Mr. Brian Ector reports

BAYTEX ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Baytex Energy Corp.'s notice of intention to renew its normal course issuer bid. The renewed NCIB allows Baytex to purchase up to 66,244,464 common shares during the 12-month period commencing July 2, 2025, and ending July 1, 2026, or such earlier time as the NCIB is completed or terminated at the option of Baytex.

Baytex's shareholder return framework has historically included a combination of share repurchases and quarterly dividend payments. Renewing the NCIB provides Baytex with the flexibility to continue its common share repurchases, which are an efficient means to return capital and improve per-share metrics.

The number of shares authorized for purchase represents 10 per cent of Baytex's public float, as defined by the TSX, as of June 18, 2025. On June 18, 2025, Baytex had 768,317,006 common shares outstanding. Purchases will be made on the open market through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading platforms in Canada and the United States at market prices prevailing at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Baytex has applied for an exemption order from the Canadian securities regulators to permit the company to purchase up to 10 per cent of the public float (within the meaning of the rules of the TSX) of its common shares through the NYSE and other United States-based trading systems. Absent this exemptive relief, Baytex's purchases under the NCIB on U.S. markets would be limited to not more than 5 per cent of its outstanding common shares over the applicable 12-month period. Baytex will issue a further press release if such exemptive relief is granted.

BMO Nesbitt Burns Inc. has agreed to act as the company's designated broker to make purchases of common shares pursuant to the NCIB. Baytex has also entered into an automatic share purchase plan/Rule 10b5-1 trading plan with BMO, allowing it to purchase common shares under the NCIB when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Baytex may provide instructions to BMO prior to a blackout period, which may not be varied or suspended during the blackout period. Purchases by Baytex's designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been precleared, as required by the TSX. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Baytex. The average daily trading volume through the facilities of the TSX during the most recently completed six-month period was 5,039,715 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 1,259,928 common shares, which are equal to 25 per cent of the average daily trading volume, other than block purchase exceptions. All common shares acquired by Baytex under the NCIB will be cancelled.

Under its prior NCIB, the company sought and obtained approval to purchase up to 70,112,570 common shares, which runs from July 2, 2024, to July 1, 2025. As at June 18, 2025, the company repurchased an aggregate of 36,478,208 common shares under its prior NCIB at a weighted-average price of $4.1304 per common share, excluding brokerage fees. The company purchased all common shares through the facilities of the TSX, the NYSE, and alternative trading platforms in Canada and the United States.

About Baytex Energy Corp

Baytex is an energy company 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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