Baytex Energy Corp.（安熺垂aytex安燂拷）欣然宣布其2025年底储量及运营情况更新（除另有说明外，所有金额均以加元计）。

2025年业绩亮点在于战略性剥离美国资产，显著增强了财务实力，并使我们更加专注于高回报的加拿大能源平台。我们以净现金头寸进入2026年，并承诺将美国资产出售所得净收益（偿还债务后）的大部分返还给股东。Baytex

同时更新了其2025年合并运营情况，包括截至2025年12月19日出售完成的美国资产。第四季度合并平均日产量为137,087桶油当量（其中84%为原油和天然气凝液），2025年全年产量预计为145,079桶油当量（其中85%为原油和天然气凝液）。第四季度勘探开发支出总额为1.75亿美元，2025年预计为12.07亿美元。

第四季度加拿大平均日产量为67,295桶油当量（其中88%为石油和天然气凝液），2025年全年产量预计为65,528桶油当量（其中89%为石油和天然气凝液），较2024年增长6%（不包括非核心资产剥离）。2026年，我们的目标是年产量达到67,000至69,000桶油当量/日，勘探开发支出预计为5.5亿至6.25亿美元。

2025年底储量亮点价值创造加拿大

在加拿大，我们投入5.49亿美元用于勘探和开发，实施了一项高效的资本利用计划。Pembina Duvernay油田和重油开发项目显著提升了我们2025年底的储量，展现了我们业务的长期韧性和可持续性，以及未来创造价值的能力。

我们在加拿大所有三个储量类别（已探明、已开发、已生产储量（PDP）、已探明、已探明和概算储量（PDP））均实现了稳健的储量增长。PDP

储量增长12%至6900万桶油当量（2024年底为6100万桶油当量），相当于产量的133%。
1P储量增长15%至1.51亿桶油当量（2024年底为1.31亿桶油当量），相当于产量的185%。2P
储量增长9%至2.82亿桶油当量（2024年底为2.59亿桶油当量），相当于产量的203%。
勘探开发成本（包括未来开发成本的变化）分别为：PDP储量17.28美元/桶油当量，1P储量16.39美元/桶油当量，2P储量16.27美元/桶油当量。
我们实现了强劲的 PDP F&D 回收率 2.0 倍，1P 和 2P F&D 回收率 2.1 倍，基于 2025 年运营净收益 (1) 为 34.61 美元/桶油当量，这反映了我们资本计划的效率。
基于2P储量，我们维持着稳健的储量寿命指数，为11.5年。
我们的2025年储量报告延续了我们在加拿大创造价值的良好记录。

在不计收购和剥离的情况下，我们2023年至2025年三年平均产量替代率分别为：PDP储量119%，1P储量151%，2P储量169%。
我们2023年至2025年三年平均勘探开发成本（包括FDC变化）分别为：PDP储量18.12美元/桶油当量，1P储量18.74美元/桶油当量，2P储量19.76美元/桶油当量。
我们2023年至2025年三年平均勘探开发循环利用率分别为：PDP储量2.1倍，1P储量2.0倍，2P储量1.9倍。

运营更新 推动加拿大投资组合的业绩
我们正在巩固去年建立的运营势头，制定了 2026 年计划，目标是实现 3% 至 5% 的年产量增长，同时投资于长期基础设施、勘探和土地，以支持未来的增长和库存扩张。

在杜弗内页岩油区，预计2026年产量将增长35%，平均达到约11,000桶油当量/日，目标年末产量为14,000至15,000桶油当量/日。目前，我们在杜弗内页岩油区有一台钻机正在作业，钻探南部区块四口井的第一口井。完井作业计划于第二季度进行，预计这些井将于年中投产。其余两口井（每口井四口）预计将于第三和第四季度投产。我们还启动了2026年的基础设施建设，包括锚油池和水处理设施。

