Mr. Brian Ector reports

BAYTEX ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the company's notice of intention to renew Baytex Energy Corp.'s normal course issuer bid to purchase up to 68,417,028 common shares during the 12-month period commencing June 29, 2023, and ending June 28, 2024, or such earlier time as the NCIB is completed or terminated at the option of Baytex.

Baytex's intention to renew its share buyback program is based on the strength of its balance sheet and its desire to offer direct shareholder returns. Baytex believes that repurchasing its common shares is an efficient means by which to return capital to its shareholders, and the repurchase and cancellation of its common shares represent an opportunity to improve per-share metrics.

The number of shares authorized for purchase represents 10 per cent of Baytex's public float, as defined by the Toronto Stock Exchange, as of June 21, 2023. On June 21, 2023, Baytex had 856,922,879 common shares outstanding. Purchases will be made on the open market through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading platforms in Canada and the United States at market prices prevailing at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

BMO Nesbitt Burns Inc. has agreed to act as the company's designated broker to make purchases of common shares pursuant to the NCIB. Baytex has also entered into an automatic share purchase plan/Rule 10b5-1 trading plan (ASPP) with BMO, allowing it to purchase common shares under the NCIB when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Baytex may provide instructions to BMO prior to a blackout period, which may not be varied or suspended during the blackout period. Purchases by Baytex's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been precleared, as required by the TSX. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.

The actual number of common shares that may be purchased under the NCIB, and the timing of any such purchases will be determined by Baytex. The average daily trading volume through the facilities of the TSX during the most recently completed six-month period was 3,892,898 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 973,224 common shares, which are equal to 25 per cent of the average daily trading volume, other than block purchase exceptions. All common shares acquired by Baytex under the NCIB will be cancelled.

Under its prior NCIB, the company sought and obtained approval to purchase 56,300,143 common shares. Under its prior NCIB, which ran from May 8, 2022, to May 9, 2023, the company repurchased an aggregate of 24,317,822 common shares at a weighted-average price of $6.5304 per share, excluding brokerage fees. The company purchased all common shares through the facilities of the TSX and alternative trading platforms in Canada.

About Baytex Energy Corp.

Baytex is an energy company with headquarters based in Calgary, Alta., and offices in Houston, Tex. 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.