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OBSIDIAN ENERGY LTD. (TSX:OBE) (NYSE:OBE) ("Obsidian Energy" or the "Company") announced today that it has entered into a definitive agreement with Delek Group Ltd. (the "Purchaser") pursuant to which the Purchaser has agreed to acquire the Company's common share position in InPlay Oil Corp. ("InPlay"), consisting of 9,139,784 InPlay common shares ("InPlay Shares") and representing approximately 32.70% of the issued and outstanding InPlay Shares, for $10.00 per InPlay Share for an aggregate purchase price of $91,397,840, subject to certain adjustments described below (the "Disposition Transaction").
The completion of the Disposition Transaction is expected to occur in the first half of August 2025 and is subject to the satisfaction or waiver of customary conditions to closing. The Company has obtained the required consent respect of the Disposition Transaction from InPlay under the investor rights agreement between the Company and InPlay.
Pursuant to the definitive agreement with the Purchaser, the purchase price for the Company's InPlay Shares will be reduced by an amount equal to one-third of certain filing fees incurred by the Purchaser in connection with clearance under the Competition Act (Canada) and, if the Disposition Transaction closes after August 12, 2025 but before Obsidian Energy becomes entitled to receive InPlay's August dividend, increased by an amount equal to one-half of the aggregate August monthly dividend to be paid on the Company's InPlay Shares.
