Baytex Energy Corp.

Baytex Energy Corp. intends to offer $500 million aggregate principal amount of senior unsecured notes due 2027 in a private placement offering, subject to market and other conditions. The notes will pay interest semi-annually in arrears. The final terms of the notes will be determined at the time of pricing of the notes. Baytex intends to use the net proceeds from the offering and its existing unutilized credit facilities to redeem $400 million aggregate principal amount of its outstanding 5.125% notes due June 1, 2021 and $300 million aggregate principal amount of its outstanding 6.625% debentures due July 19, 2022.

Pursuant to the terms of the indenture governing the 2021 notes, Baytex intends to issue a conditional notice of redemption to redeem all of the outstanding 2021 notes, which redemption will be conditional upon the successful completion of the offering. In addition, pursuant to the terms of the indenture governing the 2022 debentures, Baytex intends to issue a notice of redemption to redeem all of the outstanding 2022 debentures, which redemption will be conditional upon the successful completion of the offering.