Obsidian Energy Negotiates Sale of 33% InPlay Oil Stake

Obsidian Energy is currently in exclusive negotiations to sell its entire 32.7% stake in InPlay Oil Corp., consisting of approximately 9.1 million shares, following a non-binding offer from an unnamed third party at a premium to InPlay's recent closing price. Due to these ongoing talks, Obsidian has put on hold a previously planned share repurchase program involving up to $10 million of its own shares. The potential transaction remains subject to several conditions, including the approval of InPlay and existing transfer restrictions on the shares that last until October 2025. No definitive agreement has been reached yet, and Obsidian will not provide further updates unless a deal is finalized or the exclusivity period ends. The negotiations highlight strategic moves by Obsidian to potentially divest a significant asset while managing shareholder interests amid regulatory and contractual constraints. The market value of InPlay Oil is estimated at around C$268 million based on recent share prices.