Investor Presentaiton

Economic structure Oil production growing despite price drop AB Oil Production and Western Canadian Select Heavy Oil Benchmark Price 120 100 (US$/bbl) 80 60 642 40 20 0 -Western Canada Select (Left) -Alberta Oil Production (Right) 2012 2013 2014 2015 2016f 2017f 2018f 2019f 2005 2006 2007 2008 2009 2010 2011 Despite price declines, production continues to rise Sources: Statistics Canada, Alberta Energy and Baytex Energy, f-forecast Alberta 4.0 3.5 3.0 2.5 2.0 1.5 1.0 (Million bpd) 6

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