我们的重油油田组合预计将带来稳定的产量和可靠的回报。目前，我们在重油油田带共有五台钻机正在作业，目标是皮维恩的克利尔沃特页岩层和劳埃德明斯特的曼维尔页岩层。我们预计2026年将有91口重油井投产。此外，我们2026年的勘探活动将有所增加，包括地层测试、延伸井和三维地震勘探。

在皮维恩油田，我们正在钻探同一井场上13口多分支水平井中的第三口。此外，我们计划开展两个注水先导项目，旨在将多分支水平井开发的优势与提高采收率和减缓产量递减率的潜在收益相结合。

在劳埃德明斯特，我们第一季度的钻井计划将针对曼维尔组的七个独立层位：卡明斯层、GP层、劳埃德明斯特层、麦克拉伦层、斯帕基层以及上瓦塞卡层和下瓦塞卡层。在阿尔伯塔省东北部，我们近期在斯帕基层投产了两口多分支井，平均每井30天初始产量为450桶/天；在上瓦塞卡层投产了一个五井井场，平均每井30天初始产量为150桶/天。

在维京组，我们计划在2026年（春季解冻期除外）开展一项主要采用单钻机均衡作业的钻井计划，以最大限度地提高效率。我们预计2026年将新增73口净井投产。

强劲的净现金状况和股东回报：

12月，我们偿还了未偿信贷，并通过成功的要约收购赎回了全部未偿还的2030年到期的8.500%优先票据（本金7.59亿美元）和2032年到期的7.375%优先票据（本金5.05亿美元）（原未偿还本金总额为5.75亿美元）。截至

2026年初，我们的净现金头寸（现金减去未偿还优先票据本金）约为8.57亿美元，这为我们提供了充足的财务灵活性。我们计划将其中相当一部分返还给股东，优先考虑股票回购，同时维持目前每股0.09美元的年度股息。

根据我们的正常发行人回购计划（Nursential Course Issuer Bid），Baytex可在截至2026年7月1日的12个月期间回购至多6620万股普通股。2025年12月24日，我们重新启动了股票回购计划。截至目前（截至2026年1月30日），我们已回购1710万股普通股，总计7800万美元，占已发行股份总数的2.2%，平均回购价格为每股4.55美元。我们采用严谨

的风险管理
策略来管理重油基差波动。2026年，我们约45%的重油基差净敞口已按WTI-WCS基差13.13美元/桶进行对冲。

我们已为2026年上半年设定了WTI原油对冲合约。对于2026年第一季度，我们已对约60%的净原油敞口进行了对冲，采用双向领式期权组合，平均下限价为每桶60美元，平均上限价为每桶67美元。对于2026年第二季度，我们已对约50%的净原油敞口进行了对冲，采用双向领式期权组合，平均下限价为每桶60美元，平均上限价为每桶66美元。

2025年终业绩：
Baytex预计将于2026年3月4日发布其2025年终运营和财务业绩。

2025年终储量
Baytex阌熺氮2025年底储量由独立合格储量评估机构McDaniel & Associates Consultants Ltd. (阌熺祫cDaniel)进行评估。我们所有的石油和天然气资产均根据国家仪器 51-101“石油和天然气活动披露标准”(“I 51-101”) 和“加拿大石油和天然气评估手册”(“OGE 手册”) 使用平均商品价格预测和通货膨胀率进行评估截至 2026 年 1 月 1 日，McDaniel、GLJ Petroleum Consultants (阌熺淳LJ阌燂) 和 Sproule ERCE (阌熺祳proule阌燂)

有关 Baytex阌熺氮储量和其他石油和天然气信息的更多信息将包含在截至 12 月 31 日的 Baytex阌熺氮年度信息表中， 2025年，预计提交日期SEDAR+ 和 EDGAR 将于 2026 年 3 月 4 日左右上线。

下表列出了截至2025年12月31日，我们按产品类型和储量类别划分的总储量和净储量。请注意，由于四舍五入，表中数据可能存在误差。

Baytex Energy Corp. (锟紹aytex锟�) is pleased to announce its year-end 2025 reserves and provide an operations update (all amounts in Canadian dollars unless otherwise noted).

