Obsidian Energy Ltd. announced the appointment of Michael J. Faust as interim President and CEO, effective March 18, 2019 for a period of twelve months with an optional six-month extension. Mr. Faust will succeed current President and CEO, David French, who will step down from the company effective March 29, 2019. Mr. French will not stand for reelection as a director at the company's Annual General Meeting.

Mr. Faust has been a member of Obsidian's Board of Directors since April 6, 2018. Mr. Faust previously served as Vice President, Exploration and Land at ConocoPhillips Canada Ltd. and ConocoPhillips Alaska Inc., prior to his retirement in January 2017. The company also announced that it is bringing Development and Operations together under one department lead, Aaron Smith, to further streamline decision-making and enhance efficiencies.

Mr. Smith will assume the position of Senior Vice President of Development and Operations. Mr. Smith joined the Company in July 2018 and brings over 20 years of engineering expertise across a broad range of technical and leadership roles. He has played an instrumental role in the recent success of the Company's drilling program.