Economics : Rates of Return/ IRR
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BUSINESS UNIT HIGHLIGHTS
w
Light Oil Canada Heavy Oil Canada
Light Oil USA
(Eagle Ford) (Viking/Duvernay) (Peace River/Peavine/
Lloydminster)
Production (2025E) 82,000 boe/d 18,000 boe/d 44,000 boe/d
% Liquids 81% 83% 96%
Land (net acres) 178,000 317,000 745,000
2P Reserves (Gross) (1) 401 MMboe 109 MMboe 137 MMboe
Asset Level Free Cash Flow (% of corporate) (2) 55% 5% 40%
Drilling Locations (net risked) (3) 800 1,200 900
Individual Well Economics (4) (5)
IRRs 45% to 90% 55% to 90% 95% to 250%
Payouts 14 to 26 months 14 to 21 months 8 to 13 months
CROCI (6) 2.1x to 2.5x 2.0x to 2.7x 2.4x to 4.0x
(1) Baytexs year-end 2024 reserves were evaluated by McDaniel & Associates Consultants Ltd, (McDaniel), an independent qualified reserves evaluator in accordance with National Instrument 51-101 Standards of Disclosure for
Oil and Gas Activities (NI 51-101). See Advisory Regarding Oil and Gas Information.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial
Measures Advisory section in this presentation for further information.
(3) Net locations includes proved plus probable undeveloped reserves locations at year-end 2024 and unbooked future locations. See Advisory Regarding Oil and Gas Information.
(4) Individual well economics based on constant pricing and costs and Baytexs internal assumptions using an average type curve for wells within each asset that are expected to be developed in the five-year outlook (representing
40% of our inventory of booked and un-booked risked locations).
(5) Commodity price assumptions: WTI US75/bbl; WCS differential US13/bbl; NYMEX Gas - US3.25/MMbtu; Exchange Rate (CAD/USD) 1.40.
(6) Cash Return on Capital Invested (CROCI) is a supplementary financial measure calculated as the undiscounted cash flow stream for an individual well divided by the cost to drill, complete, equip and tie-in a well.
BAYT EX ENERGY / NYSE / T SX BT E 14
Baytex Energy Corp.
August 2025
WELL ECONOMICS
APPENDIX
Strong returns across areas despite pressure in the current commodity price environment
HALF CYCLE RESERVE
TYPE CURVE ECONOMICS PEACE RIVER WILLESDEN GREEN VIKING
Formation Bluesky1 Clearwater2 Cardium2 W. Viking (Esther)2
Well Length 11 legs 8 legs 2.0 mile 1.5 mile
DCET3 Capex 3.3 million 2.3 million 5.0 million 2.2 million
EUR 282 Mboe 204 Mboe 354 Mboe 101 Mboe
Total IP365 184 boe/d 180 boe/d 274 boe/d 109 boe/d
NPV Btax 10% 3.6 million 1.7 million 4.4 million 1.3 million
IRR 89% 91% 95% 66%
Payout 1.2 years 1.1 years 1.1 years 1.3 years
F&D 11.71/boe 11.37/boe 14.24/boe 21.44/boe
Capital efficiency (12-month) 17,939 boe/d 12,839 boe/d 18,410 boe/d 20,051 boe/d
1 Bluesky economics are based on internal estimates for the Harmon Valley South field.
2 Type curves are derived using two years (or remaining inventory) of type well and input parameters provided by our Independent, Qualified Reserve Evaluator.
3 DCET includes construction costs.
* Price assumptions: US75/bbl WTI, US15.00/bbl WCS, US3.50/bbl MSW,2.50/GJ AECO and FX of 1.35 CAD/USD.
TSX:/NYSE American: OBE
February 2025 CORPORATE PRESENTATION 28
Obsidian Energy Ltd.
February 2025
27
A REPEATABLE, HIGH-QUALITY INVENTORY
12,000
Payout FROBISHER VIKING GLAUCONITE
0.5-0.8 years
10,000 DCE&T Costs (mm) 1.60 1.30 6.50
Cum. Operating Income ( 000's)
P+P Reserves (mboe) 93 51 864
8,000 (95% Liquids) (73% Liquids) (48% Liquids)
FROBISHER
6,000 IP90 (boe/d) 142 114 756
VIKING (95% Liquids) (79% Liquids) (57% Liquids)
GLAUCONITE
4,000 Payout (years) 0.5 0.7 0.8
P/I (x) 1.9 1.1 1.5
IRR (%) 200% 200% 172%
2,000
NPV (10% disc.) (mm) 3.00 1.40 10.00
Assumptions: US 75/bbl WTI, 3.00/GJ AECO, 1.37 USD/CAD
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Months on Production
Refer to Slide Notes and Advisories 27
Whitecap Resources Inc.
February 2025