INVESTOR PRESENTATION - CREATING ENERGY CREATING VALUE

HIGHLY ECONOMIC PORTFOLIO Strong drilling economics across portfolio Portfolio at US$75 WTI (1)(2) Well Payouts < 18 Months Eagle Ford Karnes Trough U.S. Light Oil Eagle Ford Operated Duvernay Canada Light Oil Viking Peavine (Clearwater) Canada Heavy Oil Peace River (Bluesky) Lloydminster (Mannville) 0 5 10 15 IRRS > 50% 20 20 0% 50% 100% 150% (1) (2) Individual well economics based on constant pricing and costs and Baytex's assumptions regarding an expected type curve. See Slide 21 for additional information. Commodity price assumptions: WTI - US$75/bbl; WCS differential - US$15/bbl; NYMEX Gas - US$3.50/MMbtu; Exchange Rate (CAD/USD) -1.35. BAYTEX ENERGY NYSE TSX BTE 7

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