Our 2025 performance was highlighted by the strategic divestiture of our U.S. assets, resulting in a significantly strengthened financial position and sharpened focus on our high-return Canadian energy platform. We entered 2026 with a net cash position and remain committed to returning a significant portion of the net proceeds from the U.S. sale (after debt repayment) to shareholders.

Baytex is also providing an update on its 2025 consolidated operations, including U.S. assets up to the December 19, 2025 sale closing. Consolidated production averaged 137,087 boe/d (84% oil and NGL) in the fourth quarter, with annual 2025 production of 145,079 boe/d (85% oil and NGL). Exploration and development expenditures totaled $175 million during the fourth quarter and $1,207 million in 2025.

Production in Canada averaged 67,295 boe/d (88% oil and NGL) in the fourth quarter, with annual 2025 production of 65,528 boe/d (89% oil and NGL), representing a 6% growth rate compared to 2024 (excluding non-core divestitures). For 2026, we are targeting annual production of 67,000 to 69,000 boe/d with exploration and development expenditures of $550 to $625 million.

Year-End 2025 Reserves Highlights Value Creation 锟� Canada

In Canada, we invested $549 million on exploration and development expenditures in a highly capital efficient program. Our Pembina Duvernay and heavy oil development contributed significantly to our year-end 2025 reserves, demonstrating the long-term resiliency and sustainability of our business and its capacity for future value creation.

We achieved solid reserves growth in Canada across all three reserves categories, proved developed producing (锟絇DP锟�), proved (锟�1P锟�) and proved plus probable (锟�2P锟�).

PDP reserves increased 12% to 69 MMboe (61 MMboe at year-end 2024), replacing 133% of production.
1P reserves increased 15% to 151 MMboe (131 MMboe at year-end 2024), replacing 185% of production.
2P reserves increased 9% to 282 MMboe (259 MMboe at year-end 2024), replacing 203% of production.
Finding and development (锟紽&D锟�) costs, including changes in future development costs (锟紽DC锟�) were $17.28/boe for PDP reserves, $16.39/boe for 1P reserves and $16.27/boe for 2P reserves.
We generated a strong PDP F&D recycle ratio of 2.0x and a 1P and 2P F&D recycle ratio of 2.1x based on a 2025 operating netback(1) of $34.61/boe, reflective of the efficiency of our capital program.
We maintain a robust reserves life index of 11.5 years based on 2P reserves.
Our 2025 reserves report continues a strong track record of value creation in Canada.

Our three-year average (2023-2025) production replacement, excluding acquisitions and divestitures, for PDP, 1P, and 2P reserves is 119%, 151% and 169%, respectively.
Our three-year average (2023-2025) F&D costs, including changes in FDC were $18.12/boe for PDP reserves, $18.74/boe for 1P reserves and $19.76/boe for 2P reserves.
We generated a strong three-year average (2023-2025) F&D recycle ratio of 2.1x for PDP reserves, 2.0x for 1P reserves, and 1.9x for 2P reserves.

Operations Update 锟� Driving Performance in Our Canadian Portfolio
We are building on the operational momentum established last year with a 2026 plan that targets 3% to 5% annual production growth while investing in long-term infrastructure, exploration and land to support future growth and inventory expansion.

In the Duvernay, production is expected to increase 35% to average approximately 11,000 boe/d in 2026, with a target year-end exit rate of 14,000 to 15,000 boe/d. We currently have one rig running in the Duvernay, drilling the first well of a four-well pad on our southern acreage. Completion operations are scheduled for the second quarter with the wells expected to be onstream by mid-year. The remaining two pads (4-wells each) are expected to be onstream during the third and fourth quarter. We have also commenced our infrastructure build-out for 2026, including anchor oil batteries and water handling.

