Woodland Cree First Nation calls on Obsidian Energy Ltd. (TSX: OBE) shareholders to hold CEO Stephen Loukas to account for refusing to deal with community concerns about their operations

EDMONTON, AB, Feb. 12, 2024 /CNW/ - Obsidian Energy CEO Stephen Loukas has put his company's reputation (TSX: OBE) at risk by refusing to address the mounting concerns of local Indigenous community members. Community members are shocked by Loukas' refusal to address the impacts of Obsidian operations in the area.

In an unprecedented ruling by the Alberta Energy Regulator and the Alberta Geological Survey in 2023, Obsidian was found to have caused a series of earthquakes in Woodland Cree territory by improperly disposing of industrial waste underground. This occurred between November 29, 2022, and March 16, 2023, including a 5.59 ML earthquake.

"The AER ruled that Obsidian's practices caused the earthquakes and placed them under supervision. But nearly a year later, Obsidian has refused to meaningfully meet or work with Woodland Cree First Nation to address our concerns. This calls into question the company and underlines the need for their executives to come to the table and address the concerns of rights holders in the region" said Chief Isaac Laboucan-Avirom. "We commend the Smith government and AER for taking swift regulatory action against Obsidian last year, but this does not remove the legal requirement for Obsidian to consult with and work with the Indigenous communities in who's territories they operate."

"We are one of the most industry-friendly Nations in Canada. We support responsible, respectful, and collaborative production of oil and gas, and want to see this resource used to create prosperity for all Albertans and all Treaty peoples. However, disrespect by companies like Obsidian puts the entire sector at risk." said Laboucan-Avirom.

SOURCE Woodland Cree First Nation

Chief Isaac Laboucan-Avirom is available for comment to the media and shareholders of Obsidian Energy Ltd.; To arrange an interview please reach out to: [email protected], 780-222-2996