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Baytex Energy Corp | February 2012 Corporate Presentation | Anthony Marino | Page 1 of 11 | May 21, 2013

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1 Co rp o r ate Pre sen tatio n Fe brua ry 2 0 1 2 Advi sor y Forw a rd Lookin g Statem ents In the inter e s t o f pr oviding Ba y t ex 's s har e holder s and potential in v es tor s with inf o r m ation r e g a r d ing Ba y t ex , in c luding m anag e m e nt 's asses s m ent o f Ba y t ex 's f u tu r e plans and oper ations, c e r t ain s t ate m ent s m ade b y the pr es enter and c o n t a ined in thes e pr es entation m a te r ials ( c ol lec t iv e ly , this "pr e s entation") ar e "f or w a r d - look ing s t ate m ent s " w ith in the m eaning of t he United States Pr ivate S e c u r ities Lit igation Ref o r m Ac t of 1995 an d "f or w ar d- lo o k ing inf o r m ation" with in the m eaning o f applic able Canadian s e c u r ities l egis lation ( c o llec t iv e ly , "f or w a r d - look ing s t ate m ent s " ) . T he f o r w ar d- look ing s t ate m e n ts c ont ained in this pr es entation s p e a k onl y as of the date o f this pr esentation and ar e e x pr ess ly qualif ied b y this c autionar y s t ate m ent . Spec if ic all y , this pr es entati on c ontains f o r w ar d- look ing s t at e m ent s r e lating to: our bus ines s s t r a tegies , pla n s and obj e c tives ; our abil it y to f und our c apital ex penditur e s and div idends on our c o m m o n s h ar es f r o m f und s f r o m oper ations ; oil and nat ur al gas pr o duc tion in 2011; pr odu c t ion gr ow th r a tes ; o u r div idend polic y ; c apital ex p enditur e s ; f unds f r o m oper a t ions f o r t h e f our th qu ar ter of 2 011; dr ill ing and oper ational plans ; r e s er ves and r e s e r v e l if e index ; the net pr es ent value of our r e s e r v es and c ontingent r e s o ur c e ; our long r ange plan for 2012- 2017, inc luding pr oduc tion dec line r a te s , num b e r of w e lls to be dr il led, di v idends on our c o m m on s har e s , e f f e c t ive c a s h inc o m e t a x r a te s , pr oduct ion and f u n d s f r o m o per ations gr ow th r a tes , ou r abil it y to f u nd our c a pital ex penditur e s an d dividends on our c o m m on s har e s f r o m f u nds f r o m oper ations an d annual pr oduc tion volum e s ; our Seal heav y oi l r e s o ur c e pla y , inc luding or igina l oi l in p lac e, the via b il it y and ec ono m ic s o f long- ter m c o m m er c ial deve lop m e nt us ing pr im ar y ( c old) and ther m a l develop m ent, nu m ber o f potential dr il ling loc a tions , dr il ling and c o m p letion c o s t s, initia l pr oduc tion r a tes , es ti m a ted r e c o ver able r e s e r v es , finding and develo pm en t a nd oper ating c o s ts , r e c o ver y f a c t or s, pr odu c t ion e f f ic ienc y r a t ios , s t ea m - oil r a t ios , the pr e- tax pr esent value ( unr is k ed) per bar r e l of r e c o ver abl e r e s e r v e, the tim ing o f c o m p leting a c o m m er c ial s c a le ther m a l developm e n t us ing a 10- w e ll m odule; an d our as s e ssm ent o f the c y c lic s t eam pilot pr oj ec ts at Har m on Valle y and Cl if f d ale; our Llo y dm ins t er heav y o il pr oper t y , inc lud in g r e s e r v e l if e index , 2011 c apital ex penditur e s , dr illin g and oper ation al plans f o r 2011, num ber of potenti a l drilli ng l o cati ons, eff ici enc y rat ios, netbac k s and rec y cl e ra ti os; our K e r r obert stea m - as si sted grav it y drai nage pro je c t, inc lud ing s t ea m - oil r a tios , nu m ber o f p o tential dr illing lo c a tions , expans ion o f s t ea m c apac it y , c apital ex pendit u r e s and e s tim a ted r e c o ver able r e s e r v es ; r ates o f r e tur n f o r our heav y o il pr oj ec ts ; pr o f it/inves tm e n t r a tios f o r Nor t h A m er ic an r e s our c e pla y s ; pr ic ing dif f e r entials betw een l ight, m e dium and heav y gr a v it y c r ude oils ; pr opo s e d pipel ine inf r as tr uc tur e d e vel o p m ent; the s uppl y of c r ud e oil f r om W e ster n Canada; pipel ine c apac it y f o r W e s ter n Canadian c r ude oil; r e f ining and upgr ading c apac it y f o r heav y o il; the de m and and s uppl y out look for heav y oi l; our Bak k en/ T h r ee F o r k s and Vi k ing lig ht oil r e s our c e pla y s , inc lud ing in it ial pr oduc tion r a tes , es ti m a ted r e c o ver able r e s e r v es , dr il ling and c o m p letion c o s t s per w e ll, the num ber o f pot ential dr illing lo c a tions , r a te s o f r e tur n , nu m b er o f pr os p e c t ive s e c t ions o f land, pot ential developm ent o f m iddle Ba k k en z one, and dr illing and oper ational plans f o r 2011; the ex is tenc e, oper ation an d s t r a teg y of our r is k m a nage m e nt pr o g r a m , inc luding the por tion o f futur e ex po s u r e s that have bee n hedge d; o u r debt to EBIT D A, debt to f und s f r o m ope rations , interes t c o ver age, debt to r e ser v es and debt to en ter p r is e valu e r a tios ; our 2011 f und s f r o m op er ations ; our 2011 y e ar - end debt to f und s f r o m oper ations r a tio; the s ens itiv it y of our 2011 f und s f r o m oper ations t o c han g e s in W e s t T e x a s Inter m edi ate oil pr ic es , natur al gas pr ic es , heav y oi l d iff er entials and Canada- United States f o r e ign exc hange r a te s ; the ta x a tion o f our divid ends ; and our valuation bas ed on var ious m e tr ic s c u s t o m ar il y us ed in th e o il and g a s indus tr y r e lati ve to other oil- w e ighted Canad ian pr oduc er s . In addition, i n f o r m ation and s tate m ent s r e lating to r e s e r v es ar e dee m e d to be for w ar d - look ing s t ate m ent s , as the y invo lve im plied as s e s s m e nt , bas ed o n c e r t ain es ti m a te s and a s s u m p tions , that th e r e s e r v es des c r ibed e x is t in quantities pr edic ted or es tim a ted, and that th e r e s e r v es c an be pr of itabl y pr oduc ed in the f u tur e . Cas h div idends on our c o m m on s har es ar e paid at the dis c r etion of our Boar d of Dir e c t or s and c an f luc tuat e. In es tablis hing the leve l of c a s h div idends , the Boar d of Dir e c t or s c onsider s al l f a c t or s that it deem s r e levant, in c luding, wit hout lim itation, the outlook f o r c o m m odit y pr ic es , o u r oper ational ex e c ution, the a m o unt o f f und s f r o m o per ations an d c a pital ex penditur e s and our p r e vail ing f inanc ial c ir c um s t anc e s at th e tim e .