Early Warning Reporting - Acquisition of Shares of Baytex Energy Corp.

HOUSTON, June 20, 2023 /CNW/ - Juniper Capital Advisors, L.P. ("Juniper") announces that on June 20, 2023, in connection with the closing of the merger (the "Merger") between Baytex Energy Corp. ("Baytex") and Ranger Oil Corporation ("Ranger"), two entities affiliated with Juniper acquired beneficial ownership of, and control or direction over, 168,891,995 common shares of Baytex in the aggregate, representing approximately 19.7% of the common shares of Baytex issued and outstanding immediately following the closing of the Merger, through the issuance by Baytex, as partial consideration for all the shares of Ranger common stock beneficially held by such affiliates, of (i) 40,491,996 common shares to Rocky Creek Resources, LLC and (ii) 128,399,999 common shares to JSTX Holdings, LLC. Immediately prior to the closing of the Merger, Juniper did not have beneficial ownership of, nor control or direction over, any common shares of Baytex.

The common shares of Baytex are held by Juniper for investment purposes. Depending on the evolution of Baytex's business, financial condition, the market for Baytex's securities, general economic conditions and other factors, Juniper may in the future increase the ownership of common shares of Baytex from time to time, or sell some or all of the common shares they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions, applicable securities laws and other relevant factors.

This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early waning report filed by Juniper will be available under Baytex's profile on SEDAR at www.sedar.com or by contacting Tim Gray at 713-335-4735. Juniper's head office is located at 2727 Allen Parkway, Suite 1850, Houston, Texas 77019, USA. Baytex's head office is located at 2800, 520 – 3^rd Avenue SW, Calgary, Alberta T2P 0R3, Canada.

SOURCE Juniper Capital Advisors, L.P.

Tim Gray, 713-335-4735