Mr. Brian Ector reports

BAYTEX CLOSES U.S. EAGLE FORD SALE

Baytex Energy Corp. has closed the sale of its U.S. Eagle Ford assets for net proceeds of $2.14-billion (U.S.) (approximately $2.96-billion in Canadian dollars) after closing adjustments.

This strategic divestiture significantly strengthens Baytex's financial position and sharpens its focus on a high-return Canadian energy platform, positioning the company for long-term value creation. With the closing of the transaction, Baytex is now in a net cash position. The company intends to use a portion of these proceeds to repay its outstanding credit facilities and redeem its outstanding 8.500 per cent senior notes due 2030 and has also commenced a cash tender offer for its $575-million (U.S.) of outstanding 7.375 per cent senior notes due 2032.

Baytex remains committed to returning a significant portion of the net proceeds (after debt repayment) to shareholders and intends to resume purchases under its normal course issuer bid.

Baytex expects to release its 2026 guidance on Dec. 22, 2025.

About Baytex Energy Corp.

Baytex Energy is a Calgary-based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian sedimentary basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

We seek Safe Harbor.