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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025


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The following disclosures have been prepared by Baytex Energy Corp. (“Baytex” or the “Company”) in accordance with Accounting Standards Codification 932 “Extractive Activities - Oil & Gas” (“ASC 932”) issued by the Financial Accounting Standards Board. The standard requires the use of a 12 month average price to estimate proved reserves calculated as the unweighted arithmetic average of first-day-of-the-month prices within the 12 month period prior to the end of the reporting period.

Petroleum and Natural Gas Reserves Information

Users of this information should be aware that the process of estimating quantities of "proved developed" and "proved undeveloped" crude oil, natural gas liquids, bitumen and natural gas is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history, and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. Future fluctuations in prices and costs, production rates, or changes in political or regulatory environments could cause the Company's reserves to be materially different from that presented.

Proved petroleum and natural gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids (“NGL”) that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.

Proved developed petroleum and natural gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, which may require future expenditures.

Proved undeveloped petroleum and natural gas reserves are reserves that are expected to be recovered from known accumulations where a future expenditure is required.

Proved reserves and production volumes are presented net of royalties. Such royalties are subject to change by legislation or regulation and can also vary depending on production rates, selling prices and timing of initial production. Figures reported as natural gas reserves and production volumes do not include flared gas, injected gas or gas consumed in operations. All natural gas reserves and production volumes presented are sales volumes. Undrilled locations underlying the estimates of our proved undeveloped reserves as of December 31, 2024 and 2025 are included in a development plan that was adopted by Baytex for the applicable year as a result of our annual long-range planning process and associated corporate financial model and all such locations were scheduled to be drilled within five years of the initial development plan adoption date.

The changes in Baytex's net proved crude oil, NGL, bitumen and natural gas reserves under constant prices and costs for the two-year period ended December 31, 2025 were as follows:
CanadaUnited States
Crude OilNGLBitumenNatural
Gas		TotalCrude OilNGLNatural
Gas		Total
(mbbl)(mbbl)(mbbl)(mmcf)(mboe)(mbbl)(mbbl)(mmcf)(mboe)
Net Proved Reserves
December 31, 202372,915 8,642 3,480 85,177 99,232 111,406 46,378 200,974 191,280 
Revisions of previous estimates3,307 (89)— (6,648)2,109 4,127 (5,771)(25,394)(5,876)
Improved recovery— — — — — — — — — 
Purchases of minerals in place349 — — — 349 — — — — 
Extensions and discoveries21,078 5,640 — 25,695 31,001 13,772 16,643 57,236 39,954 
Production(16,372)(930)(769)(13,908)(20,389)(14,998)(5,253)(28,134)(24,941)
Sales of minerals in place(143)(5)(2,711)(24)(2,862)(130)(47)(267)(221)
December 31, 202481,133 13,257 — 90,292 109,439 114,176 51,951 204,414 200,196 
Revisions of previous estimates2,490 1,284 — 6,758 4,901 — — — — 
Improved recovery— — — — — — — — — 
Purchases of minerals in place— — — — — — — — — 
Extensions and discoveries20,384 7,684 — 33,424 33,639 768 301 1,480 1,316 
Production(16,876)(1,189)— (14,717)(20,519)(13,298)(4,592)(25,020)(22,060)
Sales of minerals in place(435)(17)— (545)(543)(101,646)(47,660)(180,874)(179,452)
December 31, 202586,696 21,019 — 115,212 126,917 — — — — 
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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025


