<SEC-DOCUMENT>0001104659-20-122837.txt : 20201109
<SEC-HEADER>0001104659-20-122837.hdr.sgml : 20201109
<ACCEPTANCE-DATETIME>20201109102056
ACCESSION NUMBER:		0001104659-20-122837
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200930
FILED AS OF DATE:		20201109
DATE AS OF CHANGE:		20201109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAYTEX ENERGY CORP.
		CENTRAL INDEX KEY:			0001279495
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				981035204

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32754
		FILM NUMBER:		201296467

	BUSINESS ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3
		BUSINESS PHONE:		587-952-3000

	MAIL ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAYTEX ENERGY TRUST
		DATE OF NAME CHANGE:	20040210
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2034130d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16
Under the</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of November&nbsp;2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 1-32754</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAYTEX ENERGY CORP.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2800, 520 &ndash; 3<SUP>rd</SUP> AVENUE
S.W.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALGARY, ALBERTA, CANADA</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>T2P 0R3</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the
Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): <FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is
submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): <FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant by furnishing the information contained in this Form&nbsp;is also thereby furnishing
the information to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule&nbsp;12g3-2(b):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following document attached as an exhibit hereto is incorporated
by reference herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 2pt; width: 12%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 1pt 2pt; width: 88%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt"><A HREF="tm2034130d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 2pt; font-size: 10pt"><A HREF="tm2034130d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Third Quarter Report 2020</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">BAYTEX ENERGY CORP.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Rodney D. Gray&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Rodney D. Gray&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President and&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%">Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: November&nbsp;9, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2034130d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2034130d2_ex99-1img001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>BAYTEX
ANNOUNCES THIRD QUARTER 2020 FINANCIAL AND OPERATING RESULTS AND BOARD APPOINTMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CALGARY,
ALBERTA (November 2, 2020) - Baytex Energy Corp. (&ldquo;Baytex&rdquo;)(TSX: BTE, NYSE: BTE.BC) reports its operating and financial
results for the three and nine months ended September 30, 2020 (all amounts are in Canadian dollars unless otherwise noted).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&ldquo;We
have made tremendous progress to re-set our business in the face of extremely volatile crude oil markets. Our third quarter results
demonstrate the success of our actions as we generated free cash flow of $60 million and increased financial liquidity to $344
million. I am also especially pleased with our response to the Covid pandemic with intensified efforts to improve all aspects
of our cost structure and capital efficiencies, while protecting the health and safety of our personnel,&rdquo; commented Ed LaFehr,
President and Chief Executive Officer.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Q3
2020 Highlights</U></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Generated
                                         production of 77,814 boe/d (82% oil and NGL) in Q3/2020 and 82,907 boe/d (82% oil and
                                         NGL) for the first nine months of 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Delivered
                                         adjusted funds flow of $79 million ($0.14 per basic share) in Q3/2020 and $229 million
                                         ($0.41 per basic share) for the first nine months of 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Generated
                                         free cash flow of $60 million ($0.11 per basic share) in Q3/2020 and $16 million ($0.03
                                         per basic share) for the first nine months of 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; width: 0.25in; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Realized
                                         an operating netback of $17.05/boe in Q3/2020, up from $5.96/boe in Q2/2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reduced
                                         net debt by $89 million during the third quarter through a combination of free cash flow
                                         and the Canadian dollar strengthening relative to the U.S. dollar.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintained
                                         undrawn credit capacity of $426 million and liquidity, net of working capital, of $344
                                         million.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2020
Outlook and Revised Guidance</U></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have responded aggressively to the downturn brought on by Covid-19 as we minimize capital spending, identify cost savings and
maintain our liquidity.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
expect production to average approximately 80,000 boe/d, which represents the mid-point of our guidance range of 78,000 to 82,000
boe/d. Annual capital spending is forecast to be $260 to $290 million, an approximate 50% reduction from our original plan of
$500 to $575 million.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are also reducing our full-year 2020 operating expense guidance by 7% (at the mid-point) to $11.20 to $11.40/boe. We remain intensely
focused on driving further efficiencies to capture and sustain cost reductions identified during this downturn, while protecting
the health and safety of our personnel.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">After
two quarters of little to no capital spending in Canada, we have resumed drilling activity during the fourth quarter. We have
mobilized two drilling rigs to execute a 30-well drilling program in the Viking and completed two Duvernay wells drilled earlier
this year. In addition, with the increase in natural gas prices, we have identified opportunities in west-central Alberta at Pembina
O&rsquo;Chiese to drill natural gas wells with strong economics and capital efficiencies and have two wells planned for this winter.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes our updated 2020 guidance. We are in the process of setting our 2021 capital budget, the details of
which are expected to be released in December following approval by our Board of Directors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020
    Guidance <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020
    Revised Guidance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and development expenditures</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$260
    - $290 million</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Production
    (boe/d)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">78,000
    - 82,000</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~
    80,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Expenses:</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalty
    rate</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~
    18.5%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~
    18%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$11.75
    - $12.50/boe</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$11.20
    - $11.40/boe</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$0.95
    - $1.05/boe</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">General
    and administrative</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$38
    million ($1.30/boe)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$112
    million ($3.84/boe)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$108
    million ($3.70/boe)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Leasing
    expenditures</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$7
    million</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$6
    million</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$10
    million</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$8
    million</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">ote:</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
announced on June 25, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
the third quarter we began to benefit from our actions to reduce capital, capture cost savings and maintain liquidity. We generated
free cash flow of $60 million during the quarter and $16 million through the first nine months of this year and also increased
our financial liquidity to $344 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the important measures we have undertaken to position us for success as markets recover.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; width: 26%; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Action</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 68%; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020
    Highlights</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Negotiated
    bank credit facility<BR>
    extension and refinanced long-<BR>
    term notes</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Extended
                                         maturity of bank credit facilities to April 2024</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issued
        US$500 million principal amount of long-term notes due April 2027</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Redeemed
        two series of senior unsecured notes &ndash; US$400 million due 2021 and $300 million due 2022</FONT></P></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Dynamic
    response to oil price<BR>
    collapse</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Identified
                                         cost savings of ~ $100 million, capital budget reduced by ~ 50%</FONT></P>
                                                          <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintained
                                         liquidity of &gt; $300 million</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintained
        strong operating efficiency</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Active
        hedge strategy implemented to preserve financial liquidity Accessed available government assistance</FONT></P></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High
                                         graded portfolio and</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">economic
        inventory</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><P STYLE="font-size: 9pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Capital
                                         reduction has re-set production base to ~ 75,000 boe/d</FONT></P>
                                                                                <P STYLE="font-size: 9pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Fully
                                         funded sustaining capital program at US$40 to US$45/bbl WTI</FONT></P>
                                                                                <P STYLE="font-size: 9pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Improved
                                         capital efficiencies and moderated production decline rate</FONT></P></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Established
    Covid-19 task force<BR>
    and flexible working team</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; color: #231E20"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #231E20">&middot;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Effective
    response to Covid-19 with on-going training, communication and work strategies</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 3%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2</B>&nbsp;</FONT></P></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 47%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></P></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three
    Months Ended</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nine
    Months Ended</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FINANCIAL</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(thousands
    of Canadian dollars, except per common</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">share
    amounts)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; width: 35%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Petroleum
    and natural gas sales</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,538</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152,689</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">424,600</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">741,841</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,360,024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Adjusted
    funds flow </B><SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,508</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,887</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,379</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,330</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">670,279</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per
    share &ndash; basic</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.41</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per
    share &ndash; diluted</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.41</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income (loss)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23,444</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(138,463</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,660,124</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per
    share &ndash; basic</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.75</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per
    share &ndash; diluted</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.75</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231E20; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital
    Expenditures</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and development expenditures <SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,902</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,852</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,085</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,531</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">399,174</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisitions,
    net of divestitures</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(98</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(149</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,617</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    oil and natural gas capital expenditures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,804</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,841</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,055</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,382</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,791</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231E20; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Debt</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Credit
    facilities <SUP>(2)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">624,826</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">704,135</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">570,792</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">624,826</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">570,792</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Long-term
    notes <SUP>(2)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,199,160</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,225,395</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,359,480</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,199,160</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,359,480</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long-term
    debt</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,823,986</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,929,530</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,930,272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,823,986</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,930,272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working
    capital deficiency</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,093</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,423</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,067</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,093</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,067</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Net
    debt <SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,906,079</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,994,953</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,971,339</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,906,079</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,971,339</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231E20; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares
    Outstanding - basic (thousands)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    average</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">561,128</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,512</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">557,888</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,484</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">556,651</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">End
    of period</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">561,163</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,545</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">557,972</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">561,163</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">557,972</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BENCHMARK
    PRICES</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-left: 0.075in; color: #231E20; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    oil</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WTI
    (US$/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40.93</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56.45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38.32</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEH
    oil (US$/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41.63</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61.07</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39.19</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62.63</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEH
    oil differential to WTI (US$/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.70</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.62</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.87</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.57</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Edmonton
    par ($/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49.83</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68.41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43.70</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69.59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Edmonton
    par differential to WTI (US$/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.51</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6.31</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.66</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6.04</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.70</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WCS
    heavy oil ($/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42.40</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.70</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58.39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.34</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60.24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WCS
    differential to WTI (US$/bbl)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.09</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.47</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12.24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13.70</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.74</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-left: 0.075in; color: #231E20; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
    gas</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYMEX
    (US$/mmbtu)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.98</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.88</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.67</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AECO
    ($/mcf)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.18</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.04</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.08</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231E20; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD/USD
    average exchange rate</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3316</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3860</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3207</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3541</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3292</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 47%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="text-align: right; width: 3%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.175in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three
    Months Ended</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nine
    Months Ended</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.175in; font-size: 10pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September
    30,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in; color: rgb(35,30,32); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>OPERATING</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Daily
    Production</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Light
    oil and condensate (bbl/d)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,101</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,951</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,829</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,570</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,479</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heavy
