She also holds the ICD.D designation from the Institute of Corporate Directors. Our employees, officers and directors are likely to be the first to know when someone inside the company or connected with the company is acting improperly or illegally. Non-GAAP Financial and Capital Management Measures. 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 "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). { Committee are Jennifer A. Maki (Chair), Mark R. Bly and Trudy M. Curran. Prior to joining Baytex, Mr. Kalmakoff was Vice President, Finance and Chief Financial Officer at Kicking Horse Energy Inc. }, }, Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support In the last year, we have significantly restructured our board. She has a Bachelor of Commerce degree from Queen’s University and a postgraduate diploma from the Institute of Chartered Accountants, both in Ontario, Canada. }, A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Ms. Maki participated actively in managing Vale's Base Metals businesses outside Canada as a member of the Board of Commissioners of PT Vale Indonesia Tbk (2007 to 2017), serving as its President Commissioner (2014 to 2017) and as a director of Vale Nouvelle-Caledonie SAS. co-ordinate input from directors and optimize the effectiveness of our Board "s": "INDEX:JX", Committees could be operating more efficiently. The use of boe amounts may be misleading, particularly if used in isolation. Our Board and Management teams are comprised of experienced industry leaders from both Baytex and Raging River to create a top-tier team with a track record of value creation.

Before joining Vale/Inco, she worked at PricewaterhouseCoopers LLP for 10 years in roles of increasing responsibility. Prior to this, he served as Senior Vice President for Talisman Energy, accountable for its Canadian business. Free cash flow is not a measurement based on GAAP in Canada. Ms. Peters has over 30 years of oil and gas experience and most recently served as Senior Vice President, Transportation and Logistics at Marathon Petroleum Company LP. “We are very pleased that Jennifer has joined our team. BOEs may be misleading, particularly if used in isolation. The Board of Directors is pleased to announce the appointment of Jennifer Maki as a director of Baytex. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Chairman of the Board also ensures that reasonable procedures are in place for We define free cash flow as adjusted funds flow less sustaining capital.

Prior to Crescent Point, Mr. Lundberg was an operations consultant from October 2005 until May 2008 and held a completions position at Husky Energy from May 2004 until October 2005. The Board of Directors is pleased to announce the appointment of Mark Bly as Chairman. The Management of Baytex believes that debt adjusted production per share growth is useful in determining the production growth on a per share basis as if all debt was extinguished by the issuance of shares. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper.

Each committee has a written mandate outlining its purpose, membership and responsibilities. In addition, we use a ratio of net debt to adjusted funds flow to manage our capital structure. the review and approval of the strategic direction of the corporation, its capital and financial plans, as well as implementation and monitoring of appropriate risk management systems; monitoring the progress, policies and procedures of the corporation while providing guidance and advice to management, and providing approval for any significant changes in the organizational structure; ensuring that the finances and controls of the corporation are appropriate and comply with required standards, including accurate, complete and timely disclosure of information to shareholders, other security holders and regulators; and. circumstances and assists with the director assessment process by meeting with each All amounts in this press release are stated in Canadian dollars unless otherwise specified. He led the internal investigation of the Deepwater Horizon incident in 2010, and is the author of “Bly Report” that defined the understanding of the event by the industry and established the basis for the new organization. Announces a Funding Arrangement for up to $10.0 Million and Drilling Plans at Entice, Tax Breaks for Oil, Wind, Electric Cars Survive in Senate Bill, Bonavista Energy Corporation Announces 2017 Second Quarter Results, Brookfield Canada Office Properties Enters Into Definitive Agreement With Brookfield Property Partners for Going Private Transac, Stable gas prices expected to boost Memorial Day road trips, Canadian Natural budget rises by $250 million on curtailment ease, ISA Automation Expo and Conference 2020 (AEC 2020), Operational Excellence in Oil and Gas 2020 - Online, CANWEA: Electricity Transformation Canada 2020, World Energy Capital Assembly (WECA X 2020), Operational Excellence in Energy, Chemicals & Resources 2020 - Online, Canadian Onshore Well Site Facilities Optimization & Methane Emissions Reduction Technology 2020, Williston Basin Petroleum Conference 2021, Canada Gas & LNG Exhibition and Conference 2021, Operational Excellence in Energy, Chemicals, and Resources 2021, Exploration and development capital ($ millions), Asset retirement obligations ($ millions), Change of US$1.00/bbl WCS heavy oil differential, Change of US$1.00/bbl MSW light oil differential, Change of $0.01 in the C$/US$ exchange rate. Mr. Kalmakoff has over 15 years of experience in the oil and gas industry. { He currently serves as an independent director of Vista Oil & Gas. News Releases: News Alerts: Media Statements: IN FOCUS. Before joining Vale/Inco, she worked at PricewaterhouseCoopers LLP for 10 years in roles of increasing responsibility. 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 “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). }, We anticipate an active heavy oil development program that is designed to maintain production and generate free cash flow. "s": "OANDA:NATGASUSD", Learn more about our core resource plays. We continue to maintain strong liquidity with our credit facilities approximately 40% undrawn.