CanadaUnited States
Crude OilNGLBitumenNatural
Gas		TotalCrude OilNGLNatural
Gas		Total
(mbbl)(mbbl)(mbbl)(mmcf)(mboe)(mbbl)(mbbl)(mmcf)(mboe)
Net Proved Developed Reserves
December 31, 202339,600 3,000 1,564 52,779 52,961 54,893 27,460 114,346 101,410 
December 31, 202442,651 3,646 — 44,168 53,659 55,057 25,526 104,228 97,954 
December 31, 202545,155 5,870 — 51,427 59,597 — — — — 
Net Proved Undeveloped Reserves
December 31, 202333,314 5,641 1,916 32,398 46,271 56,513 18,918 86,628 89,869 
December 31, 202438,482 9,611 — 46,124 55,780 59,119 26,425 100,186 102,242 
December 31, 202541,541 15,149 — 63,785 67,320 — — — — 
Total
Crude OilNGLBitumenNatural
Gas		Total
(mbbl)(mbbl)(mbbl)(mmcf)(mboe)
Net Proved Reserves
December 31, 2023184,321 55,019 3,480 286,151 290,512 
Revisions of previous estimates7,434 (5,860)— (32,043)(3,767)
Improved recovery— — — — — 
Purchases of minerals in place349 — — — 349 
Extensions and discoveries34,850 22,283 — 82,931 70,955 
Production(31,370)(6,184)(769)(42,042)(45,330)
Sales of minerals in place(273)(52)(2,711)(291)(3,084)
December 31, 2024195,309 65,208 — 294,707 309,635 
Revisions of previous estimates2,490 1,284 — 6,758 4,901 
Improved recovery— — — — — 
Purchases of minerals in place— — — — — 
Extensions and discoveries21,152 7,985 — 34,904 34,955 
Production(30,174)(5,781)— (39,738)(42,579)
Sales of minerals in place(102,081)(47,677)— (181,418)(179,994)
December 31, 202586,696 21,019 — 115,212 126,917 
Net Proved Developed Reserves
December 31, 202394,493 30,461 1,564 167,125 154,372 
December 31, 202497,708 29,172 — 148,397 151,612 
December 31, 202545,155 5,870 — 51,427 59,597 
Net Proved Undeveloped Reserves
December 31, 202389,827 24,559 1,916 119,026 136,140 
December 31, 202497,601 36,036 — 146,310 158,022 
December 31, 202541,541 15,149 — 63,785 67,320 

Revisions of Previous Estimates

In 2024, the Company realized total proved revisions of negative 3,767 mboe. These revisions consisted of: (i) negative revisions of 3,726 mboe in Canada and negative 782 mboe in the U.S. due to a decrease in YE 2024 constant pricing as compared to YE 2023 (WTI decreased to US$76.32/bbl from US$78.21/bbl, Henry Hub decreased to US$2.07/MMBtu from US$2.59/MMBtu), (ii) positive revisions of 6,797 mboe in our Canadian assets as a result of improved performance as compared to previous forecasts, well design changes and changes to operating costs, (iii) positive revisions of 460 mboe in our Eagle Ford assets due to improved performance as compared to previous forecasts, and (iv) negative revisions of 5,554 mboe in our non-operated Eagle Ford assets and 963 mboe in our Viking assets associated with proved undeveloped locations that were not developed within five years of being booked and so are required to be removed by SEC rules.

In 2025, the Company realized total proved revisions of positive 4,901 mboe, all in Canada. These revisions consisted of: (i) negative revisions of 1,349 mboe due to a decrease in YE 2025 constant pricing as compared to YE 2024 (Edmonton Light decreased to $86.73/bbl from $98.01/bbl, WCS decreased to $75.89/bbl from $83.79/bbl, AECO increased to $1.95/MMBtu from $1.46/MMBtu), (ii) positive revisions of 6,841 mboe in our Canadian assets as a result of improved performance as compared to previous forecasts, well design changes and changes to operating costs, (iii) negative revisions of 591 mboe in our Viking assets associated with proved undeveloped locations that were not developed within five years of being booked and so are required to be removed by SEC rules.

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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025



Purchases of Minerals in Place

In 2024, the Company acquired 349 mboe of oil reserves in the Peace River region in Canada.

Extensions and Discoveries

In 2024, the Company added 70,955 mboe of net proved reserves. These additions consisted of 31,001 mboe in Canada and 39,954 mboe in the U.S. due to extension drilling and future offset additions being added to our development plan.

In 2025, the Company added 34,955 mboe of net proved reserves. These additions consisted of 33,639 mboe in Canada due to extension drilling and future offset additions being added to our development plan, and 1,316 mboe in the U.S. due to production from drilling and re-fracs of previously unbooked wells.

Sales of Minerals in Place

In 2024, the Company divested 3,084 mboe net proved reserves as a result of 2,862 mboe of property dispositions in Canada, primarily from our Kerrobert Thermal asset, and 221 mboe of property dispositions in our Eagle Ford asset in the U.S.

