Obsidian Energy stake update from Kernwood group

A group led by Kernwood Limited reports updated beneficial ownership of Obsidian Energy Ltd. common shares.

Rhea-AI Filing Summary

A group led by Kernwood Limited reports updated beneficial ownership of Obsidian Energy Ltd. common shares. Kernwood, an Ontario investment company controlled 50/50 by Edward and Elizabeth Kernaghan, beneficially owns 4,083,414.00 shares, representing 6.1% of the outstanding common shares, with sole voting and dispositive power over those shares.

Edward H. Kernaghan is deemed to beneficially own 4,168,766.00 shares, or 6.2%, reflecting his individual holdings plus shared power over Kernwood’s position. Elizabeth Kernaghan is reported with shared voting and dispositive power over Kernwood’s 4,083,414.00 shares (6.1%.). Other family members hold much smaller direct positions.

Since the prior amendment dated October 21, 2025, Kernwood purchased 634,900 Obsidian Energy shares for an approximate total of $5,298,738.78, funded from Kernwood’s working capital. Purchases occurred between October 31, 2025 and August 5, 2026 at average prices ranging from about $7.71 to $12.785 per share. The group describes the investment as made in the ordinary course of business, with a view toward investment, while reserving flexibility to buy or sell additional securities and potentially consider proposals, including seeking representation on Obsidian Energy’s board.

Key Figures

Kernwood beneficial ownership: 4,083,414.00 shares Edward H. Kernaghan beneficial ownership: 4,168,766.00 shares Shares purchased since prior amendment: 634,900 shares +4 more

7 metrics

Kernwood beneficial ownership 4,083,414.00 shares Beneficially owned by Kernwood Limited, representing 6.1% of Obsidian Energy common shares

Edward H. Kernaghan beneficial ownership 4,168,766.00 shares Aggregate amount beneficially owned, representing 6.2% of Obsidian Energy common shares

Shares purchased since prior amendment 634,900 shares Common shares bought by Kernwood from 10/31/2025 to 08/05/2026

Aggregate purchase price $5,298,738.78 Approximate total paid by Kernwood for 634,900 Obsidian Energy shares

10/31/2025 purchase 240,000 shares at $7.901 Average price per share, range $7.72 to $8.10 on that date

08/05/2026 purchase 50,500 shares at $12.785 Average price per share, range $12.70 to $12.87 on that date

Event date ownership threshold 6.1%–6.2% Percent of class represented by Kernwood and Edward H. Kernaghan holdings

Key Terms

beneficially owned, sole voting power, sole dispositive power, ordinary course of business, +2 more

6 terms

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 4,083,414.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 | Sole Voting Power 4,083,414.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 9 | Sole Dispositive Power 4,083,414.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

ordinary course of business financial

"Purchases made in the ordinary course of business with a view toward investment."

The ordinary course of business means the regular, routine activities a company carries out to operate day-to-day — sales, payroll, supplier orders, customer service and similar predictable tasks. For investors, distinguishing these normal activities from unusual transactions is important because routine actions signal steady operations and predictable cash flow, while departures from the ordinary course (like one‑off deals or emergency costs) can indicate added risk or one-time impacts to earnings, much like household chores versus a sudden home renovation.

joint filing agreement regulatory

"Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer | Joint Filing Agreement"

percent of class financial

"Percent of class represented by amount in Row (11) 6.1 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake do the Kernwood group and Edward Kernaghan hold in Obsidian Energy (OBE)?

The reporting group led by Kernwood holds 4,083,414.00 shares of Obsidian Energy, or 6.1% of the common shares. Including his personal holdings, Edward H. Kernaghan is deemed to beneficially own 4,168,766.00 shares, representing 6.2% of the class.

How many Obsidian Energy (OBE) shares did Kernwood purchase since the last amendment and at what cost?

