Five-Year Outlook 2024-2028
ADVISORY REGARDING OIL AND GAS INFORMATION
The reserves information contained in this presentation has been prepared in accordance with National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities of the Canadian Securities
Administrators ('NI 51-101"). The determination of oil and gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved and probable
reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery. The estimation and classification of reserves requires the application of
professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts, including uncertainty
and risk, probability and statistics, and deterministic and probabilistic estimation methods, is required to properly use and apply reserves definitions.
The recovery and reserves estimates described herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves and future production from such reserves
may be greater or less than the estimates provided herein. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the
effects of aggregation. Complete NI 51-101 reserves disclosure for year-end 2022 is included in our Annual Information Form for the year ended December 31, 2022 which has been filed with Canadian
securities regulatory authorities and the U.S. Securities and Exchange Commission.
Reserves disclosed throughout this presentation are based on Baytex's working interest reserves as of December 31, 2022, as evaluated by McDaniel, an independent qualified reserves evaluator, with an
effective date of December 31, 2022 and Ranger's working interest reserves as of December 31, 2022, as evaluated by McDaniel, an independent qualified reserves evaluator with an effective date of
December 31, 2022. The pro forma reserves is the sum of the two reserves reports. Baytex did not construct a consolidated reserves report of the combined assets and did not engage an independent
reserves evaluator to produce such a report. The actual reserves of the combined company, if evaluated as of December 31, 2022, may differ from the pro forma reserves presented.
Light and
Medium
Heavy
Crude
Reserves Summary (working interest)
Crude Oil Tight Oil
(Mbbls)
(Mbbls)
Oil Bitumen
(Mbbls) (Mbbls)
Total
Crude
Oil
(Mbbls)
Natural
Gas
Liquids (1)
(Mbbls)
Conventional
Natural Gas 21
Shale
(MMcf)
Gas
(MMcf)
Total
(Mboe)
Proved
Baytex
41,951
Ranger
Proved
41.951
48,583
120,351
188.914
51,058
4,608
51.058
148,180
120,351
4.608 268.531
69,785
27.067
96.832
88,872 202,987
284,251
162,320
174,471
88.872
385.287
438.722
Proved Plus Probable
Baytex
Ranger
Proved Plus Probable
63.832
69.283
180,316
85.584
50.359
63.832
249,599
85,584
50,359
269.057
180,316
449,374
98.493
39,075
137,588
132.658
287.600
437.593
232,174
258,087
132.658 519,774
695.680
Notes:
(1)
Natural Gas Liquids includes condensate.
(2)
(3)
Conventional Natural Gas includes associated, non-associated and solution gas.
Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading.
particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This presentation discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's total proved, probable and unbooked locations. Proved locations and
probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an
assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away
from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves,
resources or production. In the Eagle Ford (pro forma Ranger), Baytex's net drilling locations include 352 proved and 146 probable locations as at December 31, 2022 and 407 unbooked locations. In the
Viking (excluding Forgan/Plato disposition), Baytex's net drilling locations include 727 proved and 191 probable locations as at December 31, 2022 and 183 unbooked locations. In Peace River (including
Clearwater), Baytex's net drilling locations include 66 proved and 54 probable locations as at December 31, 2022 and 328 unbooked locations. In Lloydminster, Baytex's net drilling locations include 80 proved
and 64 probable locations as at December 31, 2022 and 281 unbooked locations. In the Duvernay, Baytex's net drilling locations include 19 proved and 14 probable locations as at December 31, 2022 and 187
unbooked locations.
BAYTEX ENERGY NYSE/TSX BTE
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