Royal Bank of Canada (OBE) discloses 6.55% stake in Obsidian Energy Ltd

Rhea-AI Filing Summary

Royal Bank of Canada reports beneficial ownership of 4,415,055 shares of Obsidian Energy Ltd. The filing shows 4,415,055 shares representing 6.55% of Obsidian Energy Ltd common stock as of 03/31/2026, with shared voting and dispositive power. The disclosure is provided on a Schedule 13G and is signed by a RBC Managing Director on 05/14/2026.

Insights

Institutional Ownership Analyst

RBC holds a passive, sizable 6.55% stake reported via Schedule 13G.

Schedule 13G filings typically indicate passive institutional holdings. The reported 4,415,055 shares and the 6.55% figure quantify RBC's visible stake as of 03/31/2026.

Future filings may update position size; this filing shows shared voting and dispositive power, which means decisions over these shares involve multiple parties within RBC's structure.

Regulatory Compliance Specialist

The Schedule 13G format signals compliance with passive investor reporting obligations.

Filing under Schedule 13G rather than Schedule 13D indicates the filer represents a passive investor status at the reporting date, consistent with Rule 13d-1(b). The form lists the reporting entity as Royal Bank of Canada and cites RBC Dominion Securities Inc. as a relevant subsidiary.

Watch for any subsequent amendments or a Schedule 13D if the ownership or intent changes; the signature date is 05/14/2026.

Key Figures

Shares beneficially owned: 4,415,055 shares Percent of class: 6.55% Report type: Schedule 13G +3 more

6 metrics

Shares beneficially owned 4,415,055 shares Amount beneficially owned as reported on Schedule 13G

Percent of class 6.55% Percent of Obsidian Energy common stock as of 03/31/2026

Report type Schedule 13G Passive investor disclosure format

CUSIP 674482203 Obsidian Energy Ltd common stock identifier

Shared voting power 4,415,055 shares Shared voting power reported in Item 4

Signature date <date>05/14/2026</date> Date the Schedule 13G was signed

Key Terms

Schedule 13G, Beneficial ownership, Shared dispositive power, CUSIP

4 terms

Schedule 13G regulatory

"The filing is reported on a Schedule 13G in the header"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership regulatory

"Item 4 lists Amount beneficially owned and Percent of class"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Shared dispositive power financial

"Item 4 shows Shared power to dispose of 4,415,055 shares"

CUSIP technical

"CUSIP Number(s): 674482203 appears in Item 2(e)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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

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Accepted by SEC EDGAR 05/15/2026 - 11:14 AM Learn about SEC filing dates

FAQ

What stake does RBC report in Obsidian Energy (OBE)?

Royal Bank of Canada reports beneficial ownership of 4,415,055 shares, equal to 6.55% of common stock. The filing states this percentage and share count as of 03/31/2026 under Schedule 13G.

Does the Schedule 13G filing show who controls RBC's votes in OBE?

The filing shows shared voting power and shared dispositive power over 4,415,055 shares. It reports zero sole voting or dispositive power and indicates multiple parties share authority.

Is this Schedule 13G an indication of active acquisition or takeover?

No; a Schedule 13G generally indicates passive institutional ownership rather than an activist intent. The filing format and statements reflect passive status at the 03/31/2026 reporting date.

Who signed the Schedule 13G for RBC and when was it signed?

The filing is signed by Terry Fallon, Managing Director, with the signature dated 05/14/2026. The document also references an exhibit containing a Power of Attorney.

What subsidiary is identified in the RBC filing for OBE shares?

The filing identifies RBC Dominion Securities Inc. as a non-U.S. institution under Rule 240.13d-1(b)(1)(ii)(J). That subsidiary is referenced in Item 7 of the Schedule 13G filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

OBSIDIAN ENERGY LTD

(Name of Issuer)

Common Stock

(Title of Class of Securities)

674482203

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 674482203

1

Names of Reporting Persons

Royal Bank of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,415,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,415,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,415,055.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.55 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OBSIDIAN ENERGY LTD
(b)	Address of issuer's principal executive offices: 207 - 9th Avenue SW, Suite 200, Calgary, Alberta T2P 1K3, Canada
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 674482203
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,415,055
(b)	Percent of class: 6.55 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,415,055
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,415,055
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. RBC Dominion Securities Inc.: A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J).
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Royal Bank of Canada

Signature:	/s/ Terry Fallon
Name/Title:	Managing Director
Date:	05/14/2026

Exhibit Information

99.1 Power of Attorney https://www.sec.gov/Archives/edgar/data/1000275/000121465925015105/ex99_1.htm