Mr. Brian Ector reports

BAYTEX FILES Q1 2023 PRO FORMA FINANCIAL INFORMATION IN CONNECTION WITH THE RANGER ACQUISITION

Baytex Energy Corp. has filed unaudited pro forma consolidated financial information of Baytex and Ranger Oil Corp. as at and for the three-month period ended March 31, 2023.

The first quarter pro forma financial information was included in the most recent draft of Baytex's registration statement on Form F-4 filed May 10, 2023, with the U.S. Securities Exchange Commission. Baytex's registration statement on Form F-4 will, once effective, register under the U.S. Securities Act of 1933 the Baytex shares being issued to Ranger's shareholders pursuant to the previously announced merger of Baytex and Ranger.

The merger is expected to close late in the second quarter of 2023 or early in the third quarter of 2023, subject to the satisfaction of customary closing conditions, including the requisite shareholder and regulatory approvals.

The Q1 pro forma financial information has been filed under Baytex's SEDAR profile and its EDGAR profile.

Baytex has filed a copy of the merger agreement on its profile on SEDAR. Further, Baytex has filed the information circular, which contains important information about the merger and related matters. Shareholders of Baytex are advised to read the information circulars in connection with Baytex's solicitation of proxies for the meeting of Baytex shareholders to approve the merger. Baytex shareholders may obtain copies of the information circular on Baytex's SEDAR profile.

About Baytex Energy Corp.

Baytex is an energy company based in Calgary, Alta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian sedimentary basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

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