Mr. Brian Ector reports

BAYTEX ANNOUNCES SALE OF VIKING ASSETS AT FORGAN AND PLATO

Baytex Energy Corp. has entered into a definitive agreement to sell certain of its Viking assets located at Forgan and Plato in southwest Saskatchewan, effective Oct. 1, 2023, for $153.8-million.

The disposition is expected to close prior to year-end with net proceeds from the sale to be applied against outstanding bank indebtedness. Production from the assets is approximately 4,000 barrels of oil equivalent/day (100 per cent light and medium crude oil).

Scotiabank acted as financial adviser to Baytex with respect to the transaction.

About Baytex Energy Corp.

Baytex Energy 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.

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