SCHEDULE 13D/A

OBSIDIAN ENERGY LTD

Common Shares · CUSIP: 674482203

Event date: 2026-03-11

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• FrontFour Capital Group LLCReported CIK 0001430308

  Shares: 2,907,541.00 · Class: 4.3%

• FrontFour Master Fund Ltd.Reported CIK 0001571801

  Shares: 2,907,541.00 · Class: 4.3%

• FrontFour Capital Corp.Reported CIK 0001571808

  Shares: 75,571.00 · Class: 0%

• Loukas StephenReported CIK 0001569515

  Shares: 2,705,546.00 · Class: 4.0%

• Lorber David AReported CIK 0001358538

  Shares: 3,083,110.00 · Class: 4.6%

• George ZacharyReported CIK 0001333602

  Shares: 2,983,112.00 · Class: 4.4%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.