Peters & Co. Ltd. 2013 North American Oil & Gas Conference James Bowzer September 10, 2013 President & Chief Executive Officer Brian Ector Vice President, Investor Relations
Investment Highlights Focus on per share growth in production and reserves Organic Oil Growth Long-term, Low-Cost Inventory Sector-leading capital efficiency Operational excellence Meaningful Dividend Focus on dividend growth…
Corporate Profile Summary of Securities Trading Symbol TSX / NYSE: BTE Average Daily Volume (1) Canada: 432,500 / U.S.: 160,500 Shares Outstanding (Current) 124.1 million Market Capitalization / Enterprise Value 5.2 billion / 6.0…
Operating Areas 7
North America Resource Play Comparables Half Cycle Payouts 5.0 4.5 Baytex Oil Plays 4.0 Natural Gas Plays Oil Plays 3.5 3.0 Years 2.5 2.0 1.5 1.0 0.5 0.0 The above chart represents the Top North American Resource…
North America Resource Play Comparables Rate of Return 250% 225% Baytex Oil Plays 200% Natural Gas Plays 175% Oil Plays Rate of Return 150% 125% 100% 75% 50% 25% 0% The above chart represents the Top North American…
Key Projects Overview 10
Peace River Oil Sands 306 net sections of oil sands leases 551 million barrels of economic contingent resource * Primary Development Production (Q2/2013) 22,600 bbl/d 2P Reserves (YE12) 64 mmbbls Project Inventory(1) 238 net…
Peace River Multi-Lateral Cold Horizontal Primary (Cold) Development (1) Well Design 8-10 laterals Completed Well Cost 2.6-3.4 MM Production (30-day IP) 300-700 bbl/d EUR 275-550 mbbl Capital Efficiency 5,000-9,000 per bbl/d…
Peace River Cliffdale Thermal EOR Development Recovery per 15-well Module (Baytex estimates based on Cliffdale pilot) - CAPEX = 55 million - Recovery factor 30% based on numerical reservoir simulation - Oil rate = 2,000 bbl/d…
Peace River - Cliffdale Development 10-Well Module Full first-cycle steaming complete in Q4/12 Current production (August 2013) = 700 bbl/d 15-Well Module Regulatory approval March 2013 Facility construction complete…
Lloydminster Lloydminster Heavy Oil Heavy Oil 730 net sections; 217 million barrels of economic contingent resource * Area Statistics Production (Q2/2013) 19,500 bbl/d 2P Reserves (YE12) 116 mmbbls Oil Gravity 11 to 18 API…
Lloydminster Development Vertical Wells Completed Well Cost 450,000 Production (30-day IP) 30-50 bbl/d EUR 30-50 mbbl Project Inventory (1) 200 net locations Capital Efficiency 11,250 per bbl/d Development Cost 11.25/bbl…
Bakken / Three Forks Development 126 net sections; 27 million barrels of economic contingent resource * SASKATCHEWAN Bakken-Three Forks Baytex Lands Production (Q2/2013) 3,100 bbl/d 2P Reserves (YE12) 34 mmbbl NORTH DAKOTA…
Bakken / Three Forks Development Current development predominantly in the Three Forks formation Additional potential to develop Middle Bakken Evolution of frac staging: initially 6 stages/well 20 stages/well in 2011 30+…
Marketing
Heavy Oil Differential WCS and Maya Sources: Net Energy Inc., Argus Media, PIRA 20
Balance Sheet Strength ( millions) Q2 2013 Credit Facilities Unused Used Bank Loan (1) 225.4 Long-Term Debt (2),(3) 457.7 Working Capital Deficiency 87.4 Undrawn 625 million, or 74%(1) Total Monetary Debt (3) 770.5 Debt to…
Corporate Growth Strategy
2013 YTD Highlights Record Quarterly Production in Q2/2013 2013 Capital Budget - Produced a record 58,236 boe/d in Q2/2013, an increase of 12% over Q1/2013. Amount Wells Drilled - Tightened guidance range to 57,000 to 58,000 boe/d,…
Corporate Growth Strategy Long Range Plan Production (boe/d) Drilling Plan: 2013 - 2017 (total of net wells) Peace River Region: 8% CAGR - Oil Multi-lateral wells (8-10 laterals) 238 6% CAGR Boe Thermal (CSS) 110 Lloydminster…
Why Invest in Baytex Superior Asset Base Income Payout Proven Track Record - Low cost development - Committed to paying a - Best-in-class balance sheet inventory oil focus meaningful dividend - Sophisticated risk - Sector leading…
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