    oil (bbl/d)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,138</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,832</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,712</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,946</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,637</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NGL
    (bbl/d)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,417</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,634</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,543</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,624</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,745</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    liquids (bbl/d)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,656</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,417</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,084</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,140</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,861</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
    gas (mcf/d)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,945</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,546</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101,054</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,602</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,587</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Oil
    equivalent (boe/d @ 6:1) <SUP>(3)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,814</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,508</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,927</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,907</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,125</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.175in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Netback
    (thousands of Canadian dollars)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Total
    sales, net of blending and other expense <SUP>(4)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,865</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147,229</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">411,650</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">704,351</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,309,396</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40,052</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,156</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75,017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(125,928</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(242,959</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    expense</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73,447</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73,680</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(97,377</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(251,597</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(298,143</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation
    expense</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,372</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,031</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,903</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,745</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,102</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Operating
    netback <SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,994</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,362</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,353</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">305,081</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">733,192</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,741</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,438</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,934</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(24,954</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,576</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    financing and interest</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,418</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,387</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,752</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(81,340</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(83,028</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized
    financial derivatives gain (loss)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,743</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,624</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,857</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,731</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,664</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Other
    <SUP>(5)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(584</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(274</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(145</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(188</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,027</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Adjusted
    funds flow <SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,508</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,887</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,379</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,330</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">670,279</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.175in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Netback
    (per boe)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Total
    sales, net of blending and other expense <SUP>(4)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.79</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.31</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47.14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.01</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48.88</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5.59</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8.59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5.54</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.07</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    expense</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10.26</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.08</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation
    expense</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.89</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.76</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.13</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.96</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.31</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Operating
    netback <SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.05</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.96</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.43</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.37</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.08</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.10</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.33</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    financing and interest</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.55</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.58</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized
    financial derivatives gain (loss)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.36</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.35</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; padding-left: 0.175in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Other
    <SUP>(5)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.09</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">---</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.11</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.075in; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Adjusted
    funds flow <SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.97</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.71</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.43</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.10</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.02</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #231E20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Notes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
                                         terms &ldquo;adjusted funds flow&rdquo;, &ldquo;exploration and development expenditures&rdquo;,
                                         &ldquo;net debt&rdquo; and &ldquo;operating netback&rdquo; do not have any standardized
                                         meaning as prescribed by Canadian Generally Accepted Accounting Principles (&ldquo;GAAP&rdquo;)
                                         and therefore may not be comparable to similar measures presented by other companies
                                         where similar terminology is used. See the advisory on non-GAAP measures at the end of
                                         this press release.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Principal
                                         amount of instruments. The carrying amount of debt issue costs associated with the credit
                                         facilities 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Barrel
                                         of oil equivalent (&quot;boe&quot;) amounts have been calculated using a conversion rate
                                         of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts
                                         may be misleading, particularly if used in isolation. 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Realized
                                         heavy oil prices are calculated based on sales dollars, net of blending and other expense.
                                         We include the cost of blending diluent in our realized heavy oil sales price in order
                                         to compare the realized pricing on our produced volumes to the WCS benchmark.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other
                                         is comprised of realized foreign exchange gain or loss, other income or expense, current
                                         income tax expense or recovery and share-based compensation. Refer to the Q3/2020 MD&amp;A
                                         for further information on these amounts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. Third Quarter
    Report 2020</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Q3/2020
Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
during the third quarter averaged 77,814 boe/d (82% oil and NGL), as compared to 72,508 boe/d (81% oil and NGL) in Q2/2020. The
higher production reflects the re-start of previously shut-in volumes in Canada, partially offset by lower activity in the Viking
and Eagle Ford. Our third quarter production was reduced by approximately 5,000 boe/d due to voluntary shut-ins. Exploration and
development spending totaled a modest $16 million during the third quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
delivered adjusted funds flow of $79 million ($0.14 per basic share) in Q3/2020 and generated an operating netback of $17.05/boe
($15.69/boe inclusive of realized financial derivatives loss). The Eagle Ford generated an operating netback of $18.99/boe and
our Canadian operations generated an operating netback of $15.90/boe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
continue to emphasize cost reductions across all facets of our organization. Through the first nine months of 2020 our team has
driven operating costs down to $11.08/boe, despite lower production volumes. This compares favorably to our guidance range of
$11.75 to $12.50/boe. As a result, we are reducing our full-year 2020 operating expense guidance by 7% (at the mid-point) to $11.20
to $11.40/boe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Eagle
Ford and Viking Light Oil</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
in the Eagle Ford averaged 28,650 boe/d (77% oil and NGL) during Q3/2020, as compared to 34,817 boe/d in Q2/2020. The lower volumes
reflect reduced completion activity as we adjusted our development plan in response to volatile commodity prices. We commenced
production from six (0.8 net) wells during the third quarter, as compared to 47 (10.7 net) in the first half of 2020. Activity
in the Eagle Ford has recently resumed and we have 0.75 net drilling rigs and 0.5 net frac crews running on our lands. We expect
to bring approximately 16 net wells on production in the Eagle Ford in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
in the Viking averaged 18,774 boe/d (91% oil and NGL) during Q3/2020, as compared to 19,717 boe/d in Q2/2020. We had previously
suspended all drilling in the Viking, and as such, there was limited activity during the third quarter. In the first nine months
of 2020, we invested $77 million on exploration and development in the Viking and commenced production from 83 (78.5 net) wells.
After two quarters of minimal capital spend, we have resumed drilling activity in the Viking with two drillings rigs mobilized
to execute a 30-well drilling program during the fourth quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Heavy
Oil</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
heavy oil assets at Peace River and Lloydminster produced a combined 24,791 boe/d (89% oil and NGL) during the third quarter,
as compared to 13,082 boe/d in Q2/2020. The increased production reflects the re-start of previously shut-in production as operating
netbacks improved. The quarterly impact of voluntary shut-ins for heavy oil was approximately 5,000 boe/d, down from 17,000 boe/d
in Q2/2020. We currently have approximately 2,000 boe/d of heavy oil production shut-in. We had previously suspended all heavy
oil drilling, and as such, there was limited activity during the third quarter. In the first nine month of 2020, we invested $41
million on exploration and development and drilled 33 (33.0 net) wells.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Pembina
Area Duvernay Light Oil</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
in the Pembina Duvernay averaged 1,474 boe/d (79% oil and NGL) during Q3/2020, as compared to 717 boe/d in Q2/2020. The increased
production during the third quarter reflects the re-start of previously shut-in production as operating netbacks improved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Q1/2020, we drilled two wells in the core of our Pembina acreage, bringing total wells drilled to nine in this area. These two
wells were fracture stimulated in October using a &ldquo;plug and perf&rdquo; system with fracture diversion technology. The wells
are scheduled to be placed on production in November. The two wells confirm visibility to a $7.0 million well cost in a full development
scenario. The success of our drilling program in the Pembina area has significantly de-risked our approximately 38-kilometre long
acreage fairway, where we hold 232 sections (100% working interest) of Duvernay land.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 8pt; vertical-align: top; text-align: left">
    <TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; vertical-align: bottom; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Liquidity</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
credit facilities total approximately $1.07 billion and have a maturity date of April 2, 2024. These are not borrowing base facilities
and do not require annual or semi-annual reviews. As of September 30, 2020, we had $426 million of undrawn capacity on our credit
facilities, resulting in liquidity, net of working capital, of $344 million. In addition, our first long-term note maturity of
US$400 million is not until June 2024.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
net debt, which includes our credit facilities, long-term notes and working capital, totaled $1.9 billion at September 30, 2020,
down from $2.0 billion at June 30, 2020. Based on the forward strip, we expect to maintain our financial liquidity and remain
onside with our financial covenants.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Covenants</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the financial covenants applicable to the credit facilities and Baytex&rsquo;s compliance therewith
as at September 30, 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 59%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 27%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Position
    as at</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Covenant
    Description</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Covenant</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Senior
    Secured Debt<SUP>(1)</SUP> to Bank EBITDA<SUP>(2)</SUP> (Maximum Ratio)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.1:1.0</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.5:1.0</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding-left: 5pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    Coverage<SUP>(3)</SUP> (Minimum Ratio)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5.4:1.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.0:1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Notes:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">Senior
                                         Secured Debt is defined as the principal amount of the credit facilities and other secured
                                         obligations identified in the credit agreement. As at September 30, 2020, the Company&rsquo;s
                                         Senior Secured Debt totaled $640.3 million which includes $624.8 million of principal
                                         amounts outstanding and $15.5 million of letters of credit.</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">Bank
                                         EBITDA is calculated based on terms and definitions set out in the credit agreement which
                                         adjusts net income or loss for financing and interest expense, income tax, non-recurring
                                         losses, certain specific unrealized and non-cash transactions (including depletion, depreciation,
                                         exploration and evaluation expense, impairment, deferred income tax expense or recovery,
                                         unrealized gains and losses on financial derivatives and foreign exchange and share-based
                                         compensation) and is calculated based on a trailing twelve month basis including the
                                         impact of material acquisitions as if they had occurred at the beginning of the twelve
                                         month period. Bank EBITDA for the twelve months ended September 30, 2020 was $566.1 million.</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">Interest
                                         coverage is computed as the ratio of Bank EBITDA to financing and interest expense, excluding
                                         accretion of debt issue costs and asset retirement obligations, and is calculated on
                                         a trailing twelve month basis. Financing and interest expense, excluding accretion of
                                         debt issue costs and asset retirement obligations, for the twelve months ended September
                                         30, 2020 was $105.2 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Risk
Management</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
manage commodity price movements, we utilize various financial derivative contracts and crude-by-rail to reduce the volatility
of our adjusted funds flow. The following table summarizes our crude oil hedges in place.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 38%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Q4/2020</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2021</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 3pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI
    Fixed Hedges</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 13pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Volumes
    (bbl/d)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">8,000</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">---</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 13pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Fixed
    Price (US$/bbl)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$42.78</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">---</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 3pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI
    3-Way Option <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 13pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Volumes
    (bbl/d)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">24,500</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,500</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 13pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Baytex
    Receives <SUP>(2) (3) (4)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI
    plus US$7.60</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">US$45</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding-left: 3pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    Volumes (bbl/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">32,500</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Notes:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">WTI
                                         3-way options consist of a sold put, a bought put and a sold call. Baytex&rsquo;s average
                                         sold put, bought put and sold call for Q4/2020 are US$50.44/bbl, US$58.04/bbl and US$63.06/bbl,
                                         respectively. Baytex&rsquo;s average sold put, bought put and sold call for 2021 are
                                         US$35/bbl, US$45/bbl and US$53.57/bbl, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">For
                                         Q4/2020, Baytex receives WTI plus US$7.60/bbl when WTI is at or below US$50.44/bbl; Baytex
                                         receives US$58.04/bbl when WTI is between US$50.44/bbl and US$58.04/bbl; Baytex receives
                                         WTI when WTI is between US$58.04/bbl and US$63.06/bbl; and Baytex receives US$63.06/bbl
                                         when WTI is above US$63.06/bbl.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">For
                                         2021, Baytex receives WTI plus US$10/bbl when WTI is at or below US$35/bbl; Baytex receives
                                         US$45/bbl when WTI is between US$35/bbl and US$45/bbl; Baytex receives WTI when WTI is
                                         between US$45/bbl and US$53.57; and Baytex receives US$53.57/bbl when WTI is above US$53.57/bbl.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4)</FONT></TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: windowtext">Based
                                         on the forward strip for the balance of 2020, Baytex will receive WTI plus US$7.60/bbl.
