X0202 SCHEDULE 13D/A 0001719611 XXXXXXXX LIVE 5 Common Shares 08/05/2026 0001334388 674482104 OBSIDIAN ENERGY LTD.

207 - 9TH AVENUE S.W. SUITE 200 CALGARY A0 T2P 1K3

Edward H. Kernaghan (416) 423-3251 c/o Kernwood Limited 155 University Avenue, Suite 750 Toronto A6 M5H 3B7 0001719611 N Kernwood Ltd a WC A6 4083414 0 4083414 0 4083414 6.1 CO Y Edward H. Kernaghan a PF Z4 85352 4083414 85352 4083414 4168766 6.2 IN Y Elizabeth Kernaghan a PF Z4 0 4083414 0 4083414 4083414 6.1 IN Y Jennifer Kernaghan a PF Z4 4570 0 4570 0 4570 0.0 IN Y Charlie Kernaghan a PF Z4 200 0 200 0 200 0.0 IN Y Claire Kernaghan a PF Z4 85 0 85 0 85 0.0 IN Common Shares OBSIDIAN ENERGY LTD. 207 - 9TH AVENUE S.W. SUITE 200 CALGARY A0 T2P 1K3 This Schedule 13D/A is filed by Kernwood Limited, Edward H. Kernaghan, Elizabeth Kernaghan, Jennifer Kernaghan, Charlie Kernaghan and Claire Kernaghan. Each of the foregoing is referred to collectively as the "Reporting Persons." The address of the principal business and principal office of each of the Reporting Persons is 155 University Avenue, Suite 750, Toronto, Ontario, Canada M5H 3B7. The principal business of Kernwood is to invest in securities of private and public companies. Edward H. Kernaghan's principal occupation is Executive Vice President of Kernaghan & Partners Ltd., a full service brokerage house at 155 University Avenue, Suite 50, Toronto, Ontario M5H 3B7 Canada. Elizabeth Kernaghan's principal occupation is Genetic Counselor at Orilla Hospital at 170 Colborne Street West, Orillia, Ontario L3V 3B5 Canada. Edward H. Kernaghan and Elizabeth Kernaghan are each 50% shareholders of Kernwood and are deemed to control Kernwood. No Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). No Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violationsn of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Kernwood is an Ontario, Canada corporation. All of the other Reporting Persons are Canadian citizens. With respect to the Q3 2026 purchases listed in Item 5 below, working capital of Kernwood. Purchases made in the ordinary course of business with a view toward investment. The Reporting Persons review their investments in the Issuer on a continuing basis. As part of this review, the Reporting Persons evaluate various alternatives that are or may become available with respect to the Issuer and its securities. The Reporting Persons may from time to time and at any time, in their sole discretion, acquire or cause to be acquired, additional equity or debt securities or other instruments of the Issuer, its subsidiaries or affiliates, or dispose or cause to be disposed, such equity or debt securities or instruments, in any amount that the Reporting Persons may determine in their sole discretion, through open market transactions, privately negotiated transactions or otherwise. Depending upon a variety of factors, the Reporting Persons may from time to time and at any time, in their sole discretion, consider, formulate and implement various plans or proposals intended to enhance the value of their investment in the Issuer, including, among other things, proposing or effecting any matter that would constitute or result in any of the matters or effects enumerated in subparagraphs (a)-(j) of this Item 4 of Schedule 13D. The Reporting Persons may seek to have one of their members appointed to the board of directors of the Issuer. Except as described above, the Reporting Persons do not have any present plans or proposals that relate to or would result in the consequences listed in subparagraphs (a)-(j) of Item 4 of Schedule 13D. See Items 11 and 13 on the cover pages See Items 7 through 10 on the cover pages Kernwood purchased 634,900 common shares of the Issuer since the date of the most recent Schedule 13D amendment filed with the Securities and Exchange Commission on October 21, 2025 , at an approximate total purchase price of $5,298,738.78, on the dates and in the amounts specified below: Date No. of Issuer Shares Average Price Per Share 10/31/2025 240,000 $ 7.901 ($7.72 to $8.10) 11/03/2025 19,800 $ 7.886 ($7.74 to $7.96) 11/04/2025 15,500 $ 7.820 ($7.77 to $7.85) 11/06/2025 5,800 $ 7.90 ($7.895 to $7.90) 12/11/2025 37,500 $ 8.298 ($8.27 to $8.32) 12/12/2025 25,000 $ 8.251 ($8.22 to $8.30) 12/15/2025 50,300 $ 8.074 ($7.98 to $8.10) 12/16/2025 40,000 $ 7.71 ($7.66 to $7.75) 12/17/2025 25,000 $ 7.794 ($7.78 to $7.80) 12/18/2025 60,000 $ 7.726 ($7.655 to $7.77) 12/19/2025 50,000 $ 7.75 ($7.72 to $7.80) 01/05/2026 5,900 $ 7.995 ($7.98 to $8.00) 07/03/2026 2,600 $11.4288 ($11.415 to $11.43) 07/07/2026 7,000 $11.2737 ($11.25 to $11.30) 08/05/2026 50,500 $12.785 ($12.70 to $12.87) None Not applicable Joint Filing Agreement Joint Filing Agreement Kernwood Ltd /s/ Edward H. Kernaghan 08/07/2026 Edward H. Kernaghan /s/ Edward H. Kernaghan 08/07/2026 Elizabeth Kernaghan /s/ Elizabeth Kernaghan 08/07/2026 Jennifer Kernaghan /s/ Jennifer Kernaghan 08/07/2026 Charlie Kernaghan /s/ Charlie Kernaghan 08/07/2026 Claire Kernaghan /s/ Claire Kernaghan 08/07/2026