Mr. Brian Ector

BAYTEX PROVIDES UPDATE WITH RESPECT TO CLOSING OF RANGER ACQUISITION

Baytex Energy Corp. has provided an update with respect to the closing of the previously announced acquisition of Ranger Oil Corp. by Baytex.

Baytex has filed its registration statement on Form F-4, which has been declared effective by the U.S. Securities Exchange Commission. Baytex's registration statement on Form F-4 registers, under the U.S. Securities Act of 1933, the Baytex shares being issued to Ranger's shareholders.

Ranger has scheduled its shareholder meeting for June 16, 2023. Subject to the satisfaction of customary closing conditions, including receipt of requisite regulatory approvals and Ranger shareholder approval, the merger is expected to close on or within three business days of the Ranger shareholder meeting.

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 circular 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.

We seek Safe Harbor.