Mr. Brian Ector reports

BAYTEX ANNOUNCES SALE OF KERROBERT THERMAL ASSET

Baytex Energy Corp. has closed the sale of its Kerrobert thermal asset located in southwestern Saskatchewan for net proceeds of approximately $42-million. Production from the asset is approximately 2,000 barrels per day (100 per cent heavy oil).

The non-core disposition further streamlines the company's portfolio, and the net proceeds from the sale will be applied against outstanding bank indebtedness.

To reflect the disposition, it has updated its 2025 production guidance to 148,000 to 152,000 barrels of oil equivalent per day (150,000 to 154,000 boe/d, previously). The disposition is not expected to meaningfully impact exploration and development expenditures or free cash flow profile for 2025.

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.

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