# EDGAR Filing Document

**Accession Number:** 0001334388
**File Stem:** 0001193125-26-254835
**Filing Date:** 2026-6
**Character Count:** 71652
**Document Hash:** 16bc7fb763e45965ccca13b56337a3b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-254835.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001193125-26-254835

**CONFORMED SUBMISSION TYPE**: SD

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OBSIDIAN ENERGY LTD.
- **CENTRAL INDEX KEY:** 0001334388
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SD
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32895
- **FILM NUMBER:** 261059343

**BUSINESS ADDRESS:**
- **STREET 1:** 207 - 9TH AVENUE S.W.
- **STREET 2:** SUITE 200
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 1K3
- **BUSINESS PHONE:** (403) 777-2500

**MAIL ADDRESS:**
- **STREET 1:** 207 - 9TH AVENUE S.W.
- **STREET 2:** SUITE 200
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 1K3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN WEST PETROLEUM LTD.
- **DATE OF NAME CHANGE:** 20110125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN WEST ENERGY TRUST
- **DATE OF NAME CHANGE:** 20050727

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM SD**

**Specialized Disclosure Report**

**OBSIDIAN ENERGY LTD.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Alberta, Canada** | **001-32895** | **Not applicable** |
| (State or other jurisdiction of<br>incorporation or organization)  | (Commission File Number) | (IRS Employer<br>Identification No.)  |

---

---

| | |
|:---|:---|
| **Suite 200, 207 – 9th Avenue SW<br>Calgary, Alberta, Canada** | **T2P 1K3** |
| (Address of principal executive offices) | (Zip Code) |

---

**Peter Scott**

**Senior Vice President and Chief Financial Officer**

**Obsidian Energy Ltd.**

**(403) 777-2500**

(Name and telephone number, including area code, of person to contact in connection with this report)

Check the appropriate box to indicate the rule pursuant to which this form is being filed, and provide the period to which the information in this form applies:

☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, ___________.

 Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2025.

------

**SECTION 1 – Conflict Minerals Disclosure**

**Item 1.01 - Conflict Minerals Disclosure and Report**

Not applicable

**Item 1.02 - Exhibit**

Not applicable

**SECTION 2 – RESOURCE EXTRACTION ISSUER DISCLOSURE**

**Item 2.01 Resource Extraction Issuer Disclosure and Report**

Obsidian Energy Ltd. ("Obsidian Energy") is subject to Canada's Extractive Sector Transparency Measures Act ("ESTMA"). Obsidian Energy is relying on the alternative reporting provision of Item 2.01 and providing its ESTMA report for the year ended December 31, 2025 to satisfy the requirements of Item 2.01. Obsidian Energy's ESTMA report is available on Obsidian Energy's website at https://obsidian-media-library.s3.ca-central-1.amazonaws.com/obsidian-energy/corporate-website/current/wp-content/uploads/2026/05/26083108/OBE-ESTMA-2025-FINAL.pdf or on the Government of Canada's website at https://natural-resources.canada.ca/our-natural-resources/minerals-mining/services-for-the-mining-industry/extractive-sector-transparency-measures-act/links-estma-reports/18198. The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.

**SECTION 3 – EXHIBITS**

**Item 3.01. Exhibits**

The following exhibit is filed as part of this report.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 2.01 | Extractive Sector Transparency Measures Act – Annual Report for the year ended December 31, 2025 |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned.

---

| | | |
|:---|:---|:---|
| **OBSIDIAN ENERGY LTD.** | **OBSIDIAN ENERGY LTD.** | **OBSIDIAN ENERGY LTD.** |
| By: | /s/ Peter Scott | June 3, 2026 |
|  | Peter Scott | (Date) |
|  | Senior Vice President and Chief Financial Officer |  |

