Obsidian Energy Launches Exchange Offer for Bonterra Energy to Create the "Cardium Champion"

CALGARY, AB, Sept. 21, 2020 /PRNewswire/ -OBSIDIAN ENERGY LTD. (TSX: OBE), (OTCQX: OBELF) ("Obsidian Energy", "we", or "our") today announced that we have formally commenced our offer (the "Offer") to purchase all of the issued and outstanding common shares (the "Bonterra Shares") of Bonterra Energy Corp. (TSX BNE) ("Bonterra") for consideration consisting of two common shares of Obsidian Energy (the "Obsidian Shares") for each Bonterra Share tendered.