Mr. Brian Ector reports

BAYTEX ANNOUNCES QUARTERLY DIVIDEND FOR JULY 2024

Baytex Energy Corp.'s board of directors has declared a quarterly cash dividend of 2.25 Canadian cents per share, to be paid on July 2, 2024, for shareholders of record on June 14, 2024.

The U.S.-dollar-equivalent amount is approximately 1.64 U.S. cents per share, assuming a foreign exchange rate of 1.37 Canadian cents 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 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.