                                         Based on the forward strip for 2021, Baytex will receive US$45/bbl.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. Third Quarter
    Report 2020</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
Q4/2020, we also have WTI-MSW basis differential swaps for 5,000 bbl/d of our light oil production in Canada at US$6.15/bbl and
WCS differential hedges on 6,500 bbl/d at a WTI-WCS differential of US$16.27/bbl.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
also have WTI-MSW differential hedges on approximately 40% of our expected 2021 Canadian light oil production at US$5.17/bbl and
WCS differential hedges on approximately 45% of our expected 2021 heavy oil production at a WTI-WCS differential of approximately
US$13.50/bbl.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
complete listing of our financial derivative contracts can be found in Note 17 to our Q3/2020 financial statements.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Board
Appointment</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Board of Directors is pleased to announce the appointment of Steve Reynish as a director of Baytex.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&ldquo;We
are very pleased that Steve has joined the Baytex board. His strategic perspective and tremendous breadth of experience across
technology, ESG, marketing, and corporate development will serve the board and Baytex well in the years ahead,&rdquo; commented
Mark Bly, Chairman of Baytex.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mr.
Reynish is currently the President and Chief Executive Officer of Enlighten Innovations, a private Calgary based clean energy
technology organization which he joined in 2020. Immediately prior to Enlighten Mr. Reynish served as an Executive Vice President
at Suncor Energy Inc. for eight years in a variety of capacities where he was accountable for the company&rsquo;s strategy, ESG
and corporate development initiatives, new technology development, joint venture and commercial portfolios - all instrumental
in positioning Suncor as a top-tier Western Canadian based integrated energy company. Prior to Suncor, Mr. Reynish served as President
of Marathon Oil Canada, which he joined through the acquisition of Western Oil Sands where he was Executive Vice President, Operations.
Prior to his entry into Canada, he held senior positions within the Anglo American Group, including Vice President of Mining of
Anglo Base Metals in Johannesburg and Chief Executive Officer of Bindura Nickel in Zimbabwe. Mr. Reynish holds a Masters degree
in Mining Engineering and an MBA, both earned in the UK. He has completed Post Graduate studies at IMD and the Wharton School.
He is a member of the board of Energy Safety Canada, the Institute of Corporate Directors (ICD) and National Association of Corporate
Directors (NCAD), and a former Member of the Board of Governors of the Oxford Institute of Energy Studies, the Canadian Associated
of Petroleum Produces (CAPP) and the Canada Institute.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NYSE
Delisting</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
March 24, 2020 we received notice from the New York Stock Exchange (&ldquo;NYSE&rdquo;) that Baytex was no longer in compliance
with one of the NYSE&rsquo;s continued listing standards because the average closing price of Baytex&rsquo;s common shares was
less than US$1.00 per share over a consecutive 30 trading period. At this time, Baytex has not regained compliance and expects
that its common shares will be delisted from the NYSE on December 3, 2020. This will not affect Baytex&rsquo;s business operations
and will not affect the continued listing and trading of Baytex&rsquo;s common shares on the Toronto Stock Exchange. Currently,
over 80% of the daily trading in Baytex common shares occurs in Canada, ensuring investors will retain significant trading liquidity
going forward. In addition, Baytex expects to realize significant cost savings over time as a result of the delisting.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DRIP
Termination</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
is formally terminating its dividend reinvestment plan (&ldquo;DRIP&rdquo;). All participants (as defined in the DRIP) effective
as of the termination date, will be issued a certificate for any common shares and a cheque for any cash balance remaining in
the participants&rsquo; account pursuant to the terms of the plan.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Additional
Information</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
condensed consolidated interim unaudited financial statements for the three and nine months ended September 30, 2020 and the related
Management&rsquo;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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 8pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; vertical-align: bottom; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 100%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Conference
                                         Call Tomorrow</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9:00
a.m. MST (11:00 a.m. EST)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baytex
will host a conference call tomorrow, November 3, 2020, starting at 9:00am MST (11:00am EST). To participate, please dial toll
free in North America 1-800-319-4610 or international 1-416-915-3239. Alternatively, to listen to the conference call online,
please enter <U>http://services.choruscall.ca/links/baytexq320201103.html</U> in your web browser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference
call will also be archived on the Baytex website at <U>www.baytexenergy.com</U>.</FONT></P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Advisory
Regarding Forward-Looking Statements</U></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>In
the interest of providing Baytex&rsquo;s shareholders and potential investors with information regarding Baytex, including management&rsquo;s
assessment of Baytex&rsquo;s future plans and operations, certain statements in this press release are &ldquo;forward-looking
statements&rdquo; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &ldquo;forward-looking
information&rdquo; within the meaning of applicable Canadian securities legislation (collectively, &ldquo;forward-looking statements&rdquo;).
In some cases, forward-looking statements can be identified by terminology such as &ldquo;believe&rdquo;, &ldquo;continue&rdquo;,
 &ldquo;&ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;, &ldquo;may&rdquo;, &ldquo;objective&rdquo;,
 &ldquo;ongoing&rdquo;, &ldquo;outlook&rdquo;, &ldquo;potential&rdquo;, &ldquo;project&rdquo;, &ldquo;plan&rdquo;, &ldquo;should&rdquo;,
 &ldquo;target&rdquo;, &ldquo;would&rdquo;, &ldquo;will&rdquo; or similar words suggesting future outcomes, events or performance.
