Ranger Acquisition Overview and Canada Light Oil Update
FORWARD LOOKING STATEMENTS ADVISORY (CONT.)
Financial Outlook Advisory
This presentation contains information that may be considered a financial outlook under applicable securities laws about Baytex's potential financial position, including, but not limited
to, estimated EBITDA, exploration and development expenditures, allocation of free cash flow to shareholder returns, total debt to adjusted EBITDA, free cash flow and adjusted
funds flow, and the estimated dividend payable by Baytex, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth
herein. The actual results of operations of Baytex will vary from the amounts set forth in this press release and such variations may be material. This information has been provided
for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be
appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, Baytex
undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for
the purpose of providing further information about Baytex's potential future business operations. Readers are cautioned that the financial outlook contained in this presentation is not
conclusive and is subject to change.
Share Buyback Advisory
The future acquisition by Baytex of its shares pursuant to a share buyback program, if any, and the level thereof is uncertain. Any decision to acquire shares of Baytex will be subject
to the discretion of the Baytex Board of Directors and may depend on a variety of factors, including, without limitation, Baytex's business performance, financial condition, financial
requirements, growth plans, expected capital requirements and other conditions existing at such future time induding, without limitation, contractual restrictions, satisfaction of the
solvency tests imposed on Baytex under applicable corporate law and receipt of regulatory approvals. There can be no assurance that Baytex will buyback any shares of Baytex in
the future.
These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended
December 31, 2022, filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (the "SEC") and in our other public filings, including in
our registration statement on Form F-4 filed with the SEC in connection with the merger.
The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete
perspective on Baytex's current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results
achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex does not undertake any obligation to update publidy or to revise any
of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Dividend Advisory
Future dividends and share buybacks, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (induding the actual amount, the dedaration
date, the record date and the payment date) will be subject to the discretion of the Board of Directors of Baytex and may depend on a variety of factors, including, without limitation,
Baytex's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including,
without limitation, contractual restrictions and satisfaction of the solvency tests imposed on Baytex under applicable corporate law.
BAYTEX ENERGY NYSE/TSX BTE
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