In 2025, the Company divested 179,452 mboe from the U.S. which was its entire Eagle Ford position. The Company also divested 543 mboe of non-core Canadian properties, primarily from the Conventional, Peace River, and Viking business units.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Petroleum and Natural Gas Reserves

The following information has been developed utilizing procedures prescribed by ASC 932 and based on crude oil, NGL and natural gas reserves and production volumes estimated by Baytex's independent reserves evaluator, McDaniel & Associates Consultants Ltd. The methodology used in calculating our price assumptions for the standardized measure of discounted future net cash flows for reserves estimation is based upon the average first-day-of-the-month prices during the year.

Future production and development costs are based on constant price assumptions and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after providing for the tax cost of the petroleum and natural gas properties based upon existing laws and regulations. A 10% discount factor was applied to the future net cash flows.

The information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of the fair market value of Baytex's petroleum and natural gas properties. Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated. The prescribed discount rate of 10% may not appropriately reflect interest rates.

The computation of the standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves was based on an unweighted arithmetic average of the first-day-of-the-month price for each month in 2025 and 2024.
Commodity Pricing
20252024
WTI crude (US$/bbl)66.01 76.32 
Edmonton Light crude (Cdn$/bbl)86.73 98.01 
Western Canadian Select crude (WCS) (1) (Cdn$/bbl)
75.89 83.79 
AECO spot (Cdn$/mmbtu)1.95 1.46 
Henry Hub (US$/mmbtu)3.42 2.07 
Exchange rate (US$/Cdn$)0.71 0.73 
(1)     Price used in the preparation of heavy oil and bitumen reserves in Canada.

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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025



The standardized measure of discounted future net cash flows relating to net proved petroleum and natural gas reserves are as follows:
CanadaUnited States
Total (2)
(thousands of Canadian dollars)202520242025202420252024
Future cash inflows$7,146,124 $7,147,647 $— $13,674,283 $7,146,124 $20,821,930 
Future production costs(3,154,836)(2,923,863)— (4,916,987)(3,154,836)(7,840,850)
Future development costs (1)
(1,966,034)(1,812,936)— (3,647,866)(1,966,034)(5,460,802)
Future income taxes(161,266)(248,023)— (270,193)(161,266)(518,216)
Future net cash flows (2)
1,863,988 2,162,825 — 4,839,237 1,863,988 7,002,062 
Deduct:
10% annual discount factor		(520,880)(637,681)— (1,841,656)(520,880)(2,479,337)
Standardized measure (2)
$1,343,108 $1,525,144 $— $2,997,581 $1,343,108 $4,522,725 
(1)Our estimated future costs to settle asset retirement obligations includes both: (i) estimated costs associated with future undrilled proved locations, and (ii) estimated costs associated with producing reserves. These costs are included in the “Future development costs” line.
(2)The data in the table may not add due to rounding.

Reconciliation of Changes in Standardized Measure of Future Net Cash Flows Discounted at 10% per Year Relating to Net Proved Petroleum and Natural Gas Reserves
As at December 31, 2025
(thousands of Canadian dollars)		CanadaUnited States
Total (1)
Balance, beginning of year$1,525,144 $2,997,581 $4,522,725 
Sales, net of production costs(911,508)(1,087,795)(1,999,303)
Net change in prices and production costs related to future production(441,317)(805,468)(1,246,784)
Changes in previously estimated future development costs incurred during the period(350,964)— (350,964)
Development costs incurred during the period547,422 657,719 1,205,141 
Extensions, discoveries and improved recovery, net of related costs606,676 56,360 663,037 
Revisions of previous quantity estimates157,623 — 157,623 
Sales of reserves in place(6,071)(2,225,959)(2,232,029)
Purchases of reserves in place— — — 
Accretion of discount169,643 311,567 481,209 
Net change in income taxes46,460 95,994 142,454 
Balance, end of year (1)
$1,343,108 $— $1,343,108 