---

------

## Exhibit 2.01

?xml version='1.0' encoding='ASCII'? EX-2.01

UNCLASSIFIED - NON CLASSIFIÉ

**Exhibit 2.01**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Entity Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obsidian Energy Ltd. |
| **Reporting Year** | **From** | 1/1/2025 | **To:** | 12/31/2025 | &nbsp;&nbsp;&nbsp;**Date submitted** | 5/26/2026 |
| **Reporting Entity ESTMA Identification Number** | E732524 | E732524 | &nbsp;&nbsp; ☒ Original Submission | &nbsp;&nbsp; ☒ Original Submission | &nbsp;&nbsp;**Report Version** | &nbsp;&nbsp;**Report Version** |
| **Reporting Entity ESTMA Identification Number** | E732524 | E732524 | &nbsp;&nbsp; ☐ Amended Report | &nbsp;&nbsp; ☐ Amended Report |  |  |
| **Other Subsidiaries Included**<br>(optional field) | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. | <br>Penn West Reece Acquisition Ltd., 1329813 Alberta Ltd., 1116760 B.C. Ltd. |
| <br>**For Consolidated Reports - Subsidiary Reporting Entities Included in Report:** | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., | &nbsp;&nbsp;&nbsp;&nbsp; <br>E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn<br>West Petroleum Inc., E575874 1647456 Alberta Ltd., |
| <br>**Not Substituted** |  |  |  |  |  |  |
| **Attestation by Reporting Entity** |  |  |  |  |  |  |
| <br>*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.* | <br>*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.* | <br>*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.* | <br>*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.* | <br>*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.* | <br>*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.* | <br>*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** | **Peter D. Scott** | **Peter D. Scott** | **Peter D. Scott** | <br>**Date** | <br>*5/26/2026* |
| **Position Title** | **Chief Financial Officer** | **Chief Financial Officer** | **Chief Financial Officer** | **Chief Financial Officer** | <br>**Date** | <br>*5/26/2026* |

---

------

UNCLASSIFIED - NON CLASSIFIÉ

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 1/1/2025 | **To:** | 12/31/2025 |  |  |  |  |  |  |  |
| **Reporting Entity Name** | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | **Currency of the Report** | CAD | CAD |  |  |  |
| **Reporting Entity ESTMA Identification Number** | E732524 | E732524 | E732524 | E732524 | 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., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | 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** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** |
| **Country** | **Payee Name**<sup>1</sup> | **Departments, Agency, etc… within Payee that Received Payments**<sup>2</sup> | **Taxes** | **Royalties** | **Fees** | **Production Entitlements** | **Bonuses** | **Dividends** | **Infrastructure Improvement Payments** | **Total Amount paid to Payee** | **Notes**<sup>34</sup> |
| Canada - Alberta | 453 LUBICON LAKE BAND |  | - | - | 130000 |  |  |  |  | **130000** |  |
| Canada - Alberta | BIG LAKES COUNTY |  | 200000 | - | - |  |  |  |  | **200000** |  |
| Canada - Alberta | BRAZEAU COUNTY |  | 5260000 | - | - |  |  |  |  | **5260000** | BRAZEAU COUNTY |
| Canada - Alberta | CLEARWATER COUNTY |  | 3970000 | - | - |  |  |  |  | **3970000** |  |
| Canada - Alberta | COUNTY OF WETASKIWIN NO 10 |  | 340000 | - | - |  |  |  |  | **340000** |  |
| Canada - Alberta | DUNCAN'S FIRST NATION |  | - | - | 200000 |  |  |  |  | **200000** |  |
| Canada - Alberta | GIFT LAKE METIS SETTLEMENT |  | 70000 | 290000 | 780000 |  |  |  |  | **1140000** | GIFT ENERGY LIMITED; GIFT LAKE METIS SETTLEMENT; GIFT LAKE RESOURCE DEVELOPMENT LP |
| Canada - Alberta | METIS SETTLEMENTS GENERAL COUNCIL |  | - | 410000 | - |  |  |  |  | **410000** |  |
| Canada - Alberta | NORTHERN SUNRISE COUNTY |  | 2280000 | - | - |  |  |  |  | **2280000** |  |
| Canada - Alberta | PARKLAND COUNTY |  | 110000 | - | - |  |  |  |  | **110000** |  |
| Canada - Alberta | PEAVINE METIS SETTLEMENT |  | - | 1310000 | 570000 |  |  |  |  | **1880000** | PEAVINE METIS SETTLEMENT; TIRMOIL ENERGY LTD. |
| Canada - Alberta | PROVINCE OF ALBERTA |  | 1890000 | 65260000 | 8280000 |  |  |  |  | **75430000** | 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<br>Royalties include paid in-kind worth $32.2 million and are valued at market price. |
| Canada - Alberta | SPECIAL AREAS BOARD |  | 950000 | - | 50000 |  |  |  |  | **1000000** |  |
| Canada - Alberta | SUCKER CREEK FIRST NATION |  | - | - | 150000 |  |  |  |  | **150000** |  |
| Canada - Alberta | WOODLAND CREE FIRST NATION |  | - | - | 1140000 |  |  |  |  | **1140000** |  |
| Canada - Alberta | YELLOWHEAD COUNTY |  | 530000 | - | - |  |  |  |  | **530000** |  |
| **Additional Notes:** | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars | All payments were made in Canadian dollars |

