse First Boston, now Credit Suisse (“CS”), from 1995 until 2009, where he was in charge of the Multi-Product Event Trading group. He was also a Managing Director with Lehman Brothers in a similar function from 1983 until he joined CS. The early years of his career were spent as an equity analyst before joining Chase Manhattan Bank (“Chase”) in London in 1977. He transferred to the head office in New York in 1980 where he became a Vice President in the Project Finance Group, specializing in international projects in the energy, mining and metals sectors. He left Chase to join Lehman Brothers in 1983. Mr. Brydson holds an Honors Degree in Economics from Heriot-Watt University in Edinburgh, Scotland. Mr. Brydson served over 10 years as the President and a Board Member of The American Friends of Heriot-Watt University, a charitable organization, and remains on its Board.

Raymond Crossley

Mr. Raymond D. Crossley is Independent Director of Penn West Petroleum Ltd. He is a financial executive and corporate director. He is the Chief Financial Officer of the Calgary Health Trust (a health oriented charity) and a member of the board of the Canada West Foundation. Mr. Crossley retired in 2015 from PricewaterhouseCoopers (“PwC”) after serving for more than 33 years. Mr. Crossley served as an elected member of the Partnership Board (PwC’s governing body), from 2001-2005. From 2005-2011, Mr. Crossley was the Managing Partner of PwC’s Calgary office, and from 2011-2013 was Managing Partner, Western Canada. In this role, he led PwC’s market activities in Western Canada. Mr. Crossley is also a member of the Alberta Securities Commission. He holds the ICD.D designation from the Institute of Corporate Directors and is a Chartered Professional Accountant. He graduated from the University of Western Ontario with a degree in Economics and Political Science.

Michael Faust

Mr. Michael J. Faust is Independent Director of the Company. He has 34 years of industry, financial and leadership experience within the oil and gas sector, including diverse geological, geophysical and technical reservoir experience spanning many different basins and formations throughout the world. Mr. Faust is a consultant with Quartz Geophysical LLC, a geophysical consulting business. Since January 2017, he has been a director of SAExploration Holdings, Inc., a NASDAQ-listed oilfield services company offering seismic data acquisition and logistical support services in Alaska, Canada, South America, West Africa and Southeast Asia. Mr. Faust was the Vice President, Exploration and Land at ConocoPhillips Alaska, Inc., where he oversaw and managed the company’s exploration organization and strategy in Alaska. Mr. Faust earned his Master of Arts degree in Geophysics from the University of Texas at Austin in 1984, after receiving his Bachelor of Science degree in Geology from the University of Washington in 1981. Mr. Faust is a Certified Petroleum Geologist and a member of the American Association of Petroleum Geologists, the Society of Exploration Geophysicists, and served as the President of the Geophysical Society of Alaska from 2001 to 2002.

William Friley

Mr. William A. Friley Jr. is Independent Director of the Company. He is President and CEO of Telluride Oil and Gas Ltd. and Skyeland Oils Ltd. He is on the board of directors of OSUM Oil Sands Corp. acting as Chairman, a private Calgary-based oil sands exploration and production company, as well as Titan Energy Services and Advanced Flow Technologies, both private Calgary-based oilfield services companies. Mr. Friley founded and was President, CEO and Chairman of Triumph Energy Corp. (“Triumph”), a TSX-listed oil and gas exploration company from 1993-2001, when Triumph was acquired by Baytex Energy Ltd. He is past Chair of the Canadian Association of Petroleum Producers, as well as a past director of a number of oil and gas companies, including Mustang Resources Ltd., Silverstar Well Servicing Inc., Viking Energy Trust and Harvest Energy Trust. Mr. Friley is a past Chairman of the Regional Board of the Nature Conservancy of Canada (“NCC”), Canada’s largest land conservation organization, and is now the Chairman Emeritus to the Alberta Region board of the NCC. Mr. Friley graduated with a degree in Geology from the University of Colorado in 1978 and he has explored for and produced oil and gas throughout Western Canada for more than 35 years.

Maureen Jackson

Ms. Maureen Cormier Jackson is Independent Director of the Company. She is an independent businesswoman with over 35 years of executive, financial and operational expertise in the oil and gas industry. From 2012 and until her retirement in 2014, Ms. Cormier Jackson was Senior Vice President, Chief Process and Information Officer at Suncor Energy Inc. (“Suncor”). Her career spanned numerous roles at Suncor which provided experience in the areas of accounting and financial controls, environment, health and safety, and project management. Ms. Cormier Jackson is also a director of Enerflex Ltd., the Founding Chair of the Wood Buffalo Community Foundation and serves on the Dean’s Advisory Board of Dean of Medicine at the University of Calgary. She was previously a director of a privately-owned family business for more than 15 years and has been involved in several non-profit organizations in various capacities during her career. Ms. Cormier Jackson is a Chartered Professional Accountant and holds a Bachelor of Commerce from Memorial University. She also holds an ICD.D designation from the Institute of Corporate Directors.

Edward Kernaghan

Mr. Edward J. Kernaghan is Independent Director of the Company. He holds a Master of Science Degree from the University of Toronto. He is Senior Investment Advisor of Kernaghan & Partners Ltd., a brokerage firm. Mr. Kernaghan is also President of Principia Research Inc., a research and investment company, and of Kernwood Ltd., an investment holding company.

Stephen Loukas

Mr. Stephen E. Loukas is Independent Director of the Company. He is partner, managing member, and portfolio manager at FrontFour Capital Group LLC, a value-based investment management firm. Previously, Mr. Loukas held roles including Director at Credit Suisse Securities where he was a Portfolio Manager and Head of Investment Research of the Multi-Product Event Proprietary Trading Group, and at Pirate Capital where he was a senior investment analyst. Mr. Loukas has also worked within the Corporate Finance & Distribution Group of Scotia Capital where he focused on the structuring and syndication of leveraged loans and high yield debt. Mr. Loukas started his career at restructuring firm Zolfo Cooper where he assisted corporate clients in the development and implementation of operational and financial restructuring plans. Mr. Loukas has previously served as a director of Xinergy Ltd. Mr. Loukas received a B.A. in Finance and Accounting from New York University.

Gordon Ritchie

Mr. Gordon Ritchie is Independent Director of the Company. He retired in 2016, following a career spanning over 37 years with RBC Capital Markets LLC. From 2005 through 2016 Gordon served as Vice Chairman, with primary responsibility for many of RBC's top energy clients. During this period Gordon led teams completing many of the largest energy M&A and financing transactions in Canada, aggregating in excess of $200 billion. From 2000 through 2005, Gordon served as Managing Director and Head of the Global E&P Energy Group. Before that, Gordon spent six years in New York where he served as President and Chief Executive Officer of RBC's U.S. Broker/Dealer Operations (1993 to 1999); was Managing Director of RBC's International Corporate Finance Group based in London, England (1989 to 1993); was Vice President, Corporate Finance in Calgary (1984 to 1988); and Energy Research Analyst (1979 to 1983). Throughout his career Gordon gained extensive experience in research and investment banking in Europe, the United States and Canada. Mr. Ritchie holds an MBA from the University of Western Ontario and a Bachelor of Arts (Economics) from the University of Alberta.

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