EARLY WARNING REPORTING - DISPOSITION OF SHARES OF BAYTEX ENERGY CORP.

HOUSTON, Jan. 22, 2026 /CNW/ - Juniper Capital Advisors, L.P. ("Juniper") announces that on January 21, 2026, Juniper RCR Holdings, LLC ("Juniper RCR"), an entity controlled (directly or indirectly) by Juniper, entered into an agreement to sell 20,265,188 common shares of Baytex Energy Corp. ("Baytex") to certain arms' length persons in a private transaction effected by way of block-trade, at a price of US$3.354 per common share, for aggregate net proceeds of US$67,969,440.55 (C$4.633 per common share, for aggregate net proceeds of C$93,892,985.18 based on the daily exchange rate of US$1.000 = C$1.3814 posted by the Bank of Canada on January 21, 2026) (the "Block Trade"). Settlement of the Block Trade is expected to occur on January 23, 2026.

As a result of the Block Trade, together with previous distributions by Juniper Capital III GP, LP ("Juniper Capital III GP") and Rocky Creek Resources, LLC ("RCR"), each an entity controlled (directly or indirectly) by Juniper, of an aggregate of 7,870,809 common shares of Baytex to certain of their respective limited partners and members, Juniper's holdings in Baytex will decrease to less than 10% of the issued and outstanding common shares of Baytex.

Immediately prior to the aforementioned transactions, Juniper had beneficial ownership of, and control or direction over, an aggregate of 102,322,662 common shares, representing approximately 13.32% of the common shares issued and outstanding, comprised of (i) 1,141,333 common shares held directly by Juniper Capital III GP, (ii) 26,994,664 common shares held directly by RCR and (iii) 74,186,665 common shares held directly by JSTX Holdings, LLC ("JSTX"), an entity controlled (directly or indirectly) by Juniper. Upon completion of the aforementioned transactions, Juniper will have beneficial ownership, and control or direction over, 74,186,665 common shares in the aggregate, held directly by JSTX, representing approximately 9.66% of the common shares issued and outstanding.

The common shares to be sold in the context of the Block Trade are being sold for investment purposes. The remaining common shares beneficially owned by Juniper are held 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 share, held by Juniper or its affiliates, 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.sedarplus.ca 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.