As at December 31, 2024
(thousands of Canadian dollars)		CanadaUnited States
Total (1)
Balance, beginning of year$1,528,648 $3,124,635 $4,653,283 
Sales, net of production costs(1,012,829)(1,398,148)(2,410,977)
Net change in prices and production costs related to future production22,156 (223,919)(201,763)
Changes in previously estimated future development costs incurred during the period(371,601)131,114 (240,487)
Development costs incurred during the period489,486 767,147 1,256,633 
Extensions, discoveries and improved recovery, net of related costs740,619 523,606 1,264,225 
Revisions of previous quantity estimates32,389 (180,663)(148,274)
Sales of reserves in place(15,376)(4,170)(19,546)
Purchases of reserves in place6,230 — 6,230 
Accretion of discount164,123 320,224 484,347 
Net change in income taxes(58,702)(62,246)(120,947)
Balance, end of year (1)
$1,525,144 $2,997,581 $4,522,725 
(1)The data in the table may not add due to rounding.

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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025



Capitalized Costs Relating to Petroleum and Natural Gas Producing Activities
As at December 31, 2025
(thousands of Canadian dollars)		CanadaUnited StatesTotal
Proved properties$7,362,582 $— $7,362,582 
Unproved properties133,585 — 133,585 
Total capital costs7,496,167 — 7,496,167 
Accumulated depletion and impairment(5,444,147)— (5,444,147)
Net capitalized costs$2,052,020 $— $2,052,020 

As at December 31, 2024
(thousands of Canadian dollars)		CanadaUnited StatesTotal
Proved properties$6,885,991 $10,557,353 $17,443,344 
Unproved properties124,355 — 124,355 
Total capital costs7,010,346 10,557,353 17,567,699 
Accumulated depletion and impairment(4,865,976)(5,656,200)(10,522,176)
Net capitalized costs$2,144,370 $4,901,153 $7,045,523 

Costs Incurred in Petroleum and Natural Gas Property Acquisition, Exploration and Development Activities
As at December 31, 2025
(thousands of Canadian dollars)		CanadaUnited StatesTotal
Property acquisition costs
Proved properties$279 $1,867 $2,146 
Unproved properties29,872 — 29,872 
Development costs (1)
547,422 657,719 1,205,141 
Exploration costs (2)
930 — 930 
Total$578,503 $659,586 $1,238,089 

As at December 31, 2024
(thousands of Canadian dollars)		CanadaUnited StatesTotal
Property acquisition costs
Proved properties$9,534 $3,526 $13,060 
Unproved properties39,355 — 39,355 
Development costs (1)
489,486 767,147 1,256,633 
Exploration costs (2)
— — — 
Total$538,375 $770,673 $1,309,048 
(1)     Development and facilities capital expenditures.
(2)     Cost of geological and geophysical capital expenditures and drilling costs for exploratory wells.

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Baytex Energy Corp.                                            
Supplemental Disclosures about Extractive Activities - Oil and Gas (unaudited)
December 31, 2025



Results of Operations for Producing Activities
For year ended December 31, 2025
(thousands of Canadian dollars except per boe amounts)		CanadaUnited StatesTotal
Petroleum and natural gas revenues, net of royalties$1,480,815 $1,380,219 $2,861,034 
Less:
Operating costs, production and mineral taxes334,317 292,424 626,741 
Transportation and blending expense318,687 45,683 364,370 
Exploration and evaluation5,534 — 5,534 
Depletion and impairment628,041 775,123 1,403,164 
Operating income194,236 266,989 461,225 
Income tax expense46,927 57,643 104,570 
Results of operations (1)
$147,309 $209,346 $356,655 

For year ended December 31, 2024
(thousands of Canadian dollars except per boe amounts)		CanadaUnited StatesTotal
Petroleum and natural gas revenues, net of royalties$1,612,841 $1,716,028 $3,328,869 
Less:
Operating costs, production and mineral taxes336,069 317,880 653,949 
Transportation and blending expense348,154 48,931 397,085 
Exploration and evaluation779 — 779 
Depletion473,792 898,271 1,372,063 
Operating income454,047 450,946 904,993 
Income tax expense110,697 97,359 208,056 
Results of operations (1)
$343,350 $353,587 $696,937 
(1)     Excludes corporate overhead and interest costs.

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