Obsidian Energy Announces Voting Results from the 2018 Annual and Special Meeting of Shareholders

Obsidian Energy Announces Voting Results from the 2018 Annual and Special Meeting of Shareholders

CALGARY, May 11, 2018 /PRNewswire/ - OBSIDIAN ENERGY LTD. (TSX/NYSE - OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce that at its annual and special meeting of shareholders held on May 11, 2018, Obsidian Energy's shareholders approved all resolutions outlined in the Notice of 2018 Annual and Special Meeting and Management Proxy Circular dated April 6, 2018 (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 Obsidian Energy for the ensuing year.

2. Election of Directors

By resolutions passed by ballot vote, the following ten 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:

    Name of Nominee         Votes For             Percent        Votes Withheld            Percent
    ---------------         ---------             -------        --------------            -------

    John Brydson                      208,268,944         94.18%                12,860,588          5.82%

    Raymond D. Crossley               173,540,960         78.48%                47,588,572         21.52%

    Michael J. Faust                  212,121,534         95.93%                 9,007,998          4.07%

    David L. French                   173,797,525         78.60%                47,332,007         21.40%

    William A. Friley                 173,503,281         78.46%                47,626,251         21.54%

    Maureen Cormier Jackson           172,937,537         78.21%                48,191,995         21.79%

    Edward H. Kernaghan               182,654,664         82.60%                38,474,868         17.40%

    Stephen Loukas                    212,872,911         96.27%                 8,256,621          3.73%

    Gordon Ritchie                    205,028,443         92.72%                16,101,089          7.28%

    Jay W. Thornton                   190,613,504         86.20%                30,516,028         13.80%

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 Withheld            Percent
    ---------   -------        --------------            -------

    174,340,867         78.84%                46,786,538         21.16%

Obsidian Energy shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "OBE".

OBSIDIAN ENERGY: Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3, Phone: 403-777-2500, Fax: 403-777-2699, Toll Free: 1-866-693-2707, Website: www.obsidianenergy.com; Investor Relations: Toll Free: 1-888-770-2633, E-mail: investor_relations@obsidianenergy.com

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SOURCE Obsidian Energy Ltd.