Amendment No. 4 to Schedule 13D for Obsidian Energy Ltd.

This Amendment No. 4 to Schedule 13D, filed by Kernwood Limited and the Kernaghan family, updates the beneficial ownership of common shares of Obsidian Energy Ltd. The filing reports that Kernwood Limited acquired 3,438,300 common shares through open market transactions from March 23, 2023, to the date of filing. Additionally, Edward H. Kernaghan acquired 55,145 common shares, bringing his direct ownership to 85,352 shares. The filing also notes that due to an increase in the number of common shares outstanding as of December 31, 2021, the reporting persons ceased to be beneficial owners of more than five percent of the common shares. However, subsequent acquisitions have resulted in the reporting persons owning more than five percent of the common shares as of August 15, 2025. The filing includes detailed information on the transactions and the current ownership percentages of each reporting person.