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The following table compares our revised 2020 guidance to our previous guidance. 2. We continue to forecast capital spending for this year of $260 to $290 million, which represents an approximate 50% reduction from our original plan of $500 to $575 million. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.References herein to average 30-day initial production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. All rights reserved. For a reconciliation of adjusted funds flow to cash flow from operating activities, see Management's Discussion and Analysis of the operating and financial results for the three and six months ended June 30, 2020.

The carrying amount of debt issue costs associated with the bank loan and long-term notes are excluded on the basis that these amounts have been paid by Baytex and do not represent an additional source of capital or repayment obligations. As a result, exploration and development spending totaled a modest $10 million during the second quarter. Baytex Conference Call and Webcast on First Quarter 2020 Results to be Held o.. Baytex Provides Annual General Meeting Update, Baytex receives nyse listing notification, Baytex announces revised 2020 capital program. These volumes remained off-line for April and May. 2020 Guidance   Exploration and development expenditures$260 - $290 million  Production (boe/d)78,000 - 82,000      Expenses:   Royalty rate~ 18.5%  Operating$11.75 - $12.50/boe  Transportation$0.95 - $1.05/boe  General and administrative$38 million ($1.30/boe)  Interest$112 million ($3.84/boe)      Leasing expenditures$7 million  Asset retirement obligations$10 million  Additional InformationOur condensed consolidated interim unaudited financial statements for the three and six months ended June 30, 2020 and the related Management's Discussion and Analysis of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml. The following table shows Baytex’s disaggregated production volumes for the three and six months ended June 30, 2020. As of June 30, 2020, we had $363 million of undrawn capacity on our credit facilities, resulting in liquidity, net of working capital, of approximately $300 million. WTI 3-way options consist of a sold put, a bought put and a sold call. ... Press Releases. Our determination of operating netback may not be comparable with the calculation of similar measures for other entities. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. With this revised capital program, we suspended drilling operations in Canada and moderated the pace of activity in the Eagle Ford.We previously announced voluntary production shut-ins of approximately 25,000 boe/d. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. For the second half of 2020, we currently project about 5,000 boe/d of heavy oil production to remain shut-in.On June 25, we revised our production guidance range for 2020 to 78,000 to 82,000 boe/d, from 70,000 to 74,000 boe/d previously, taking into account the production brought back on-line. News Press Releases. We use free cash flow to evaluate funds available for debt repayment, common share repurchases, potential future dividends and acquisition and disposition opportunities. S&P Dow Jones Indices Announces Changes to the S&P/TSX Composite Index and S&.. Baytex to Present at RBC Capital Markets 2020 Global Energy and Power Confere.. Baytex Reports Shareholder Meeting Results, Baytex Announces First Quarter 2020 Financial and Operating Results. As operating netbacks improved in June, we initiated plans to bring approximately 80% of these volumes back on-line. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Covenant DescriptionPosition as at June 30, 2020Covenant Senior Secured Debt(1) to Bank EBITDA(2) (Maximum Ratio)1.0:1.03.5:1.0 Interest Coverage(3) (Minimum Ratio)6.6:1.02.0:1.0 Notes: 1. All rights reserved. Exploration and development expenditures is not a measurement based on GAAP in Canada. In the first half of 2020, we invested $79 million on exploration and development in the Viking and commenced production from 83 (78.5 net) wells.Heavy OilOur heavy oil assets at Peace River and Lloydminster produced a combined 13,082 boe/d (91% oil and NGL) during the second quarter, as compared to 31,211 boe/d in Q1/2020. As operating netbacks improved in June, these volumes were brought back on-line. Our definition of net debt may not be comparable to other issuers. CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) -- Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three and six months ended June 30, 2020 (all amounts are in Canadian dollars unless otherwise noted). We define free cash flow as adjusted funds flow less exploration and development expenditures (both non-GAAP measures discussed above), payments on lease obligations, and asset retirement obligations settled. The quarterly impact of voluntary shut-ins in the Viking was approximately 2,000 boe/d.

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