Form SCHEDULE 13D/A OBSIDIAN ENERGY LTD. Filed by: Kernwood Ltd
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
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OBSIDIAN ENERGY LTD. (Name of Issuer) |
Common Shares (Title of Class of Securities) |
(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).
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
ONTARIO, CANADA
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 13 | Percent of class represented by amount in Row (11)
6.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 13 | Percent of class represented by amount in Row (11)
6.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 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)
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| 13 | Percent of class represented by amount in Row (11)
6.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
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| CUSIP No. |
| 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)
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| 6 | Citizenship or place of organization
CANADA (FEDERAL LEVEL)
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 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)
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| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
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| 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.
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ATTACHMENTS / EXHIBITS