Insider Buying Over the past 12 months, Obsidian Energy Ltd. shares were down about 25 per cent as of Nov. 6, lagging the S&P/TSX Capped Energy Index which was up slightly. Given Obsidian’s underperformance, it caught our attention to see director Edward Kernaghan buying. In the past, we have characterized Mr. Kernaghan as a value-oriented contrarian investor. As such, we find it notable that on Nov. 1 he bought 140,500 Obsidian shares at an average price of $7.87. In the third quarter, Obsidian produced an average of 39,714 barrels of oil equivalent per day.