Kernwood purchased 634,900 Obsidian Energy common shares since the October 21, 2025 amendment, for an approximate total of $5,298,738.78. Purchases spanned from October 31, 2025 through August 5, 2026 at average prices roughly between $7.71 and $12.785 per share.

What is the stated purpose of the Kernwood group’s investment in Obsidian Energy (OBE)?

The group describes its Obsidian Energy position as purchased in the ordinary course of business with a view toward investment. They review the investment on an ongoing basis and may acquire or dispose of additional equity or debt securities depending on various factors.

How are voting and dispositive powers over Obsidian Energy (OBE) shares allocated among the reporting persons?

Kernwood has sole voting and dispositive power over 4,083,414.00 shares. Edward H. Kernaghan has sole power over 85,352.00 shares and shared power over Kernwood’s 4,083,414.00 shares. Elizabeth Kernaghan has shared voting and dispositive power over the same 4,083,414.00 shares.

Could the Kernwood group seek board representation at Obsidian Energy (OBE)?

The reporting persons state they may seek to have one of their members appointed to Obsidian Energy’s board of directors. They also may consider various plans or proposals regarding the issuer and its securities, while indicating no specific current plans beyond those described.

When did the reportable event occur for this Obsidian Energy (OBE) ownership update?

The date of the event requiring this ownership update is August 5, 2026. On that day Kernwood also purchased 50,500 Obsidian Energy shares at an average price of $12.785 per share, within a range of $12.70 to $12.87.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 08:12 PM Accepted by SEC EDGAR 08/07/2026 - 08:12 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

OBSIDIAN ENERGY LTD.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

674482104

(CUSIP Number)

Edward H. Kernaghan
c/o Kernwood Limited, 155 University Avenue, Suite 750
Toronto, A6, M5H 3B7
(416) 423-3251

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Kernwood Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,083,414.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,083,414.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,083,414.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Edward H. Kernaghan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,352.00
8	Shared Voting Power 4,083,414.00
9	Sole Dispositive Power 85,352.00
10	Shared Dispositive Power 4,083,414.00

11

Aggregate amount beneficially owned by each reporting person

4,168,766.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Elizabeth Kernaghan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,083,414.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,083,414.00

11

Aggregate amount beneficially owned by each reporting person

4,083,414.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Jennifer Kernaghan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,570.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,570.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,570.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Charlie Kernaghan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 200.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 200.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