The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by
this cautionary statement.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specifically,
this press release contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives;
our guidance for 2020 exploration and development expenditures, production, royalty rate, operating, transportation, general and
administration and interest expense and leasing expenditures and asset retirement obligations; that we are focused on further
efficiencies to capture and sustain cost reductions while protecting the health and safety of our personnel; our drilling plans
in Canada; that we plan to release our 2021 capital budget in December of 2020; that we have a production base of ~75,000 boe/d
and a fully funded sustaining capital program at US$40 to US$45/bbl WTI; that we expect to bring 16 net wells on production in
the Eagle Ford in 2020 and execute a 30 well program in the Viking in Q4/2020; that we have confirmed visibility to a $7.0 million
well cost in the Duvernay; that we have de-risked our approximately 38-kilometer acreage fairway in the Pembina Duvernay; that
we expect to maintain our financial liquidity and remain onside our financial covenants based on the forward strip; that we use
financial derivative contracts and crude-by-rail to reduce adjusted funds flow volatility and the percentage of our expected production
in 2021 of Canadian light oil and heavy oil for which we have hedged the differential to WTI; that we expect to be delisted from
the NSYE on December 3<SUP>rd</SUP>, 2020, that we do not expect the delisting to affect our business operations or the listing
and trading of our common shares on the TSX, that the TSX will provide investors significant trading liquidity and that we expect
to realize significant cost savings.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>These
forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices
and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production
and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit
agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability
and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain
circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner
currently contemplated; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed,
such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex
at the time of preparation, may prove to be incorrect.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Actual
results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties
and other factors. Such factors include, but are not limited to: the volatility of oil and natural gas prices and price differentials
(including the impacts of COVID-19); availability and cost of gathering, processing and pipeline systems; failure to comply with
the covenants in our debt agreements; the availability and cost of capital or borrowing; that our credit facilities may not provide
sufficient liquidity or may not be renewed; risks associated with a third-party operating our Eagle Ford properties; the cost
of developing and operating our assets; depletion of our reserves; risks associated with the exploitation of our properties and
our ability to acquire reserves; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids;
changes in government regulations that affect the oil and gas industry; regulations regarding the disposal of fluids; changes
in environmental, health and safety regulations; public perception and its influence on the regulatory regime; restrictions or
costs imposed by climate change initiatives; variations in interest rates and foreign exchange rates; risks associated with our
hedging activities; changes in income tax or other laws or government incentive programs; uncertainties associated with estimating
oil and natural gas reserves; our inability to fully insure against all risks; risks of counterparty default; risks associated
with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated with large
projects; risks related to our thermal heavy oil projects; alternatives to and changing demand for petroleum products; risks associated
with our use of information technology systems; risks associated with the ownership of our securities, including changes in market-based
factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing
practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and
other factors, many of which are beyond our control.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>These
and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management&rsquo;s Discussion
and Analysis for the year ended December 31, 2019, filed with Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission and in our other public filings</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders
and potential investors with a more complete perspective on Baytex&rsquo;s current and future operations and such information
may not be appropriate for other purposes.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>There
is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking
statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-GAAP
Financial and Capital Management Measures</U></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>In
this news release, we refer to certain financial measures (such as adjusted funds flow, exploration and development expenditures,
free cash flow, net debt and operating netback) which do not have any standardized meaning prescribed by Canadian GAAP (&ldquo;non-GAAP
measures&rdquo;) and are considered non-GAAP measures. While adjusted funds flow, exploration and development expenditures, free
cash flow, net debt and operating netback are commonly used in the oil and gas industry, our determination of these measures may
not be comparable with calculations of similar measures for other issuers.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Adjusted
funds flow is not a measurement based on generally accepted accounting principles (&ldquo;GAAP&rdquo;) in Canada, but is a financial
term commonly used in the oil and gas industry. We define adjusted funds flow as cash flow from operating activities adjusted
for changes in non-cash operating working capital and asset retirement obligations settled. Our determination of adjusted funds
flow may not be comparable to other issuers. We consider adjusted funds flow a key measure that provides a more complete understanding
of operating performance and our ability to generate funds for exploration and development expenditures, debt repayment, settlement
of our abandonment obligations and potential future dividends.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>In
addition, we use a ratio of net debt to adjusted funds flow to manage our capital structure. We eliminate settlements of abandonment
obligations from cash flow from operations as the amounts can be discretionary and may vary from period to period depending on
our capital programs and the maturity of our operating areas. The settlement of abandonment obligations are managed with our capital
budgeting process which considers available adjusted funds flow. Changes in non-cash working capital are eliminated in the determination
of adjusted funds flow as the timing of collection, payment and incurrence is variable and by excluding them from the calculation
we are able to provide a more meaningful measure of our cash flow on a continuing basis. For a reconciliation of adjusted funds
flow to cash flow from operating activities, see Management&rsquo;s Discussion and Analysis of the operating and financial results
for the three and nine months ended September 30, 2020.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Exploration
and development expenditures is not a measurement based on GAAP in Canada. We define exploration and development expenditures
as additions to exploration and evaluation assets combined with additions to oil and gas properties. Our definition of exploration
and development expenditures may not be comparable to other issuers. We use exploration and development expenditures to measure
and evaluate the performance of our capital programs. The total amount of exploration and development expenditures is managed
as part of our budgeting process and can vary from period to period depending on the availability of adjusted funds flow and other
sources of liquidity.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Free
cash flow is not a measurement based on GAAP in Canada. 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.
Our determination of free cash flow may not be comparable to other issuers. We use free cash flow to evaluate funds available
for debt repayment, common share repurchases, potential future dividends and acquisition and disposition opportunities.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Net
debt is not a measurement based on GAAP in Canada. We define net debt to be the sum of cash, trade and other accounts receivable,
trade and other accounts payable, and the principal amount of both the long-term notes and the credit facilities. Our definition
of net debt may not be comparable to other issuers. We believe that this measure assists in providing a more complete understanding
of our cash liabilities and provides a key measure to assess our liquidity. We use the principal amounts of the credit facilities
and long-term notes outstanding in the calculation of net debt as these amounts represent our ultimate repayment obligation at
maturity. The carrying amount of debt issue costs associated with the credit facilities and long-term notes is excluded on the
basis that these amounts have already been paid by Baytex at inception of the contract and do not represent an additional source
of capital or repayment obligation.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Operating
netback is not a measurement based on GAAP in Canada, but is a financial term commonly used in the oil and gas industry. Operating
netback is equal to petroleum and natural gas sales less blending expense, royalties, production and operating expense and transportation
expense divided by barrels of oil equivalent sales volume for the applicable period. Our determination of operating netback may
not be comparable with the calculation of similar measures for other entities. We believe that this measure assists in characterizing
our ability to generate cash margin on a unit of production basis and is a key measure used to evaluate our operating performance.</I></FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Advisory
Regarding Oil and Gas Information</U></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Where
applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one
barrel of oil. BOEs may be misleading, particularly if used in isolation. 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.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>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. While encouraging, readers are cautioned not
to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A
pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution
that the test results should be considered to be preliminary.</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Throughout
this news release, &ldquo;oil and NGL&rdquo; refers to heavy oil, bitumen, light and medium oil, tight oil, condensate and natural
gas liquids (&ldquo;NGL&rdquo;) product types as defined by NI 51-101. The following table shows Baytex&rsquo;s disaggregated
production volumes for the three and nine months ended September 30, 2020. The NI 51-101 product types are included as follows:
 &ldquo;Heavy Oil&rdquo; - heavy oil and bitumen, &ldquo;Light and Medium Oil&rdquo; - light and medium oil, tight oil and condensate,
 &ldquo;NGL&rdquo; - natural gas liquids and &ldquo;Natural Gas&rdquo; - shale gas and conventional natural gas.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; width: 50%"></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Three
    Months Ended September 30, 2020</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Nine
    Months Ended September 30, 2020</B></FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 23%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Light</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 5%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Light</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>and</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>and</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Heavy</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Medium</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Natural</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Heavy</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Medium</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Natural</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>NGL</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Gas</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Equivalent</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>NGL</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Gas</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Equivalent</B></FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(Mcf/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(boe/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(bbl/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(Mcf/d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>(boe/d)</B></FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Canada
    &ndash; Heavy</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Peace
    River</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">9,729</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">3</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">5</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">14,277</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">12,117</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">9,495</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">6</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11,071</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11,357</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Lloydminster</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">12,409</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">12</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,518</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">12,674</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11,451</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">13</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,280</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11,677</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Canada
    - Light</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Viking</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">16,943</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">105</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">10,357</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">18,774</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">19,047</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">108</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">11,398</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">21,054</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Duvernay</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">710</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">457</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,840</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,474</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">690</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">385</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,535</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">1,330</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Remaining
    Properties</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">580</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">714</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">16,988</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">4,125</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">653</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">674</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">17,743</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">4,284</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>United
    States</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">Eagle
    Ford</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">15,853</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">6,136</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">39,965</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">28,650</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">19,161</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">6,446</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">45,574</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">33,203</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">22,138</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">34,101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">7,417</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">84,945</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">77,814</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">20,946</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">39,570</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">7,624</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">88,602</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #231E20">82,907</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp. is an oil and gas corporation based in Calgary, Alberta. 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.
Approximately 82% of Baytex&rsquo;s production is weighted toward crude oil and natural gas liquids. Baytex&rsquo;s common shares
trade on the Toronto Stock Exchange under the symbol BTE and the New York Stock Exchange under the symbol BTE.BC.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
further information about Baytex, please visit our website at www.baytexenergy.com or contact:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Brian
Ector, Vice President, Capital Markets</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Toll
Free Number: 1-800-524-5521</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Email:
investor@baytexenergy.com</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD></TR>
</TABLE>


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<!-- Field: Split-Segment; Name: a4 -->
<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>BAYTEX
ENERGY CORP.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Management&rsquo;s
Discussion and Analysis</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For
the three and nine months ended September 30, 2020 and 2019</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Dated
November 2, 2020</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following is management&rsquo;s discussion and analysis (&ldquo;MD&amp;A&rdquo;) of the operating and financial results of Baytex
Energy Corp. for the three and nine months ended September 30, 2020. This information is provided as of November 2, 2020. In this
MD&amp;A, references to &ldquo;Baytex&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo;
and similar terms refer to Baytex Energy Corp. and its subsidiaries on a consolidated basis, except where the context requires
otherwise. The results for the three and nine months ended September 30, 2020 (&ldquo;Q3/2020&rdquo; and &ldquo;YTD 2020&rdquo;)
have been compared with the results for the three and nine months ended September 30, 2019 (&ldquo;Q3/2019&rdquo; and &ldquo;YTD
2019&rdquo;). This MD&amp;A should be read in conjunction with the Company&rsquo;s condensed consolidated interim financial statements
(&ldquo;consolidated financial statements&rdquo;) for the three and nine months ended September 30, 2020, its audited comparative
consolidated financial statements for the years ended December 31, 2019 and 2018, together with the accompanying notes, and its
Annual Information Form for the year ended December 31, 2019. These documents and additional information about Baytex are accessible
on the SEDAR website at www.sedar.com and through the U.S. Securities and Exchange Commission at www.sec.gov. All amounts are
in Canadian dollars, unless otherwise stated.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
this MD&amp;A, barrel of oil equivalent (&ldquo;boe&rdquo;) amounts have been calculated using a conversion rate of six thousand
cubic feet of natural gas to one barrel of oil, which represents an energy equivalency conversion method applicable at the burner
tip and does not represent a value equivalency at the wellhead. While it is useful for comparative measures, it may not accurately
reflect individual product values and may be misleading if used in isolation.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
MD&amp;A contains forward-looking information and statements along with certain measures which do not have any standardized meaning
prescribed by Canadian Generally Accepted Accounting Principles (&ldquo;GAAP&rdquo;). The terms &ldquo;adjusted funds flow&rdquo;,
 &ldquo;operating netback&rdquo;, &ldquo;exploration and development expenditures&rdquo;, &ldquo;free cash flow&rdquo;, &ldquo;net
debt&rdquo;, and &ldquo;Bank EBITDA&rdquo; do not have any standardized meaning as prescribed by GAAP and therefore may not be
comparable to similar measures presented by other companies where similar terminology is used. We refer you to our advisory on
forward-looking information and statements and a summary of our non-GAAP measures at the end of the MD&amp;A.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>BAYTEX
ENERGY CORP.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp. is a North American focused oil and gas company based in Calgary, Alberta. The company operates in Canada and the
United States (&ldquo;U.S&rdquo;). The Canadian operating segment includes our light oil assets in the Viking and Duvernay, our
heavy oil assets in Peace River and Lloydminster and our conventional oil and natural gas assets in Western Canada. The U.S. operating
segment includes our Eagle Ford assets in Texas.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CURRENT
ENVIRONMENT</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
March 2020, the World Health Organization declared a global pandemic related to the novel coronavirus (&ldquo;COVID-19&rdquo;).
