Ranger Acquisition Adds Quality Eagle Ford Scale

CRUDE OIL HEDGE PORTFOLIO Balanced Approach to Risk Management Target 40% of Net Crude Oil Volumes (1) Hedged Volumes (bbl/d) 50,000 40,000 40% Pad ~ 40% -40% 30,000 20,000 10,000 Disciplined hedge program to help mitigate volatility in revenue due to changes in commodity prices Utilize wide 2-way collars and puts to ensure modest returns at lower commodity prices (1) Percentage of hedged volumes are based on production guidance (excluding NGLS), net of royalties. -10% 10% 0 Q4 2023 Collars Puts Q1 2024 Q2 2024 Q3 2024 Q4 2024 Collars (Weighted Average) Floor (US$) $60.00 $60.00 $60.00 $60.00 $60.00 Ceiling (US$) $100.00 $97.76 $96.36 $93.74 $93.74 Puts Floor (US$) $60.00 BAYTEX ENERGY NYSE TSX BTE 9

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