Ms. Maki served as Chief Executive Officer of Vale Canada and Executive Director of Vale SA, Base Metals (2014 to 2017) and previously held several other positions with Vale Base Metals, including Chief Financial Officer & Executive Vice-President (2007-2014) and Vice-President & Treasurer, and with Inco Limited as Assistant Controller. To-date, we have drilled seven wells at Pembina, which has confirmed the prospectivity of our 275 sections (100% working interest) of land. "scaleFontColor": "#DADDE0", This compares to our original guidance range of $550 to $650 million, which was recently tightened to $550 to $600 million. “We are very pleased that Jennifer has … We are now forecasting average production for 2019 of approximately 97,000 boe/d (83% oil and NGL). From March 2014 to September 2017, he held a number of positions of increasing responsibility at Eagle Energy Inc., including Executive Vice President, Business Development. Mr. Pearce has been working with the Private Equity Energy firm Azimuth Capital Management since July 2014 as Deputy Managing Partner.

{ Mr. LaFehr joined Baytex as President on July 18, 2016 and was appointed Chief Executive Officer on May 4, 2017. The settlement of abandonment obligations are managed with our capital budgeting process which considers available adjusted funds flow. 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.

Ms. Curran holds a Bachelor of Arts Degree in English and a Bachelor of Laws degree (both with distinction) from the University of Saskatchewan and the ICD.D designation from the Institute of Corporate Directors. { "s": "TVC:USOIL+NYMEX:WCW1! Ms. Maki participated actively in managing Vale's Base Metals businesses outside Canada as a member of the Board of Commissioners of PT Vale Indonesia Tbk (2007 to 2017), serving as its President Commissioner (2014 to 2017) and as a director of Vale Nouvelle-Caledonie SAS. She has also been a director of Next Generation Manufacturing Canada (a not-for-profit organization) since September 2018 and is currently a Director of the Franco-Nevada Corporation. full equitization of net debt). Mr. Bly is an independent businessman with over 35 years of experience in the oil and gas industry, primarily with BP, a global producer of oil and gas. Mr. Individuals subject to the code are required to confirm annually that they have read, understood and complied with the code. Ms. Maki joined the Board on September 9, 2019. The members of the Audit Committee are Naveen Dargan (Chair), Jennifer The total amount of exploration and development expenditures is managed as part of our budgeting process and can vary from period to period depending on the availability of adjusted funds flow and other sources of liquidity. Board of Directors Director … All rights reserved.

applicable factual circumstances (including financial, contractual and other providing a recommendation to the Board as to the appointment of an independent qualified reserves evaluator or auditor (the "Independent Evaluator") to prepare an estimate of our proved and probable reserves and related future net revenue (the "Reserves Data") as at the last day of our financial year; oversight CALGARY, Alberta, Dec. 04, 2019 (GLOBE NEWSWIRE) — Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announces that its Board of Directors has approved a 2020 capital budget of $500 to $575 million, which is designed to generate average annual production of 93,000 to 97,000 boe/d. Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The procedure ensures that Baytex employees may report misconduct without the threat or fear of dismissal, harassment or other retaliation.

Mr. Bly led several key E&P units for BP in Alaska, the North Sea and in North America.



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