The emergence of COVID-19 and the steps taken by governments to control the spread of the virus resulted in significant instability
in the global economy and a sharp decline in demand for crude oil. This combined with the increased supply of crude oil due to
the Russia and Saudi Arabia price war resulted in an unprecedented collapse in global crude oil prices and significant volatility
during Q2/2020. Global crude oil prices began to recover and were relatively stable during Q3/2020 as members of OPEC+ agreed
to production curtailments and governments began to ease restrictions that allowed economies to begin reopening which increased
demand. While these factors have resulted in recent improvements in crude oil prices the outlook for prices remains uncertain
due to the potential for additional government restrictions from COVID-19 and uncertainty that members of OPEC+ will maintain
production curtailments.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have taken significant action in response to the uncertain outlook for our industry. In March, we established a COVID-19 response
team to coordinate, establish and implement our response measures which include restricted travel and adjusted work schedules.
We have established remote working capabilities and procedures that will ensure business continuity as we continue to adhere to
recommendations from applicable government and public health agencies. We have also taken steps to preserve our financial liquidity
by reducing exploration and development expenditures and shutting in low margin production when operating netbacks were challenged.
As a result of these actions we have maintained $425.8 million of availability on our credit facilities at September 30, 2020
and we are forecasting compliance with the financial covenants in our credit facilities at current forward prices.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
global health crisis surrounding COVID-19 has impacted our results for YTD 2020 and has resulted in uncertainty regarding the
outlook and future performance of our industry. We do not know the extent and duration to which COVID-19 will impact demand and
the price for oil. The overall effect on our business will depend on how quickly the world economy resumes activity which is highly
dependent on the progression of the pandemic and the success of measures taken to prevent its spread.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; width: 50%"></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIRD
QUARTER HIGHLIGHTS</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
financial and operating results for Q3/2020 reflect our response to the challenging market conditions caused by COVID-19. We delivered
free cash flow of $59.9 million which allowed us to enhance our liquidity at Q3/2020 with $425.8 million available on our credit
facilities. Production of 77,814 boe/d was in line with expectations and reflects limited development expenditures in the U.S.
and minimal spending in Canada during Q2/2020 and Q3/2020. We reduced development activity in Canada and the U.S. following the
decline in crude oil prices during March 2020 which resulted in total capital expenditures of $15.9 million for Q3/2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, production of 49,164 boe/d for Q3/2020 was consistent with expectations after we suspended development activity in March
2020. Development expenditures of $3.9 million for Q3/2020 were preliminary costs for Q4/2020 completion activity and land acquisition
costs. Production of 49,164 boe/d for Q3/2020 was lower than 58,134 boe/d in Q3/2019 as a result of these actions.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
the U.S., we invested $12.0 million on exploration and development activity during Q3/2020 and drilled 22 (5.4 net) wells with
6 (0.8 net) wells brought on production. Production of 28,650 boe/d for Q3/2020 is consistent with expectations and reflects the
suspension of completion activity during Q2/2020 along with a limited number of wells brought on production during Q3/2020. Completion
activity was lower in Q3/2020 relative to Q3/2019 when we commenced production from 20 (4.6 net) wells and generated production
of 36,793 boe/d in our U.S. operations.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global
benchmark prices for crude oil stabilized during Q3/2020 as the result of renewed production curtailments between members of the
OPEC+ group and demand was partially restored after governments eased restrictions intended to limit the spread of COVID-19. Even
with recent improvements the WTI benchmark price was 27% lower in Q3/2020 relative to Q3/2019 due to elevated global inventory
levels and lower demand caused by the COVID-19 pandemic. The WTI benchmark price averaged US$40.93/bbl for Q3/2020 compared to
US$56.45/bbl during Q3/2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow was $78.5 million in Q3/2020 compared to $213.4 million for Q3/2019. Our financial and operating results for Q3/2020
reflect our actions to reduce development activity during this period of low oil prices. Lower production combined with the decline
in crude oil prices caused a $107.4 million decrease in operating netback relative to Q3/2019. The $133.1 million decrease in
revenue, net of royalties and blending and other expense, was mitigated by our cost savings initiatives which resulted in a $29.7
million decrease in operating, transportation, and general and administrative expenses for Q3/2020 compared to Q3/2019. We also
recorded realized financial derivative losses of $9.7 million in Q3/2020 compared to gains of $20.9 million in Q3/2019. We recorded
net loss of $23.4 million for Q3/2020 compared to net income of $15.2 million in Q3/2019 which reflects the decrease in adjusted
funds flow partially offset by lower depletion in Q3/2020 relative to Q3/2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
debt was $1.91 billion at September 30, 2020 compared to $1.87 billion at December 31, 2019. We generated free cash flow of $16.3
million during YTD 2020 and we had $425.8 million available on our credit facilities at September 30, 2020. The reduction in net
debt from free cash flow was offset by total transaction and financing costs of $17.6 million related to the refinancing transactions
in Q1/2020 in addition to a $30.9 million increase in the reported amount of our U.S. dollar denominated net debt due to a weaker
Canadian dollar at September 30, 2020 compared to December 31, 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020
GUIDANCE</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
results for YTD 2020 are consistent with expectations and are in line with our annual guidance released on June 25, 2020. Production
for YTD 2020 exceeded our annual guidance while exploration and development expenditures are expected to fall within our annual
guidance range. We have revised our annual guidance for 2020 which reflects our cost savings initiatives and efforts to optimize
our operations in response to lower crude oil prices.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table compares our updated 2020 guidance to our previously announced guidance and our YTD 2020 results.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 18%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Previous
    Annual</FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 16%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Revised
    Annual</FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 16%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Guidance
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Guidance</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">YTD
    2020 Results</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and development expenditures ($ millions)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$260
    - $290</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$202.5</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Production
    (boe/d)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">78,000
    - 82,000</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~80,000</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">82,907</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Expenses:</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalty
    rate (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~18.5</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">~18.0</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">17.9</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    ($/boe)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$11.75
    - $12.50</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$11.20
    - $11.40</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$11.08</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    ($/boe)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$0.95
    - $1.05</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$0.96</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">General
    and administrative ($ millions)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$38
    ($1.30/boe)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">no
    change</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$25.0
    ($1.10/boe)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    interest ($ millions)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$112
    ($3.84/boe)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$108
    ($3.70/boe)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$81.3
    ($3.58/boe)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.2in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Leasing
    expenditures ($ millions)</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$7</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$6</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$4.4</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Asset
    retirement obligations ($ millions)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$6.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><I>(1)
    As announced on June 25, 2020.</I></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-top: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-top: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-top: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; width: 50%"></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>RESULTS
OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Canadian operating segment includes our light oil assets in Viking and Duvernay, our heavy oil assets in Peace River and Lloydminster
and our conventional oil and natural gas assets in Western Canada. The U.S. operating segment includes our Eagle Ford assets in
Texas.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Production</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Daily
    Production</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Liquids
    (bbl/d)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18,248</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15,853</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>34,101</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">22,493</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,336</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">42,829</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>22,138</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>22,138</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">25,712</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">25,712</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    Gas Liquids (NGL)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,281</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,136</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,417</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,575</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7,968</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,543</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    liquids (bbl/d)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41,667</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>21,989</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>63,656</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49,780</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28,304</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">78,084</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas (mcf/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>44,980</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>39,965</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>84,945</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50,122</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50,932</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">101,054</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    production (boe/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49,164</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28,650</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>77,814</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58,134</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">36,793</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">94,927</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Production
    Mix</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Segment
    as a percent of total</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>63
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>37
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>100
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">100
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>37
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>55
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>44
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">55
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>45
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">44
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">27
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>22
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">22
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14
    %</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23
    %</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Daily
    Production</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Liquids
    (bbl/d)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>20,409</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>19,161</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>39,570</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">22,636</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,843</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">43,479</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>20,946</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>20,946</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26,637</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26,637</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    Gas Liquids (NGL)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,178</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,446</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,624</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,430</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,315</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10,745</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    liquids (bbl/d)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>42,533</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>25,607</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>68,140</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50,703</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">30,158</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">80,861</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas (mcf/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>43,028</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>45,574</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>88,602</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49,207</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">54,380</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">103,587</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    production (boe/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49,704</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33,203</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>82,907</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58,904</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39,221</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">98,125</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Production
    Mix</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Segment
    as a percent of total</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>60
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>40
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>100
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">40
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">100
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>58
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>48
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">53
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">44
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>42
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>25
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">27
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>19
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>9
    %</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">24
    %</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">11
    %</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18
    %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14
    %</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23
    %</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18
    %</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
was 77,814 boe/d for Q3/2020 and 82,907 boe/d for YTD 2020 compared to 94,927 boe/d for Q3/2019 and 98,125 boe/ d for YTD 2019.
