EX-2.01

Exhibit 2.01


Extractive Sector Transparency Measures Act - Annual Report
Reporting Entity Name	Obsidian Energy Ltd.
Reporting Year	From	1/1/2025	To:	12/31/2025	Date submitted	5/26/2026
Reporting Entity ESTMA Identification Number	E732524		☒ Original Submission		Report Version
			☐ Amended Report
Other Subsidiaries Included (optional field)	Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd.

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:	E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd.,

Not Substituted

Attestation by Reporting Entity
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.


Full Name of Director or Officer of Reporting Entity	Peter D. Scott				Date	5/26/2026
Position Title	Chief Financial Officer


Extractive Sector Transparency Measures Act - Annual Report


Reporting Year	From:	1/1/2025	To:		12/31/2025
Reporting Entity Name	Obsidian Energy Ltd.								Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E732524
Subsidiary Reporting Entities (if necessary)	E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd.,
Payments by Payee
Country	Payee Name1	Departments, Agency, etc… within Payee that Received Payments2	Taxes		Royalties		Fees		Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid to Payee		Notes34
Canada -Alberta	453 LUBICON LAKE BAND			-		-		130,000						130,000
Canada -Alberta	BIG LAKES COUNTY			200,000		-		-						200,000
Canada -Alberta	BRAZEAU COUNTY			5,260,000		-		-						5,260,000	BRAZEAU COUNTY
Canada -Alberta	CLEARWATER COUNTY			3,970,000		-		-						3,970,000
Canada -Alberta	COUNTY OF WETASKIWIN NO 10			340,000		-		-						340,000
Canada -Alberta	DUNCAN'S FIRST NATION			-		-		200,000						200,000
Canada -Alberta	GIFT LAKE METIS SETTLEMENT			70,000		290,000		780,000						1,140,000	GIFT ENERGY LIMITED; GIFT LAKE METIS SETTLEMENT; GIFT LAKE RESOURCE DEVELOPMENT LP
Canada -Alberta	METIS SETTLEMENTS GENERAL COUNCIL			-		410,000		-						410,000
Canada -Alberta	NORTHERN SUNRISE COUNTY			2,280,000		-		-						2,280,000
Canada -Alberta	PARKLAND COUNTY			110,000		-		-						110,000
Canada -Alberta	PEAVINE METIS SETTLEMENT			-		1,310,000		570,000						1,880,000	PEAVINE METIS SETTLEMENT; TIRMOIL ENERGY LTD.
Canada -Alberta	PROVINCE OF ALBERTA			1,890,000		65,260,000		8,280,000						75,430,000	ALBERTA ENERGY REGULATOR; ALBERTA PETROLEUM MARKETING COMMISSION; GOVERNMENT OF ALBERTA; GOVERNMENT OF ALBERTA, TREASURY BOARD; MINISTER OF FINANCE; MINISTER OF FINANCE PROVINCE OF ALBERTA; MINISTER OF FINANCE, PROVINCE OF ALBERTA; THE MINISTER OF FINANCE Royalties include paid in-kind worth $32.2 million and are valued at market price.
Canada -Alberta	SPECIAL AREAS BOARD			950,000		-		50,000						1,000,000
Canada -Alberta	SUCKER CREEK FIRST NATION			-		-		150,000						150,000
Canada -Alberta	WOODLAND CREE FIRST NATION			-		-		1,140,000						1,140,000
Canada -Alberta	YELLOWHEAD COUNTY			530,000		-		-						530,000
Additional Notes:	All payments were made in Canadian dollars

     Extractive Sector Transparency Measures Act - Annual Report

    

     Reporting Year

     From:

     1/1/2025

     To:

     12/31/2025

     Reporting Entity Name

     Obsidian Energy Ltd.

     Currency of the Report

     CAD

     Reporting Entity ESTMA Identification Number

     E732524

     Subsidiary Reporting Entities (if necessary)

     E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd.,

     Payments by Project

    

     Country

     Project Name1

     Taxes

     Royalties

     Fees

     Production Entitlements

     Bonuses

     Dividends

     Infrastructure Improvement Payments

     Total Amount paid by Project

     Notes23

Canada -Alberta

Willesden Green (formally Cardium)

10,420,000

33,020,000

5,090,000

48,530,000

Royalties include paid in-kind worth $28.5 million and are valued at market price.

Canada -Alberta

Legacy

30,000

60,000

780,000

870,000

Canada -Alberta

Peace River

4,220,000

30,260,000

5,160,000

39,640,000

Canada -Alberta

Viking

930,000

3,930,000

270,000

5,130,000

Royalties include paid in-kind worth $3.7 million and are valued at market price.

     Additional Notes3:

     All Payments were made in Canadian Dollars