January 18, 2018 / 12:56 AM / 4 months ago

BRIEF-Obsidian Energy Comments On Statement By Frontfour Capital Group Llc

Jan 17 (Reuters) - Obsidian Energy Ltd:

* OBSIDIAN ENERGY COMMENTS ON STATEMENT BY FRONTFOUR CAPITAL GROUP LLC

* ‍ CONFIRMS IT IS AWARE OF A STATEMENT BY FRONTFOUR CAPITAL GROUP REGARDING THEIR VIEWS ON DIRECTION OF COMPANY​

* ‍OBSIDIAN ENERGY’S CORPORATE STRATEGY HAS UNANIMOUS SUPPORT OF BOARD OF DIRECTORS​

* ‍BOARD INTERVIEWED CANDIDATES PROPOSED BY FRONTFOUR AND MUTUALLY AGREED TO ADDITION OF ONE OF THOSE INDIVIDUALS​

* ‍APPOINTMENT WAS ACCOMPANIED WITH SAME STANDSTILL AGREEMENT EXECUTED BY LATEST BOARD ADDITION, EDWARD KERNAGHAN​

* “‍RECEIVED A LETTER FROM FRONTFOUR IN EARLY OCTOBER, WHICH CONTAINED IDEAS WE HAD ALREADY BEEN PURSUING FOR SEVERAL MONTHS​”

* ‍RECEIVED A SECOND LETTER FROM FRONTFOUR IN MID-DECEMBER​

* OBSIDIAN - ‍ DESPITE EXTENSIVE NEGOTIATIONS, FRONTFOUR WAS UNWILLING TO EXECUTE AGREEMENTAND CO WAS UNABLE TO ADD MUTUALLY AGREED UPON CANDIDATE TO BOARD​ Source text for Eikon: Further company coverage:

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