13D Filing: FrontFour Capital Group and Penn West Petroleum Ltd. (PWE)

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Each of FrontFour
Capital and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition
of, the Shares held in the Separately Managed Accounts.

Each of the Canadian
Fund, FrontFour Corp. and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or
direct the disposition of, the Shares owned directly by the Canadian Fund.

Each of the Energy
Fund, Energy Fund GP and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or direct
the disposition of, the Shares owned directly by the Energy Fund.

Mr. Loukas has the
sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by him.

Mr. Lorber has the
sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by him.

Mr. Goldfarb has the
sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by him.

(c)
The transactions in the securities of the Issuer effected by the Reporting Persons since the filing of Amendment No. 4 to
the Schedule 13D are set forth on Schedule B attached hereto. All of such transactions were effected in the open market
except as otherwise set forth therein.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

Reference is made to the Settlement Agreement
defined and described in Items 2 and 4 above.

Item 7. Material to be Filed as Exhibits.

Item 7 is hereby
amended to add the following exhibit:

Exhibit No. Description
99.1 Settlement Agreement by and between Obsidian Energy Ltd. and FrontFour Capital Group LLC, dated April 6, 2018 (incorporated
by reference to Exhibit 99.2 to the Form 6-K filed by the Issuer on April 9, 2018).
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