Ranger Acquisition Overview and Canada Light Oil Update

ADJUSTED FUNDS FLOW SENSITIVITIES Sensitivities Change of US$5.00/bbl WTI crude oil Change of US$1.00/bbl WCS heavy oil differential Change of US$0.50/MMbtu NYMEX natural gas Change of $0.01 in the C$/US$ exchange rate Estimated Effect on Annual Adjusted Funds Flow(1) ($MM) $218 (1) Capital management measure. Refer to the Capital Management Measures section in this presentation for further information. $17 $15 $22 BAYTEX ENERGY NYSE/TSX BTE 12 72

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