Our heavy oil portfolio is expected to deliver stable production and reliable returns. We currently have five drilling rigs active across our heavy oil fairway targeting the Clearwater at Peavine and the broader Mannville stack in Lloydminster. We expect to bring 91 heavy oil wells onstream in 2026. In addition, our 2026 program will see increased exploration activity, including stratigraphic tests, step-out wells and 3-D seismic.

At Peavine, we are drilling the third of thirteen multi-lateral horizontal wells on a single pad. In addition, we intend to undertake two waterflood pilot projects as we look to blend the attractive capital efficiencies of multi-lateral primary development with the potential upside of enhanced recovery and moderated decline rates.

At Lloydminster, our first quarter drilling program will target seven discrete horizons in the Mannville: Cummings, GP, Lloydminster, McLaren, Sparky and both the Upper and Lower Waseca. In northeast Alberta, we recently brought onstream two multi-lateral wells in the Sparky that generated average 30-day initial production rates of 450 bbl/d per well, and a five-well pad in the Upper Waseca that generated average 30-day initial production rates of 150 bbl/d per well.

In the Viking, we are running a largely level-loaded one rig program in 2026 (outside of spring break-up) to maximize efficiencies. We expect to bring 73 net wells onstream in 2026.

Strong Net Cash Position and Shareholder Returns

In December, we repaid our outstanding credit facilities, redeemed all of the US$759 million principal amount of 8.500% Senior Notes due 2030 and US$505 million principal amount of 7.375% Senior Notes due 2032 (of an original US$575 million principal amount outstanding) through a successful tender offer.

We entered 2026 with a net cash position (cash less principal amount of Senior Notes that remain outstanding) of approximately $857 million that provides significant financial flexibility. We intend to return a significant portion to shareholders, prioritizing share buybacks while maintaining our current annual dividend of $0.09 per share.

Our Normal Course Issuer Bid (锟絅CIB锟�) allows Baytex to purchase up to 66.2 million common shares during the 12-month period ending July 1, 2026. On December 24, 2025, we re-initiated our share buyback program. To-date (through January 30, 2026) we have repurchased 17.1 million common shares for $78 million, representing 2.2% of our shares outstanding, at an average price of $4.55 per share.

Disciplined Risk Management
We employ a disciplined hedging strategy to manage heavy oil basis differential volatility. For 2026, approximately 45% of our net heavy oil basis differential exposure is hedged at a WTI-WCS basis differential of US$13.13/bbl.

We also have WTI hedges in place for the first half of 2026. For Q1/2026 we have entered into hedges on approximately 60% of our net crude oil exposure utilizing two-way collars with an average floor price of US$60/bbl and an average ceiling price of US$67/bbl. For Q2/2026 we have entered into hedges on approximately 50% of our net crude oil exposure utilizing two-way collars with an average floor price of US$60/bbl and an average ceiling price of US$66/bbl.

Year-End 2025 Results
Baytex expects to release its year-end 2025 operating and financial results on March 4, 2026.

Year-End 2025 Reserves
Baytex锟絪 year-end 2025 reserves were evaluated by McDaniel & Associates Consultants Ltd. (锟組cDaniel锟�), an independent qualified reserves evaluator. All of our oil and gas properties were evaluated in accordance with National Instrument 51-101 锟絊tandards of Disclosure for Oil and Gas Activities锟� (锟絅I 51-101锟�) and the Canadian Oil and Gas Evaluation Handbook (the 锟紺OGE Handbook锟�) using the average commodity price forecasts and inflation rates of McDaniel, GLJ Petroleum Consultants (锟紾LJ锟�) and Sproule ERCE (锟絊proule锟�) as of January 1, 2026.

Additional information regarding Baytex锟絪 reserves and other oil and gas information will be included in Baytex锟絪 Annual Information Form for the year ended December 31, 2025, which is expected to be filed on SEDAR+ and EDGAR on or around March 4, 2026.

The following table sets forth our gross and net reserves volumes at December 31, 2025 by product type and reserves category. Please note that the data in the table may not add due to rounding.