Five-Year Outlook 2024-2028

CANADA HEAVY OIL: PEACE RIVER / PEAVINE / LLOYDMINSTER Innovative Multi-Lateral Drilling and Top-Tier Efficiencies Clearwater at Peavine Delivers Exceptional Well Performance and Economics R1W6 R20 R14 R8 R1W5 R20 R14 R8 R1W4 R29 R18 R12 R5W3 T94 T93 Peace River (Bluesky) 514 net sections Produced 11,800 boe/d in Q3/2023 (83% oil) Expect to bring 9 net MLHZ wells onstream in 2024 Peavine (Clearwater) T89 T84 T79 PEACE RIVER PEAVINE T74 T69 BAYTEX HOLDS THE TOP 30 CLEARWATER WELLS DRILLED TO DATE Partnership with Peavine Métis Settlement covering 90 contiguous sections T64 Produced 13,800 boe/d in Q3/2023 (100% oil) T59 Expect to bring 35 net Clearwater wells onstream in 2024 T54 Lloydminster (Mannville) 516 net sections Produced 11,900 boe/d in Q3/2023 (98% oil) Targeting multiple horizons within the Mannville group of formations Expect to bring 40 net wells onstream in 2024 T49 T44 T39 T34 T29 T88 T83 T78 T73 LLOYDMINSTER T68 T63 COLD LAKE MORINVILLE W ASECA Q2/2023 CLEARWATER Q1/2023 DISCOVERY DISCOVERY T58 T53 EDMONTON LLOYDMINSTER T48 CALGARY B.C. T24 R1W6 R21 R14 R8 R1W5 R26 R20 ALBERTA R14 R8 R1W4 SASKATCHEW AN R24 R18 BAYTEX ENERGY NYSE/TSX BTE T43 T38 T33 T28 T23 R5W3 20 20

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