Baytex Announces Expected Closing Date for U.S. Eagle Ford Sale and Early Results of Cash Tender Offer for 2032 Senior Notes

Calgary, Alberta--(Newsfile Corp. - December 15, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "Company") today announced that it expects to close the previously announced sale of its U.S. Eagle Ford assets (the "Eagle Ford Asset Sale") on December 19, 2025.

Baytex also announced the early results of the previously announced tender offer (the "Tender Offer") to purchase for cash, upon the terms and conditions set forth in the Offer to Purchase dated December 1, 2025 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), any and all of its US$575 million of outstanding 7.375% Senior Notes due 2032 (the "2032 Notes"). All terms and conditions of the Tender Offer remain unchanged and are described in the Offer to Purchase. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offer to Purchase.

According to information provided by Global Bondholder Services Corporation, the principal of amount of 2032 Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on December 12, 2025 (the "Early Tender Date") is set forth in the table below:

Title of Note	CUSIP / ISIN (144A)	CUSIP / ISIN (Reg S)	Principal Amount Outstanding Prior to the Tender Offer	Principal Amount Tendered as of the Early Tender Deadline (1)
7.375% Senior Notes due 2032	07317QAK1 / US07317QAK13	C08047AE9 / USC08047AE94	US$575,000,000	US$480,717,000

 

(1) As reported by Global Bondholder Services Corporation, the information and tender agent for the Tender Offer.

Assuming the Asset Sale Condition (as defined herein) is satisfied, Baytex expects to accept for payment all 2032 Notes validly tendered and not validly withdrawn on December 22, 2025 (such date and time, as it may be extended, the "Early Settlement Date"). The total consideration for the 2032 Notes (the "Total Consideration") is US$1,040 for each US$1,000 principal amount of the 2032 Notes. The Total Consideration includes an early tender payment (the "Early Tender Payment") of US$40 for each US$1,000 principal amount of the 2032 Notes. The Tender Offer Consideration (as defined in the Offer to Purchase) is equal to the Total Consideration minus the Early Tender Payment.