Baytex Announces Expiration of Hart-Scott-Rodino Waiting Period Relating to the Acquisition of Ranger Oil

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ('Baytex') announced today the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended (the 'HSR Act'), with respect to the previously announced merger (the 'Merger') with Ranger Oil Corporation ('Ranger').

The expiration of the HSR waiting period under the HSR Act satisfies one of the conditions of the Merger. The closing of the Merger remains subject to the satisfaction of customary closing conditions, including, among other things, the approval by Baytex's shareholders of the Merger Resolution, approval by the holders of Ranger's common stock of the terms of the Agreement and Plan of Merger, dated as of February 27, 2023, by and between Ranger and Baytex, Baytex's Registration Statement on Form F-4 (filed on April 7, 2023 with the U.S. Securities and Exchange Commission) becoming effective under the U.S. Securities Act of 1933, as amended, and the Baytex Shares issued pursuant to the Merger being approved for listing on the New York Stock Exchange, subject to official notice of issuance, and the Toronto Stock Exchange, subject to customary listing conditions. If the requisite shareholder and regulatory approvals are obtained and if all other conditions to the Merger become effective or are satisfied or waived, it is expected that the Merger will be completed in the second quarter of 2023

Forward-Looking Statements

In the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are 'forwardlooking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forwardlooking information' within the meaning of applicable Canadian securities legislation (collectively, 'forward-looking statements'). In some cases, forward-looking statements can be identified by terminology such as 'anticipate', 'believe', 'continue', 'could', 'estimate', 'expect', 'forecast', 'intend', 'may', 'objective', 'ongoing', 'outlook', 'potential', 'project', 'plan', 'should', 'target', 'would', 'will' or similar words suggesting future outcomes, events or performance. The forwardlooking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Forward-looking statements in this press release include, but are not limited to, statements relating to: (i) the Merger and its expected timing and closing. Although Baytex believes the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Baytex can give no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to obtain shareholder and regulatory approvals of the Merger; the ability to complete the Merger on the anticipated terms and timetable; the changes in business and market conditions and the risk factors discussed in our Registration Statement on Form F-4, initially filed with the U.S. Securities and Exchange Commission (the 'SEC') on April 7, 2023 (Registration No. 333-271191) and our management information circular and proxy statement dated April 3, 2023 filed on SEDAR at www.sedar.com.There may be additional risks that Baytex presently does not know, or that Baytex currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions belowprove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. These forward-looking statements are based on certain key assumptions regarding, among other things, the ability of Baytex and Ranger to satisfy all conditions to closing of the Merger; the completion of the Merger on the timing anticipated, and the anticipated terms of the Notes, including the use of proceeds therefrom. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in such forward-looking statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of newinformation, future events or otherwise, except as may be required by applicable securities laws.

Baytex Energy Corp.

Baytex Energy Corp. is an energy company based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE

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