Mr. Mark Bly reports

BAYTEX RECEIVES SHAREHOLDER APPROVAL FOR ACQUISITION OF RANGER AND REPORTS SHAREHOLDER MEETING RESULTS

Baytex Energy Corp. shareholders today approved the previously announced merger with Ranger Oil Corp. Baytex also reports that all additional matters presented for approval at the annual and special meeting of shareholders held today were approved. A total of 204,407,281 common shares being 37.47 per cent of Baytex's issued and outstanding shares were represented at the meeting.

1. Ordinary resolution to approve issuance of Baytex shares to Ranger shareholders

At the meeting, Baytex shareholders approved the issuance of the Baytex shares to be issued to Ranger pursuant to the merger.

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 receipt of requisite regulatory approvals and Ranger shareholder approval.

2. Election of directors

At the meeting, all of the nominees proposed as directors were duly elected. Results of the vote are set out in the attached table.

3. Appointment of auditor

KPMG LLP was appointed as Baytex's auditor until the next annual meeting of its shareholders, and the directors were authorized to fix their remuneration. The result of the vote is as shown in the attached table.

4. Approval of the non-binding resolution on the approach to executive compensation

A non-binding advisory resolution with respect to Baytex's approach to executive compensation was approved. The result of the vote is as shown in the attached table.

About Baytex Energy Corp.

Baytex Energy 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.