---

------

UNCLASSIFIED - NON CLASSIFIÉ

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 1/1/2025 | **To:** | 12/31/2025 |  |  |  |  |  |  |
| **Reporting Entity Name** | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | Obsidian Energy Ltd. | **Currency of the Report** | CAD | CAD |  |  |
| **Reporting Entity ESTMA Identification Number** | E732524 | E732524 | E732524 | E732524 | 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., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | E405745 Obsidian Energy Partnership, E058992 1295739 Alberta Ltd., E311837 Upton Resources USA Inc., E329626 Penn West Petroleum Inc., E575874 1647456 Alberta Ltd., | 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** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** |
| **Country** | **Project Name**<sup>1</sup> | **Taxes** | **Royalties** | **Fees** | **Production Entitlements** | **Bonuses** | **Dividends** | **Infrastructure Improvement Payments** | **Total Amount paid by Project** | **Notes**<sup>23</sup> |
| Canada - Alberta | Willesden Green (formally Cardium) | 10420000 | 33020000 | 5090000 |  |  |  |  | **48530000** | Royalties include paid in-kind worth $28.5 million and are valued at market price. |
| Canada - Alberta | Legacy | 30000 | 60000 | 780000 |  |  |  |  | **870000** |  |
| Canada - Alberta | Peace River | 4220000 | 30260000 | 5160000 |  |  |  |  | **39640000** |  |
| Canada - Alberta | Viking | 930000 | 3930000 | 270000 |  |  |  |  | **5130000** | Royalties include paid in-kind worth $3.7 million and are valued at market price. |
| **Additional Notes**<sup>3</sup>**:** | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars | All Payments were made in Canadian Dollars |