Our production results for Q3/2020 and YTD 2020 were in line with expectations and are a result of lower development activity
in Canada and the U.S. following the sharp decline in crude oil prices in March 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, production was 49,164 boe/d for Q3/2020 and 49,704 boe/d for YTD 2020 compared to 58,134 boe/d for Q3/2019 and 58,904
boe/d for YTD 2019. Lower production in both periods of 2020 is a result of lower development activity relative to the comparative
periods of 2019 as we suspended our Canadian development program and temporarily shut-in production in response to the sharp decline
in crude oil prices in March 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
in the U.S. was 28,650 boe/d for Q3/2020 and 33,203 boe/d for YTD 2020 compared to 36,793 boe/d for Q3/2019 and 39,221 boe/d for
YTD 2019. U.S. production was lower for both periods of 2020 which reflects lower completion activity during Q3/2020 and YTD 2020
relative to the same periods of 2019. We initiated production from 6 (0.8 net) wells during Q3/2020 and 53 (11.5 net) wells during
YTD 2020 compared to 20 (4.6 net) in Q3/2019 and 85 (18.6 net) wells in YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
annual guidance of approximately 80,000 boe/d reflects optimized production levels and development activity in Canada and the
U.S.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Commodity
Prices</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
prices received for our crude oil and natural gas production directly impact our earnings, adjusted funds flow and our financial
position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Crude
Oil</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global
benchmark prices for crude oil were relatively strong leading into 2020 as stable demand and production outlooks continued from
Q4/2019. Benchmark prices began to decline rapidly in March after members of the OPEC+ group began to increase the supply of crude
oil to the global market and measures to limit the spread of COVID-19 resulted in a significant decrease in the demand for crude
oil. Global benchmark prices began to improve in July 2020 and were relatively stable throughout Q3/2020 following the OPEC+ decision
to reinstate supply cuts along with improved demand after measures intended to limit the spread of COVID-19 were relaxed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
compare the price received for our U.S. crude oil production to the Magellan East Houston (&ldquo;MEH&rdquo;) stream at Houston,
Texas which is a representative benchmark for light oil pricing at the U.S. Gulf coast. The MEH benchmark averaged US$41.63/bbl
during Q3/2020 and US$39.19/bbl during YTD 2020 compared to US$61.07/bbl during Q3/2019 and US$62.63/bbl during YTD 2019. The
MEH benchmark was at a US$0.70/bbl and US$0.87/bbl premium to WTI in Q3/2020 and YTD 2020 compared to a US$4.62/bbl and US$5.57/bbl
premium to WTI during Q3/2019 and YTD 2019. The decrease in the MEH benchmark premium to WTI in 2020 was a result of elevated
inventory levels as a result of lower refinery demand on the U.S. Gulf coast relative to both periods in 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prices
for Canadian oil trade at a discount to WTI due to a lack of egress to diversified markets from Western Canada. Canadian light
and heavy oil differentials to WTI were wider in early 2020 relative to 2019 as a result of higher Canadian oil production. Canadian
oil differentials narrowed with production shut-ins in Western Canada during Q2/2020 and resulted in light and heavy oil differentials
for Q3/2020 that were US$1.15/bbl and US$3.15/bbl narrower relative to Q3/2019 respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
compare the price received for our light oil production in Canada to the Edmonton par benchmark oil price which is the representative
benchmark for light grades of crude oil in Western Canada. The Edmonton par price averaged $49.83/bbl during Q3/2020 and $43.70/bbl
during YTD 2020 compared to $68.41/bbl during Q3/2019 and $69.59/bbl during YTD 2019. Edmonton par traded at a discount to WTI
of US$3.51/bbl for Q3/2020 and US$6.04/bbl for YTD 2020 compared to a discount of US$4.66/bbl for Q3/2019 and US$4.70/bbl for
YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
price received for our heavy oil production in Canada is based on the WCS benchmark price which is the representative benchmark
for heavy grades of crude oil in Western Canada. The WCS heavy oil price averaged $42.40/bbl for Q3/2020 and $33.34/bbl for YTD
2020 as compared to $58.39/bbl for Q3/2019 and $60.24/bbl for YTD 2019. The WCS heavy oil differential was US$9.09/bbl in Q3/2020
and US$13.70/bbl in YTD 2020 compared to US$12.24/bbl for Q3/2019 and US$11.74/bbl for YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Natural
Gas</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.
natural gas prices for Q3/2020 and YTD 2020 were lower than Q3/2019 and YTD 2019 as U.S. natural gas inventory levels remained
elevated due to lower demand despite falling natural gas production. Canadian natural gas prices improved in Q3/2020 and YTD 2020
due to lower associated gas production as a result of oil production being shut-in in Western Canada during 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
U.S. natural gas production is priced in reference to the New York Mercantile Exchange (&ldquo;NYMEX&rdquo;) natural gas index.
The NYMEX natural gas benchmark averaged US$1.98/mmbtu in Q3/2020 and US$1.88/mmbtu in YTD 2020 which is lower than US$2.23/mmbtu
in Q3/2019 and US$2.67/mmbtu in YTD 2019. Record U.S. natural gas production levels leading into 2020 resulted in an oversupplied
North American market and lower natural gas prices in YTD 2020 relative to YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, we receive natural gas pricing based on the AECO benchmark which continues to trade at a discount to NYMEX as a result
of increasing supply and limited market access for Canadian natural gas production. The AECO benchmark averaged $2.18/ mcf during
Q3/2020 and $2.08/mcf during YTD 2020 which is higher than $1.04/mcf for Q3/2019 and $1.39/mcf for YTD 2019. The AECO gas benchmark
was higher in both periods of 2020 relative to 2019 due to lower associated gas production from oil production that was shut-in
in Western Canada during both periods of 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; width: 50%"></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following tables compare select benchmark prices and our average realized selling prices for the three and nine months ended September
30, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Benchmark
    Averages</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI
    oil (US$/bbl)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>40.93</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.45</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(15.52)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>38.32</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">57.06</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(18.74)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">MEH
    oil (US$/bbl)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41.63</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61.07</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(19.44)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>39.19</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">62.63</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(23.44)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">MEH
    oil differential to WTI (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>0.70</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4.62</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3.92)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>0.87</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5.57</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4.70)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49.83</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">68.41</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(18.58)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>43.70</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">69.59</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(25.89)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Edmonton
    par oil differential to WTI (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(3.51)</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4.66)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.15</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6.04)</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4.70)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1.34)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WCS
    heavy oil ($/bbl)<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>42.40</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58.39</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(15.99)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33.34</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.24</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(26.90)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WCS
    heavy oil differential to WTI (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(9.09)</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12.24)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.15</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(13.70)</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(11.74)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1.96)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">AECO
    natural gas price ($/mcf)<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.18</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.04</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.14</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.08</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.39</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.69</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NYMEX
    natural gas price (US$/mmbtu)<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.98</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.23</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(0.25)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.88</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.67</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(0.79)</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">CAD/USD
    average exchange rate</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.3316</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3207</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.0109</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.3541</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3292</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.0249</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>WTI
                                         refers to the arithmetic average of NYMEX prompt month WTI for the applicable period.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>MEH
                                         refers to arithmetic average of the Argus WTI Houston differential weighted index price
                                         for the applicable period.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>WCS
                                         refers to the average posting price for the benchmark WCS heavy oil.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>AECO
                                         refers to the AECO arithmetic average month-ahead index price published by the Canadian
                                         Gas Price Reporter (&ldquo;CGPR&rdquo;).</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(5)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>NYMEX
                                         refers to the NYMEX last day average index price as published by the CGPR.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 46%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: center; padding-right: 2pt; width: 1%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Average
    Realized Sales Prices</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>46.72</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>51.85</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49.10</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65.20</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">75.01</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">69.86</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil ($/bbl)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>29.03</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>29.03</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">44.39</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">44.39</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL
    ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>14.95</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15.79</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15.65</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10.26</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">15.07</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14.27</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas ($/mcf)</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.14</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.50</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.31</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.95</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.08</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.03</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Weighted
    average ($/boe)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>32.76</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>35.55</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33.79</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45.96</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48.99</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">47.14</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Average
    Realized Sales Prices</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41.08</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49.11</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>44.97</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">66.20</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">77.81</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">71.77</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil ($/bbl)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23.03</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23.03</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45.53</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45.53</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL
    ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12.27</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>14.60</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>14.24</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">17.12</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18.74</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18.52</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas ($/mcf)</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.01</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.50</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.26</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.49</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.51</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.55</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Weighted
    average ($/boe)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28.60</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>34.61</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>31.01</B></FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">47.69</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50.67</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48.88</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Realized
                                         heavy oil prices are calculated based on sales volumes and sales dollars, net of blending
                                         and other expense.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Average
Realized Sales Prices</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
weighted average sales price was $33.79/boe for Q3/2020 and $31.01/boe for YTD 2020 compared to $47.14/boe for Q3/2019 and $48.88/boe
for YTD 2019. Our realized price in the U.S. was $35.55/boe in Q3/2020 which is $13.44/boe lower than $48.99/ boe in Q3/2019.
