On March 30, 2021, Bonterra Energy Corp. announced that it acknowledges Obsidian Energy Ltd.’s press release, dated March 29, 2021, which confirms that Obsidian Energy has not extended its hostile bid, and therefore the hostile bid expired on March 29, 2021. The Company stated that as of the expiry, the hostile bid was unsuccessful, and any Company shares that had been tendered will be promptly returned to the respective Company shareholders.