Pembina Duvernay

Light oil unconventional shale play (Duvernay) in the Pembina area of Alberta — Baytex's premier light-oil growth asset. 91,500 net acres with approximately 210 identified drilling locations (58 proved + 11 probable booked + 141 unbooked). 2025 production averaged 8,328 boe/d (45% light oil & condensate, 33% NGL, 22% gas). 2026 development plan: one rig drilling a four-well pad on southern acreage with completions scheduled for Q2 and wells onstream by mid-year; remaining two pads onstream in Q3 and Q4. Production expected to increase 35% to average ~11,000 boe/d in 2026, with year-end exit target of 14,000-15,000 boe/d.