In Canada, our realized price of $32.76/boe for Q3/2020 was $13.20/boe lower than $45.96/boe for Q3/2019. The decrease in our
realized price in Canada and the U.S. for both periods of 2020 were a result of the decrease in North American benchmark prices
relative to the comparatives periods of 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
compare our light oil realized price in Canada to the Edmonton par benchmark price. Our realized light oil and condensate price
was $46.72/bbl in Q3/2020 and $41.08/bbl in YTD 2020 compared to $65.20/bbl in Q3/2019 and $66.20/bbl in YTD 2019. Our</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">realized
light oil and condensate price for Q3/2020 and YTD 2020 represents a discount of $3.11/bbl and $2.62/bbl respectively to the Edmonton
par price which is relatively consistent with discounts of $3.21/bbl in Q3/2019 and $3.39/bbl in YTD 2019. The discount of $3.11/bbl
for Q3/2020 reflects fluctuations in regional pricing for our Viking light oil production relative to the Edmonton par benchmark
and is consistent with our expectations to receive a $2.50/bbl to $3.50/bbl discount to the Edmonton par price for the second
half of 2020. Our YTD 2020 discount of $2.62/bbl to the Edmonton par price reflects improved price realizations on our light oil
production relative to YTD 2019 when our discount to the Edmonton par price was $3.39/bbl.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
compare the price received for our U.S. light oil and condensate production to the MEH benchmark. Our realized light oil and condensate
price averaged $51.85/bbl for Q3/2020 and $49.11/bbl for YTD 2020 compared to $75.01/bbl for Q3/2019 and $77.81/ bbl for YTD 2019.
Expressed in U.S. dollars, our realized light oil and condensate price of US$38.94/bbl for Q3/2020 and US$36.27/bbl for YTD 2020
represents a US$2.69/bbl discount to MEH for Q3/2020 and a discount of US$2.92/bbl for YTD 2020. A change in marketing contracts
during Q3/2019 resulted in improved price realizations for both periods of 2020 relative to Q3/2019 and YTD 2019 when our discount
to MEH was US$4.27/bbl and US$4.09/bbl, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
realized heavy oil price, net of blending and other expense averaged $29.03/bbl in Q3/2020 and $23.03/bbl in YTD 2020 compared
to $44.39/bbl in Q3/2019 and $45.53/bbl in YTD 2019. Our realized heavy oil price for Q3/2020 and YTD 2020 was $15.36/bbl and
$22.50/bbl lower relative to Q3/2019 and YTD 2019 respectively compared to a $15.99/bbl and $26.90/bbl decrease in the WCS benchmark
price over the same periods. Our realized heavy oil price did not decrease as much as WCS benchmark pricing as we optimized production
levels and the timing of deliveries during 2020 which achieved stronger price realizations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
realized NGL price as a percentage of WTI can vary from period to period based on the product mix of our NGL volumes and changes
in the market prices for the underlying products. Our realized NGL price was $15.65/bbl in Q3/2020 or 29% of WTI (expressed in
Canadian dollars) compared to $14.27/bbl or 19% of WTI (expressed in Canadian dollars) in Q3/2019. Our YTD 2020 realized NGL price
was $14.24/bbl or 27% of WTI (expressed in Canadian dollars) compared to $18.52/bbl or 24% of WTI (expressed in Canadian dollars)
in YTD 2019. Our realized NGL price was higher as a percentage of WTI in Q3/2020 and YTD 2020 relative to the same periods of
2019 as the decrease in the underlying product prices wasn&rsquo;t as large relative to the decrease in WTI over the same period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
compare our realized natural gas price in Canada to the AECO benchmark price. Our realized natural gas price was $2.14/mcf for
Q3/2020 and $2.01/mcf in YTD 2020 compared to $0.95/mcf in Q2/2019 and $1.49/mcf in YTD 2019. The increase in our realized natural
gas price in Canada is consistent with the increase in the AECO benchmark price over the same periods. In the U.S., our realized
natural gas price was US$1.88/mcf for Q3/2020 and US$1.85/mcf in YTD 2020 compared to US$2.33/mcf in Q3/2019 and US$2.64/mcf in
YTD 2019. Our realized natural gas price in the U.S. is consistent with the NYMEX benchmark in both periods of 2020 and 2019.</FONT></P>

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<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><FONT STYLE="font-size: 8pt">17</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Petroleum
and Natural Gas Sales</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 46%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Oil
    sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>78,432</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>75,620</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>154,052</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">134,921</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">140,344</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">275,265</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>69,791</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>69,791</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">117,961</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">117,961</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 0.1in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,762</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>8,914</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10,676</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,486</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">11,045</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">12,531</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    oil sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>149,985</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>84,534</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>234,519</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">254,368</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">151,389</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">405,757</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>8,846</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>9,173</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18,019</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,401</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14,442</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18,843</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    petroleum and natural gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>158,831</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>93,707</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>252,538</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">258,769</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">165,831</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">424,600</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Blending
    and other expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10,673)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10,673)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12,950)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12,950)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    sales, net of blending and other expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>148,158</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>93,707</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>241,865</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">245,819</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">165,831</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">411,650</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: rgb(221,221,221); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Oil
    sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Light
    oil and condensate</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>229,745</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>257,818</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>487,563</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">409,117</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">442,763</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">851,880</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Heavy
    oil</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>169,638</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>169,638</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">381,684</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">381,684</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 0.1in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">NGL</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,957</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>25,791</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>29,748</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">6,684</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">47,656</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">54,340</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    oil sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>403,340</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>283,609</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>686,949</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">797,485</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">490,419</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,287,904</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23,660</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>31,232</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>54,892</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52,099</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">72,120</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    petroleum and natural gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>427,000</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>314,841</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>741,841</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">817,506</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">542,518</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,360,024</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Blending
    and other expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(37,490)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(37,490)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(50,628)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(50,628)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    sales, net of blending and other expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>389,510</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>314,841</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>704,351</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">766,878</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">542,518</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,309,396</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
sales, net of blending and other expense, of $241.9 million for Q3/2020 decreased $169.8 million from $411.7 million reported
for Q3/2019 while total sales, net of blending and other expense, of $704.4 million for YTD 2020 decreased $605.0 million from
$1,309.4 million in YTD 2019. The decrease in total sales in both periods of 2020 is a result of lower realized pricing from the
decrease in benchmark pricing along with lower production relative to the comparative periods of 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
Canada, total sales, net of blending and other expense, was $148.2 million for Q3/2020 which is a decrease of $97.7 million from
Q3/2019. Total petroleum and natural gas sales decreased due lower realized pricing combined with lower production in Q3/2020
relative to Q3/2019. Lower pricing in Q3/2020 resulted in a $59.7 million decrease in total sales, net of blending and other expense
and lower production contributed a $37.9 million decrease in total sales, net of blending and other expense relative to Q3/2019.
Lower production and the decrease in benchmark prices resulted in our total sales, net of blending and other expense, decreasing
to $389.5 million in YTD 2020 from $766.9 million in YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
the U.S., petroleum and natural gas sales were $93.7 million for Q3/2020 which is a decrease of $72.1 million from $165.8 million
reported for Q3/2019. Lower pricing in Q3/2020 resulted in a $35.4 million decrease in total petroleum and natural gas sales while
lower production contributed a $36.7 million decrease in total petroleum and natural gas sales relative to Q3/2019. Lower production
and realized pricing in YTD 2020 resulted in petroleum and natural gas sales of $314.8 million which was $227.7 million lower
than $542.5 million for YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Royalties</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalties
are paid to various government entities and to land and mineral rights owners. Royalties are calculated based on gross revenues
or on operating netbacks less capital investment for specific heavy oil projects, and are generally expressed as a percentage
of total sales, net of blending and other expense. The actual royalty rates can vary for a number of reasons, including the commodity
produced, royalty contract terms, commodity price level, royalty incentives and the area or jurisdiction. The following table
summarizes our royalties and royalty rates for the three and nine months ended September 30, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 46%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for % and per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12,297</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,755</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>40,052</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26,193</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48,824</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">75,017</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Average
    royalty rate<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>8.3
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>29.6
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>16.6
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10.7
    %</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.4
    %</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18.2
    %</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties
    per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.72</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10.53</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5.59</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4.90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14.42</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">8.59</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for % and per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33,972</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>91,956</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>125,928</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">82,313</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">160,646</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">242,959</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Average
    royalty rate<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>8.7
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>29.2
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17.9
    %</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10.7
    %</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.6
    %</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18.6
    %</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties
    per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2.49</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10.11</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DDDDDD; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5.54</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5.12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">15.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9.07</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)
Average royalty rate is calculated as royalties divided by total sales, net of blending and other expense.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalties
for Q3/2020 were $40.1 million or 16.6% of total sales, net of blending and other expense compared to $75.0 million or 18.2% in
Q3/2019. Total royalties in YTD 2020 were $125.9 million or 17.9% of total sales, net of blending and other expense compared to
$243.0 million or 18.6% in YTD 2019. Total royalty expense is lower in Q3/2020 and YTD 2020 due to lower total sales, net of blending
and other expense, relative to the same periods of 2019. Our royalty rate of 16.6% for Q3/2020 was lower than 18.2% for Q3/2019
as a higher proportion of our total sales, net of blending and other expense, were from our Canadian properties in Q3/2020 relative
to the same period of 2019. Our royalty rate of 17.9% for YTD 2020 was slightly lower 18.6% in YTD 2019 due to a lower royalty
rate on our Canadian properties as a result of lower commodity prices.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
Canadian royalty rate of 8.3% for Q3/2020 and 8.7% for YTD 2020 was lower than 10.7% for Q3/2019 and 10.7% for YTD 2019 due to
lower benchmark commodity prices which resulted in a lower royalty rate on our Canadian properties in 2020 relative to 2019. In
the U.S., royalties averaged 29.6% for Q3/2020 and 29.2% YTD 2020 of total sales which is consistent with the same periods of
2019 as the royalty rate on our U.S. production does not vary with price but can vary across our acreage.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
average royalty rate of 17.9% for YTD 2020 is consistent with expectations and our annual guidance of approximately 18.0% for
2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD></TR>
</TABLE>





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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
Expense</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 46%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense</FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>57,557</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15,890</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>73,447</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">73,701</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23,676</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">97,377</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12.73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6.03</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10.26</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13.78</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">6.99</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">11.15</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense</FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>185,641</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>65,956</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>251,597</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">221,680</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">76,463</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">298,143</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>13.63</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7.25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11.08</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13.79</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7.14</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">11.13</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
expense was $73.4 million ($10.26/boe) for Q3/2020 and $251.6 million ($11.08/boe) for YTD 2020 compared to $97.4 million ($11.15/boe)
in Q3/2019 and $298.1 million ($11.13/boe) in YTD 2019. The decrease in total operating expense can be attributed to a decrease
in production in addition to our cost savings initiatives which resulted in per boe operating expense for Q3/2020 and YTD 2020
which was slightly lower than the comparative periods of 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
Canada, operating expense was $57.6 million ($12.73/boe) for Q3/2020 and $185.6 million ($13.63/boe) for YTD 2020 compared to
$73.7 million ($13.78/boe) for Q3/2019 and $221.7 million ($13.79/boe) in YTD 2019. Total operating expense in Canada has decreased
with lower production in both periods of 2020 compared to 2019. Per unit operating expense of $12.73/boe for Q3/2020 and $13.63/boe
for YTD 2020 was lower than the comparative periods of 2019 due to our cost savings initiatives in addition to shutting in certain
high operating cost, low margin properties for a portion of 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S.
