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  Economics : Rates of Return/ IRR

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Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Free Cash Flow (1) (C millions) 250 1.6 billion cumulative asset level 200 net locations free cash flow since 2016 200 150 100 15 net wells 441 50 on-stream 0 2023 Program Remaining Undrilled Inventory 332 96 Well Economics (3) 238 WTI Oil Price US70/bbl US80/bbl US90/bbl 285 Payout: 11 months 9 months 8 months 138 IRR: 120% 172% 237% 42 Recycle Ratio: 3.4x 3.9x 4.4x 2016 2017 2018 2019 2020 2021 2022 (1) Non-GAAP financial measure that is not a standardized financial measure under IFRS and may not be comparable to similar measures disclosed by other issuers. See Specified Financial Measures in the 2022 MD&A for information related to this non-GAAP financial measure, which information is incorporated by reference into this presentation. (2) Net locations includes 164 proved plus probable undeveloped reserves locations at year-end 2022 and 36 unbooked future locations. See Advisories (3) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected type curve that uses the following assumptions: well cost 8.3 million (6,000 foot lateral); IP365 - 700 boe/d; EUR 700 mboe). 13
Baytex Energy Corp.
April 2023

Webb County Austin Chalk Commentary Webb County Map Successfully completed seven Austin Chalk tests and moving to multi-well development 72 locations remain to be developed in Webb County Past wells delivered at an average cost of 6.4 million with an average completed length of 7,500 Consistent results at Rio Bravo and Fasken delivering 1 RIO BRAVO STATE 201H normalized IPs over 11 MMcf/d 2 FASKEN STATE 201H Recent San Roman well delivering normalized IPs over 12 3 RIO BRAVO STATE 202H MMcf/d 4 LA MESA RANCH 201H 5 LA MESA RANCH 202H Productivity from the Austin Chalk formation in 6 LA MESA RANCH 203H 7 SAN ROMAN 201H Webb County ranks among best gas plays in U.S. Economic Potential Daily Production(1) Drilling Locations 72 Average Lateral Length 7,500 Type Curve EUR 14-18 Bcfe % Gas 100% Average Gross Well Cost (MM) 6.4 - 8.3 IRR(2)(3) (%) 85% Type Curve Payout(2)(3) (Years) < 1.5 (1) Normalized to 7,500 ft.; Early flowback/cleanup production not shown (first 7 days) (2) Pricing: 80 4.50 35% (3) Effective Date: January 2023 Corporate Presentation 18 11/3/2022
Silverbow Resources
December 2022

Deep, High-Quality and Delineated Inventory Deep, High-Quality Eagle Ford Inventory 20 Years of high-quality inventory(7) 20-yr inventory, with upside(7) 10 yrs: est. well-level IRR 100% at 80 WTI(7)(12) 14 yrs: est. breakeven economics at 50 WTI(7)(13) or lower 750 Strong returns at strip pricing Track record of low-cost inventory growth Identified Eagle Ford locations Development optimization, well performance enhancements, swaps / bolt-ons 200 Active Peers in Region Est. locations in Upper Eagle Ford & Austin Chalk EOG, MRO, COP and other privates drilled 117 wells near ROCC in 2022 Est. Gross Drilling Inventory 2022 Development YTD Performance Note: Does not include impact of working interest acquisitions 975 67 990 42 gross wells TIL YTD 215 51 213 Drilling 2022 On pace for 100% estimated IRR at strip pricing(6) Acquisitions Upper EF/AC 496 50 93 6 LONE/ Drilling Swaps/ Lateral Rocky Leasing Length Creek Ext./Opt. Acq. YE 20 YE 21E 3Q 22 See definitions and footnotes in the appendix of this presentation. 6
Ranger Oil Corp.
November 2022

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