Baytex Announces Granting of Exemptive Relief Regarding Its Normal Course Issuer Bid Program

Rhea-AI Summary

Baytex Energy (NYSE:BTE) has secured an exemption order from Canadian securities regulators that allows the company to purchase up to 10% of its public float through the NYSE and other U.S.-based trading systems. This expansion of their share repurchase capability is part of their shareholder return strategy, including their current normal course issuer bid announced on June 24, 2025.

Without this exemption, Baytex's purchases on markets outside the TSX would have been limited to 5% of outstanding common shares over a twelve-month period. The exemptive relief extends through July 11, 2028 and applies to both the current bid and future normal course issuer bids, subject to compliance with U.S. rules and trading price restrictions.

Positive

• Increased share repurchase flexibility with ability to buy up to 10% of public float on U.S. markets
• Extended exemption period through July 2028 provides long-term buyback capability
• Enhanced ability to execute shareholder return strategy across multiple trading venues

Negative

• Share repurchases are subject to price restrictions and regulatory compliance requirements

Calgary, Alberta--(Newsfile Corp. - July 14, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") today announced it obtained an exemption order from the Canadian securities regulators which permits Baytex to purchase up to 10 percent of the "public float" (within the meaning of the rules of the Toronto Stock Exchange (the "TSX")) of its common shares through the New York Stock Exchange and other U.S.-based trading systems as part of Baytex's shareholder return strategy, including the current normal course issuer bid announced on June 24, 2025 (the "Current Bid"). Absent this exemptive relief, Baytex's purchases under a normal course issuer bid on markets other than the TSX would be limited to not more than 5 percent of its outstanding common shares over any twelve-month period.

The exemptive relief is applicable to the Current Bid and any other normal course issuer bid commenced by Baytex and which expire on or before July 11, 2028 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules and National Instrument 23-101 - Trading Rules and at a price not higher than the market price at the time of purchase. The aggregate number of common shares purchased by Baytex over any exchange or market over the relevant 12-month period of a particular normal course issuer bid may not exceed 10 percent of the public float, as specified in Baytex's notice accepted by the TSX in respect of the relevant normal course issuer bid, including the Current Bid.

Baytex Energy Corp

Baytex Energy Corp. is an energy company based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

For further information about Baytex, please visit our website at www.baytexenergy.com or contact:

Brian Ector, Senior Vice President, Capital Markets and Investor Relations

Toll Free Number: 1-800-524-5521
Email: investor@baytexenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258687

FAQ

What exemption did Baytex Energy (BTE) receive for its share buyback program?

Baytex received approval to purchase up to 10% of its public float through NYSE and other U.S.-based trading systems, up from the previous 5% limit for non-TSX markets.

How long is Baytex's (BTE) share buyback exemption valid?

The exemption is valid through July 11, 2028 and applies to both the current normal course issuer bid and future bids within this timeframe.

What are the conditions for Baytex's (BTE) expanded share buyback program?

The buyback must comply with U.S. rules and National Instrument 23-101, and purchases must be made at prices not higher than the market price at the time of purchase.

When did Baytex Energy announce its current normal course issuer bid?

Baytex announced its current normal course issuer bid on June 24, 2025.