Obsidian Energy Sells $66 Million Stake in InPlay Oil to Delek Group

Calgary-based Obsidian Energy Ltd. (TSX/NYSE American: OBE) has entered a definitive agreement to sell its entire common shareholding in InPlay Oil Corp. to Delek Group Ltd. for C$91.4 million (~$66 million USD), in a deal that monetizes equity received earlier this year from the sale of its Pembina assets.

The transaction involves 9,139,784 InPlay shares — representing approximately 32.7% of InPlay’s outstanding stock — at a price of C$10.00 per share, subject to minor adjustments tied to filing fees and dividend timing. The deal is expected to close in the first half of August 2025, pending customary closing conditions.

This strategic divestiture effectively unwinds Obsidian’s equity position in InPlay, which it acquired in April as part of the sale of its Pembina light oil assets. Following the sale, Obsidian will no longer hold any InPlay shares and will forfeit its remaining 20,834 restricted awards, representing a negligible 0.07% equity interest.

The buyer, Delek Group, is a diversified energy conglomerate headquartered in Israel. Its move into Canadian upstream equity aligns with growing international interest in Western Canada’s oil and gas sector, particularly in low-cost, light oil production plays.

The deal was structured as a private agreement under Canadian securities regulations, limiting the transaction to fewer than five sellers and avoiding a broader public offering. Obsidian obtained the necessary consent from InPlay under their existing investor rights agreement.

This sale reflects Obsidian's continued focus on balance sheet optimization and capital discipline, following a period of asset rationalization. Earlier in 2025, the company signaled its intention to monetize non-core holdings and focus on high-return development areas like Peace River, Willesden Green, and Viking in Alberta.

The price agreed for the shares — C$10.00 each — represents a premium over InPlay's recent trading range, highlighting Delek’s confidence in the asset's value and potential upside.

With this divestment, Obsidian now clears the deck of its InPlay holdings, potentially improving its liquidity position and enabling greater strategic flexibility heading into the final quarter of the year.

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