Baytex Canadian Portfolio

Continuing Canadian operations of Baytex Energy following the December 19, 2025 divestiture of US Eagle Ford assets for net proceeds of US$2.2bn (C$3.0bn). Portfolio centred on heavy oil (Peace River, Peavine, Lloydminster) and light oil (Pembina Duvernay, Viking) across the Western Canadian Sedimentary Basin. 2025 average production of 65,528 boe/d (89% oil & NGL) representing 6% organic growth over 2024. 2026 budget targets 67,000-69,000 boe/d (3-5% organic growth) at E&D capex of C$550-625M; Q1/2026 forecast 68-69k boe/d with year-end exit ~70k boe/d. Sustaining breakeven US$52/bbl WTI. Reserves are evaluated annually by independent NI 51-101 qualified reserves evaluator McDaniel & Associates Consultants Ltd. After-tax impairment-test discount rates between 12% and 14% applied to proved plus probable reserves cash flows.