---

------

## Exhibit 2.01

```

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<!-- Creation Date :2026-06-02T17:13:35.7552+00:00 -->
<!-- Copyright (c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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        <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:title="labelLink" xlink:type="extended">
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_SUCKERCREEKFIRSTNATIONMember" xlink:label="obe_SUCKERCREEKFIRSTNATIONMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_VikingProjectMember" xlink:label="obe_VikingProjectMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_METISSETTLEMENTSGENERALCOUNCILMember" xlink:label="obe_METISSETTLEMENTSGENERALCOUNCILMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_GIFTLAKEMETISSETTLEMENTMember" xlink:label="obe_GIFTLAKEMETISSETTLEMENTMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_PeaceRiverProjectMember" xlink:label="obe_PeaceRiverProjectMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_CardiumProjectMember" xlink:label="obe_CardiumProjectMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_ParklandCountyMember" xlink:label="obe_ParklandCountyMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_WOODLANDCREEFIRSTNATIONMember" xlink:label="obe_WOODLANDCREEFIRSTNATIONMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_OcHIESEFIRSTNATIONMember" xlink:label="obe_OcHIESEFIRSTNATIONMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_PEAVINEMETISSETTLEMENTMember" xlink:label="obe_PEAVINEMETISSETTLEMENTMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_ClearwaterCountyMember" xlink:label="obe_ClearwaterCountyMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_NorthernSunriseCountyMember" xlink:label="obe_NorthernSunriseCountyMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_ProvinceOfAlbertaMember" xlink:label="obe_ProvinceOfAlbertaMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_YellowheadCountyMember" xlink:label="obe_YellowheadCountyMember"/>
          <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2025/country-2025.xsd#country_CA" xlink:label="country_CA"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_LUBICONLAKEBANDMember" xlink:label="obe_LUBICONLAKEBANDMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_BrazeauCountyMember" xlink:label="obe_BrazeauCountyMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_DuncansFirstNationMember" xlink:label="obe_DuncansFirstNationMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_SpecialAreasBoardMember" xlink:label="obe_SpecialAreasBoardMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_PaulFirstNationIndustryRelationsMember" xlink:label="obe_PaulFirstNationIndustryRelationsMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_CountyOfWetaskiwinNo10Member" xlink:label="obe_CountyOfWetaskiwinNo10Member"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_LegacyProjectMember" xlink:label="obe_LegacyProjectMember"/>
          <link:loc xlink:type="locator" xlink:href="obe_ex201-20251231.xsd#obe_BigLakesCountyMember" xlink:label="obe_BigLakesCountyMember"/>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SUCKERCREEKFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">SUCKER CREEK FIRST NATION [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SUCKERCREEKFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Sucker Creek First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SUCKERCREEKFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sucker Creek First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_VikingProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Viking Project [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_VikingProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Viking Project.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_VikingProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Viking</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_METISSETTLEMENTSGENERALCOUNCILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">METIS SETTLEMENTS GENERAL COUNCIL [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_METISSETTLEMENTSGENERALCOUNCILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Metis Settlements General Council</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_METISSETTLEMENTSGENERALCOUNCILMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Metis Settlements General Council</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_GIFTLAKEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">GIFT LAKE METIS SETTLEMENT [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_GIFTLAKEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">GIFT LAKE METIS SETTLEMENT</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_GIFTLAKEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gift Lake Metis Settlement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PeaceRiverProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Peace River Project [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PeaceRiverProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Peace River Project.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PeaceRiverProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Peace River</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CardiumProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cardium Project [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CardiumProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Cardium Project.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CardiumProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cardium</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ParklandCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Parkland County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ParklandCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Parkland County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ParklandCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Parkland County</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_WOODLANDCREEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">WOODLAND CREE FIRST NATION [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_WOODLANDCREEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Woodland Cree First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_WOODLANDCREEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Woodland Cree First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_OcHIESEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">O'CHIESE FIRST NATION [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_OcHIESEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">O'chiese First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_OcHIESEFIRSTNATIONMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">O'chiese First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PEAVINEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">PEAVINE METIS SETTLEMENT [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PEAVINEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Peavine Metis Settlement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PEAVINEMETISSETTLEMENTMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Peavine Metis Settlement</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ClearwaterCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Clearwater County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ClearwaterCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Clearwater County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ClearwaterCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Clearwater County</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_NorthernSunriseCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Northern Sunrise County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_NorthernSunriseCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Northern Sunrise County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_NorthernSunriseCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Northern Sunrise County</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ProvinceOfAlbertaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Province of Alberta [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ProvinceOfAlbertaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Province of Alberta.