200.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 674482104

1

Name of reporting person

Claire Kernaghan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: OBSIDIAN ENERGY LTD.
(c)	Address of Issuer's Principal Executive Offices: 207 - 9TH AVENUE S.W., SUITE 200, CALGARY, ALBERTA, CANADA , T2P 1K3.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is filed by Kernwood Limited, Edward H. Kernaghan, Elizabeth Kernaghan, Jennifer Kernaghan, Charlie Kernaghan and Claire Kernaghan. Each of the foregoing is referred to collectively as the "Reporting Persons."
(b)	The address of the principal business and principal office of each of the Reporting Persons is 155 University Avenue, Suite 750, Toronto, Ontario, Canada M5H 3B7.
(c)	The principal business of Kernwood is to invest in securities of private and public companies. Edward H. Kernaghan's principal occupation is Executive Vice President of Kernaghan & Partners Ltd., a full service brokerage house at 155 University Avenue, Suite 50, Toronto, Ontario M5H 3B7 Canada. Elizabeth Kernaghan's principal occupation is Genetic Counselor at Orilla Hospital at 170 Colborne Street West, Orillia, Ontario L3V 3B5 Canada. Edward H. Kernaghan and Elizabeth Kernaghan are each 50% shareholders of Kernwood and are deemed to control Kernwood.
(d)	No Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violationsn of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Kernwood is an Ontario, Canada corporation. All of the other Reporting Persons are Canadian citizens.
Item 3.	Source and Amount of Funds or Other Consideration
	With respect to the Q3 2026 purchases listed in Item 5 below, working capital of Kernwood.
Item 4.	Purpose of Transaction
	Purchases made in the ordinary course of business with a view toward investment. The Reporting Persons review their investments in the Issuer on a continuing basis. As part of this review, the Reporting Persons evaluate various alternatives that are or may become available with respect to the Issuer and its securities. The Reporting Persons may from time to time and at any time, in their sole discretion, acquire or cause to be acquired, additional equity or debt securities or other instruments of the Issuer, its subsidiaries or affiliates, or dispose or cause to be disposed, such equity or debt securities or instruments, in any amount that the Reporting Persons may determine in their sole discretion, through open market transactions, privately negotiated transactions or otherwise. Depending upon a variety of factors, the Reporting Persons may from time to time and at any time, in their sole discretion, consider, formulate and implement various plans or proposals intended to enhance the value of their investment in the Issuer, including, among other things, proposing or effecting any matter that would constitute or result in any of the matters or effects enumerated in subparagraphs (a)-(j) of this Item 4 of Schedule 13D. The Reporting Persons may seek to have one of their members appointed to the board of directors of the Issuer. Except as described above, the Reporting Persons do not have any present plans or proposals that relate to or would result in the consequences listed in subparagraphs (a)-(j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 11 and 13 on the cover pages
(b)	See Items 7 through 10 on the cover pages
(c)	Kernwood purchased 634,900 common shares of the Issuer since the date of the most recent Schedule 13D amendment filed with the Securities and Exchange Commission on October 21, 2025 , at an approximate total purchase price of $5,298,738.78, on the dates and in the amounts specified below: Date No. of Issuer Shares Average Price Per Share 10/31/2025 240,000 $ 7.901 ($7.72 to $8.10) 11/03/2025 19,800 $ 7.886 ($7.74 to $7.96) 11/04/2025 15,500 $ 7.820 ($7.77 to $7.85) 11/06/2025 5,800 $ 7.90 ($7.895 to $7.90) 12/11/2025 37,500 $ 8.298 ($8.27 to $8.32) 12/12/2025 25,000 $ 8.251 ($8.22 to $8.30) 12/15/2025 50,300 $ 8.074 ($7.98 to $8.10) 12/16/2025 40,000 $ 7.71 ($7.66 to $7.75) 12/17/2025 25,000 $ 7.794 ($7.78 to $7.80) 12/18/2025 60,000 $ 7.726 ($7.655 to $7.77) 12/19/2025 50,000 $ 7.75 ($7.72 to $7.80) 01/05/2026 5,900 $ 7.995 ($7.98 to $8.00) 07/03/2026 2,600 $11.4288 ($11.415 to $11.43) 07/07/2026 7,000 $11.2737 ($11.25 to $11.30) 08/05/2026 50,500 $12.785 ($12.70 to $12.87)
(d)	None
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Joint Filing Agreement
Item 7.	Material to be Filed as Exhibits.
	Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Kernwood Ltd

Signature:	/s/ Edward H. Kernaghan
Name/Title:	Edward H. Kernaghan, President
Date:	08/07/2026

Edward H. Kernaghan

Signature:	/s/ Edward H. Kernaghan
Name/Title:	Edward H. Kernaghan, Individually
Date:	08/07/2026

Elizabeth Kernaghan

Signature:	/s/ Elizabeth Kernaghan
Name/Title:	Elizabeth Kernaghan, Individually
Date:	08/07/2026

Jennifer Kernaghan

Signature:	/s/ Jennifer Kernaghan
Name/Title:	Jennifer Kernaghan, Individually
Date:	08/07/2026

Charlie Kernaghan

Signature:	/s/ Charlie Kernaghan
Name/Title:	Charlie Kernaghan, Individually
Date:	08/07/2026

Claire Kernaghan

Signature:	/s/ Claire Kernaghan
Name/Title:	Claire Kernaghan, Individually
Date:	08/07/2026