I like The Demon Eye, a supernatural British horror film; Twins of Evil is an old vampire film by Hammer Horror, that I think is great; Ginger Snaps, although not THAT obscure, is an excellent supernatural Canadian horror film; The 4Bidden Fables, a very good American anthology film that has some very creative sections and some great practical effects; Absentia, a mysterious and very arthousey American horror film; SX Tape, a simple but very entertaining American film; The Bay, which is a found footage American film; The Devil Rides Out, a British Hammer Horror film.

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These are all entertaining films, but they're either obscure because they were minor works, or because they're old.