On March 20, 2018, Obsidian Energy Ltd. commented on FrontFour Capital Group LLC’s intention to nominate 4 candidates to stand for election at the Company’s 2018 annual general meeting. Jay Thornton, Chairman of the Obsidian Energy Board of Directors commented that they are disappointed that after several months of attempting to work constructively with FrontFour, including the addition of Gord Ritchie to the Board at their suggestion, FrontFour has chosen to put its interests ahead of other shareholders at a critical time in the Company’s history by starting a costly, time consuming, and distracting proxy fight. The Company added that it has a refreshed Board with significant shareholder representation that is committed to value creation in both the short and long term and has recognized that status quo is not an option and have been pursuing attractive commercial opportunities to reward investors. In addition, the Company commented that FrontFour’s agenda only adds undue risk to the execution of these outcomes.