Mr. Brian Ector reports

BAYTEX CONFIRMS QUARTERLY DIVIDEND

Baytex Energy Corp.'s board of directors has declared a quarterly cash dividend of 2.25 cents per share to be paid on Oct. 2, 2023, for shareholders of record on Sept. 15, 2023.

The U.S.-dollar-equivalent amount is approximately 1.70 U.S. cents per share assuming a foreign exchange rate of $1.32 (Canadian) to $1 (U.S.). Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. This dividend is designated an eligible dividend for Canadian tax purposes and is considered a qualified dividend for U.S. income tax purposes.

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.