CALGARY, July 13, 2020 /PRNewswire/ - OBSIDIAN ENERGY
LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy", the
"Company", "we", "us" or "our") is
providing additional details to the proposed Long Term Incentive
("LTI") plan amendments to be voted on by shareholders at
the July 30, 2020 Annual General
Meeting (the "AGM"). The Company's LTI plan amendments
are to the Restricted & Performance Share Unit Plan and the
Stock Option Plan.
In connection with the June 30,
2020 mailing of the management information circular and proxy
statement (the "Circular") in connection with our AGM, and
in response to a number of investor questions relating to the
proposed amendments to the LTI plan which will be voted on at the
AGM, the Company is providing incremental information in the form
of a presentation deck which has been posted on the Obsidian Energy
website to help shareholders better understand the objectives and
features of the proposed LTI plan amendments. The proposed
amendments to the two plans have been prepared in collaboration
with the Company's compensation consultant Mercer (Canada) Ltd., with a focus on creating an LTI
program that is both competitive with that of Obsidian Energy's
peers, and aligned with shareholder interests via the issuance of
performance share units and stock options – the value of which are
contingent on the future performance of Obsidian Energy's shares on
both an absolute and relative to peers basis.
Supporting Document
For further information on this issue, please see the detailed
description of the amendments found in the Circular. In
addition, as noted above, the Company has also posted a
presentation deck which can be found on its website
www.obsidianenergy.com, to provide further detail and
clarification on this matter. All interested shareholders are
encouraged to refer to this document for more information and
contact investor relations via email at
investor_relations@obsidianenergy.com for any further
questions.
Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements"). Forward-looking statements are
typically identified by words such as "anticipate", "continue",
"estimate", "expect", "forecast", "budget", "may", "will",
"project", "could", "plan", "intend", "should", "believe",
"outlook", "objective", "aim", "potential", "target", "pursue" and
similar words suggesting future events or future performance. In
particular, this document contains forward-looking statements
pertaining to, without limitation, the date of our AGM and when the
voting will occur for such AGM; and that the amendments create an
LTI program that is both competitive with that of Obsidian Energy's
peers, and aligned with shareholder interests via the issuance of
performance share units and stock options – the value of which are
contingent on the future performance of Obsidian Energy's shares on
both an absolute and relative to peers basis.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations and
assumptions will prove to be correct. Readers are cautioned not to
place undue reliance on forward-looking statements included in this
document, as there can be no assurance that the plans, intentions
or expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. Important factors that could
cause actual results and events to differ from those described in
the forward–looking statements can be found in our public filings
(including our Annual Information Form) available in Canada at www.sedar.com and in
the United States at www.sec.gov.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly required
by applicable securities laws, we do not undertake any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
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SOURCE Obsidian Energy Ltd.