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_ProvinceOfAlbertaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Province of Alberta</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_YellowheadCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Yellowhead County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_YellowheadCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Yellowhead County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_YellowheadCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Yellowhead County</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="country_CA_lbl" xlink:role="http://www.xbrl.org/2003/role/label">CANADA</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LUBICONLAKEBANDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">453 LUBICON LAKE BAND [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LUBICONLAKEBANDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">453 Lubicon Lake Band</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LUBICONLAKEBANDMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">453 Lubicon Lake Band</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BrazeauCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Brazeau County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BrazeauCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Brazeau County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BrazeauCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Brazeau County</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_DuncansFirstNationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Duncan's First Nation [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_DuncansFirstNationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Duncan's First Nation.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_DuncansFirstNationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Duncan's First Nation</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SpecialAreasBoardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Special Areas Board [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SpecialAreasBoardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Special Areas Board.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_SpecialAreasBoardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Special Areas Board</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PaulFirstNationIndustryRelationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Paul First Nation Industry Relations [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PaulFirstNationIndustryRelationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Paul First Nation Industry Relations.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_PaulFirstNationIndustryRelationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Paul First Nation Industry Relations</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CountyOfWetaskiwinNo10Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">County of Wetaskiwin No 10 [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CountyOfWetaskiwinNo10Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">County of Wetaskiwin No 10.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_CountyOfWetaskiwinNo10Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">County of Wetaskiwin No 10</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LegacyProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Legacy Project [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LegacyProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Legacy Project.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_LegacyProjectMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legacy</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BigLakesCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Big Lakes County [Member]</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BigLakesCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Big Lakes County.</link:label>
          <link:label xml:lang="en-US" xlink:type="resource" xlink:label="obe_BigLakesCountyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Big Lakes County</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_SUCKERCREEKFIRSTNATIONMember" xlink:to="obe_SUCKERCREEKFIRSTNATIONMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_VikingProjectMember" xlink:to="obe_VikingProjectMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_METISSETTLEMENTSGENERALCOUNCILMember" xlink:to="obe_METISSETTLEMENTSGENERALCOUNCILMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_GIFTLAKEMETISSETTLEMENTMember" xlink:to="obe_GIFTLAKEMETISSETTLEMENTMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_PeaceRiverProjectMember" xlink:to="obe_PeaceRiverProjectMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_CardiumProjectMember" xlink:to="obe_CardiumProjectMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_ParklandCountyMember" xlink:to="obe_ParklandCountyMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_WOODLANDCREEFIRSTNATIONMember" xlink:to="obe_WOODLANDCREEFIRSTNATIONMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_OcHIESEFIRSTNATIONMember" xlink:to="obe_OcHIESEFIRSTNATIONMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_PEAVINEMETISSETTLEMENTMember" xlink:to="obe_PEAVINEMETISSETTLEMENTMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_ClearwaterCountyMember" xlink:to="obe_ClearwaterCountyMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_NorthernSunriseCountyMember" xlink:to="obe_NorthernSunriseCountyMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_ProvinceOfAlbertaMember" xlink:to="obe_ProvinceOfAlbertaMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_YellowheadCountyMember" xlink:to="obe_YellowheadCountyMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CA" xlink:to="country_CA_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_LUBICONLAKEBANDMember" xlink:to="obe_LUBICONLAKEBANDMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_BrazeauCountyMember" xlink:to="obe_BrazeauCountyMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_DuncansFirstNationMember" xlink:to="obe_DuncansFirstNationMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_SpecialAreasBoardMember" xlink:to="obe_SpecialAreasBoardMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_PaulFirstNationIndustryRelationsMember" xlink:to="obe_PaulFirstNationIndustryRelationsMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_CountyOfWetaskiwinNo10Member" xlink:to="obe_CountyOfWetaskiwinNo10Member_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_LegacyProjectMember" xlink:to="obe_LegacyProjectMember_lbl"/>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="obe_BigLakesCountyMember" xlink:to="obe_BigLakesCountyMember_lbl"/>
        </link:labelLink>
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  <xsd:element id="obe_WOODLANDCREEFIRSTNATIONMember" name="WOODLANDCREEFIRSTNATIONMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_BigLakesCountyMember" name="BigLakesCountyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_ProvinceOfAlbertaMember" name="ProvinceOfAlbertaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_DuncansFirstNationMember" name="DuncansFirstNationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_ParklandCountyMember" name="ParklandCountyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_VikingProjectMember" name="VikingProjectMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_CardiumProjectMember" name="CardiumProjectMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_GIFTLAKEMETISSETTLEMENTMember" name="GIFTLAKEMETISSETTLEMENTMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_PaulFirstNationIndustryRelationsMember" name="PaulFirstNationIndustryRelationsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_YellowheadCountyMember" name="YellowheadCountyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_PEAVINEMETISSETTLEMENTMember" name="PEAVINEMETISSETTLEMENTMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_CountyOfWetaskiwinNo10Member" name="CountyOfWetaskiwinNo10Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
  <xsd:element id="obe_PeaceRiverProjectMember" name="PeaceRiverProjectMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true"/>
</xsd:schema>
</XBRL>

```