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      <filer>
        <filerCredentials>
          <cik>0001695291</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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    <issuerInfo>
      <issuerCik>0001334388</issuerCik>
      <issuerName>OBSIDIAN ENERGY LTD.</issuerName>
      <secFileNumber>001-32895</secFileNumber>
      <issuerAddress>
        <com:street1>207 - 9TH AVENUE S.W.</com:street1>
        <com:street2>SUITE 200</com:street2>
        <com:city>CALGARY</com:city>
        <com:stateOrCountry>A0</com:stateOrCountry>
        <com:zipCode>T2P 1K3</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>(403) 777-2500</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Faust Michael</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corporation</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>40058</noOfUnitsSold>
      <aggregateMarketValue>243552.00</aggregateMarketValue>
      <noOfUnitsOutstanding>77588538</noOfUnitsOutstanding>
      <approxSaleDate>11/07/2024</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>07/07/2020</acquiredDate>
      <natureOfAcquisitionTransaction>Employee Compensation</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>32651</amountOfSecuritiesAcquired>
      <paymentDate>07/07/2020</paymentDate>
      <natureOfPayment>Equity Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>11/24/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Open Market</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>6000</amountOfSecuritiesAcquired>
      <paymentDate>11/24/2021</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>02/24/2023</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Open Market</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>1407</amountOfSecuritiesAcquired>
      <paymentDate>02/24/2023</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>Shares to be sold in The Michael Faust Trust</remarks>
    <noticeSignature>
      <noticeDate>11/07/2024</noticeDate>
      <signature>MICHAEL J FAUST</signature>
    </noticeSignature>
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144
0001695291
XXXXXXXX
LIVE
0001334388
OBSIDIAN ENERGY LTD.
001-32895
207 - 9TH AVENUE S.W.
SUITE 200
CALGARY
A0
T2P 1K3
(403) 777-2500
Faust Michael
Officer
Common
Charles Schwab Corporation
3000 Schwab Way
Westlake
TX
76262
40058
243552.00
77588538
11/07/2024
NYSE
Common
07/07/2020
Employee Compensation
Issuer
N
32651
07/07/2020
Equity Compensation
Common
11/24/2021
Open Market Purchase
Open Market
N
6000
11/24/2021
Cash
Common
02/24/2023
Open Market Purchase
Open Market
N
1407
02/24/2023
Cash
Y
Shares to be sold in The Michael Faust Trust
11/07/2024
MICHAEL J FAUST