CALGARY, AB and
GREENWICH, CT, April 6, 2018 /CNW/ - OBSIDIAN ENERGY LTD.
(TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy" or the
"Company") and FrontFour Capital Group LLC
("FrontFour") today announced that they have found common
ground and entered into a settlement agreement (the
"Agreement"), pursuant to which FrontFour will nominate two
directors to be put forth for election to the Board of Directors
(the "Board") at the Company's 2018 Annual and Special
Meeting ("AGM").
Two of FrontFour's previously announced director nominees,
Michael J. Faust and Stephen E. Loukas will be included in
management's slate of 10 director nominees. In conjunction with the
nomination of Messrs. Faust and Loukas, a customary standstill and
support agreement has been entered into with FrontFour.
"This Agreement enables Obsidian Energy to continue to direct
its full energy towards executing the Company's strategy and
creating value for all shareholders," said Jay Thornton, Chairman of the Board. "We look
forward to welcoming Michael and Stephen and their contribution to
the Board."
"We believe in Obsidian Energy's significant potential and are
eager to contribute to the Company's success through our
participation on the Board," said Stephen
Loukas of FrontFour. "Michael and I look forward to working
with our fellow board members to unlock value."
The Agreement will be filed on SEDAR and EDGAR. A Management
Information Circular will be mailed to shareholders in advance of
the AGM, which is scheduled for May 11,
2018.
George H. Brookman to retire
from Board as of AGM
The Company also announced today that long-serving director
George H. Brookman will be retiring
from the Board following the end of his term at the Company's
upcoming AGM. Mr. Brookman has been a dedicated and
passionate member of the Board since 2005.
"I would like to thank George for his leadership and service to
the Company over the past thirteen years," said Mr. Thornton. "I
speak on behalf of the entire Board in saying that it has been a
pleasure to work alongside George, and we wish him the best in his
future endeavours."
Obsidian Energy shares are listed on the Toronto Stock Exchange
under the symbol "OBE" and the New York Stock Exchange under the
symbol "OBE.BC".
OBSIDIAN ENERGY: Suite 200, 207 - 9th Avenue SW, Calgary,
Alberta T2P 1K3, Phone: 403-777-2500, Fax: 403-777-2699, Toll
Free: 1-866-693-2707, Website: www.obsidianenergy.com;
Investor Relations: Toll Free: 1-888-770-2633,
E-mail: investor_relations@obsidianenergy.com
FRONTFOUR CAPITAL: FrontFour Capital is an investment adviser
based in Greenwich, CT. FrontFour
focuses on value-oriented investments in North American
companies.
SOURCE Obsidian Energy Ltd.