operating expense was $15.9 million ($6.03/boe) for Q3/2020 and $66.0 million ($7.25/boe) for YTD 2020 compared to $23.7 million
($6.99/boe) for Q3/2019 and $76.5 million ($7.14/boe) in YTD 2019. Lower total operating expense is primarily a result of lower
U.S. production in Q3/2020 and YTD 2020 relative to the comparative periods of 2019. Expressed in U.S. dollars, per unit operating
expense was US$4.53/boe in Q3/2020 and US$5.35/boe in YTD 2020 which is lower than US$5.29/boe for Q3/2019 and US$5.37/boe in
YTD 2019. During Q3/2020, we received a $3.7 million reimbursement of prior period charges from the operator of our Eagle Ford
properties which resulted in lower total and per unit operating expense for Q3/2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
expense of $11.08/boe for YTD 2020 is consistent with our expectations and slightly below our annual guidance range of $11.20
- $11.40/boe for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Transportation
Expense</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation
expense includes the costs to move production from the field to the sales point. The largest component of transportation expense
relates to the trucking of oil in Canada to pipeline and rail terminals which can vary from period to period depending on hauling
distances as we seek to optimize sales prices and trucking rates. The following table compares our transportation expense for
the three and nine months ended September 30, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 46%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,372</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,372</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,903</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,903</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense per boe</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.41</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>0.89</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.85</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.13</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>21,745</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>21,745</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">35,102</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">35,102</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense per boe</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.60</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>0.96</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.18</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.31</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation
expense was $6.4 million ($0.89/boe) for Q3/2020 and $21.7 million ($0.96/boe) for YTD 2020 compared to $9.9 million ($1.13/boe)
in Q3/2019 and $35.1 million ($1.31/boe) in YTD 2019. The decrease in total transportation expense in both periods of 2020 relative
to 2019 is primarily the result of lower crude oil shipments due to lower light and heavy oil production</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8pt; width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: windowtext">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
                                                                                                                         <TD STYLE="font-size: 8pt; text-align: justify; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>


<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">in
Canada. Optimization of light and heavy oil deliveries in Canada resulted in lower per boe transportation expense for both periods
of 2020 relative to the same periods of 2019. Transportation expense of $0.96 per boe for YTD 2020 is consistent with expectations
and is at the low end of our annual guidance of $0.95 to $1.05 per boe for 2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Blending
and Other Expense</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blending
and other expense primarily includes the cost of blending diluent purchased to reduce the viscosity of our heavy oil transported
through pipelines in order to meet pipeline specifications. The purchased diluent is recorded as blending and other expense. The
price received for the blended product is recorded as heavy oil sales revenue. We net blending and other expense against heavy
oil sales to compare the realized price on our produced volumes to benchmark pricing.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blending
and other expense was $10.7 million for Q3/2020 and $37.5 million for YTD 2020 compared to $13.0 million for Q3/2019 and $50.6
million for YTD 2019. Lower blending and other expense in both periods of 2020 compared to 2019 reflects lower heavy oil sales
as we shut in heavy oil production in addition to a decrease in the per unit cost of blending diluent during YTD 2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Derivatives</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
part of our normal operations, we are exposed to movements in commodity prices, foreign exchange rates and interest rates. In
an effort to manage these exposures, we utilize various financial derivative contracts which are intended to partially reduce
the volatility in our adjusted funds flow. Contracts settled in the period result in realized gains or losses based on the market
price compared to the contract price and the notional volume outstanding. Changes in the fair value of unsettled contracts are
reported as unrealized gains or losses in the period as the forward markets for commodities and currencies fluctuate and as new
contracts are executed. The following table summarizes the results of our financial derivative contracts for the three and nine
months ended September 30, 2020 and 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 46%; background-color: white; color: rgb(35,30,32)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: White; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: White; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: White; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: White; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivatives gain (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Crude
    oil</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(9,530)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">19,631</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(29,161)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>30,640</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49,944</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(19,304)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>165</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,243</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,078)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>753</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,713</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,960)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    and financing</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(378)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(17)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(361)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(662)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(669)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(9,743)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,857</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30,600)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>30,731</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52,664</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(21,933)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    financial derivatives gain (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Crude
    oil</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(717)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">8,559</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(9,276)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,155</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(29,083)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56,238</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,885)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,041)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(5,844)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5,826)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,391)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4,435)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    and financing</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>372</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">148</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">224</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(101)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(448)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">347</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Equity
    total return swap (&ldquo;Equity TRS&rdquo;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(54)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(54)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,803)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,803)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(7,284)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7,666</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14,950)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>19,425</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30,922)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50,347</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    financial derivatives gain (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Crude
    oil</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10,247)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28,190</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(38,437)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>57,795</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,861</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">36,934</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Natural
    gas</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,720)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">202</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(6,922)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5,073)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,322</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(6,395)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    and financing</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">131</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(137)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(763)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(441)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(322)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Equity
    TRS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(54)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(54)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,803)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,803)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(17,027)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28,523</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(45,550)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>50,156</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">21,742</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28,414</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded total financial derivative losses of $17.0 million for Q3/2020 and gains of $50.2 million for YTD 2020. Realized financial
derivative gains and losses were primarily driven by settlements on our crude oil contracts and we recorded realized losses of
$9.7 million for Q3/2020 and realized gains of $30.7 million for YTD 2020. The unrealized loss of $7.3 million for Q3/2020 and
the unrealized gain of $19.4 million for YTD 2020 is primarily due to fluctuations in future commodity prices and revaluation
of contracts in place at September 30, 2020 compared to the value of contracts in place at the start of the respective periods.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
Q2/2020, we entered into short-term crude oil financial derivative contracts to provide price certainty for restarting production
in our Canadian operations. These contracts were the primary reason for realized losses of $9.5 million in Q3/2020 as market prices
for crude oil recovered from Q2/2020 lows and settled at levels above the prices set in these contracts. Realized gains on crude
oil financial derivatives of $30.6 million in YTD 2020 are primarily a result of market prices for WTI settling at levels below
the prices set in our contracts outstanding during the period.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized
losses of $7.3 million in Q3/2020 and gains of $19.4 million for YTD 2020 reflect the volatility in forecasted gas and crude oil
pricing used to revalue our contracts in place at September 30, 2020 relative to June 30, 2020 and December 31, 2019 along with
the valuation of new contracts entered during the period. Forecasted crude oil prices at September 30, 2020 were</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">relatively
consistent with June 30, 2020 and lower relative to December 31, 2019. Forecasted gas prices at September 30, 2020 were higher
relative to June 30, 2020 and December 31, 2019. The fair value of our financial derivative contracts resulted in a net asset
of $16.2 million at September 30, 2020 compared to a net asset of $23.5 million at June 30, 2020 and a net liability of $3.2 million
at December 31, 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%"></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD COLSPAN="4" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">We
    had the following commodity financial derivative contracts as at November 2, 2020.</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD COLSPAN="4" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; width: 16%; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; width: 23%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Period</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; width: 17%; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Volume</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; width: 32%; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Price/Unit<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; text-align: right; padding-right: 2pt; width: 12%; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Index</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">6,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$16.27/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Jun 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$13.75/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$14.26/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$13.41/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$6.15/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$5.95/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$4.78/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">8,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$42.78/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$56.00/US$61.35</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$57.00/US$60.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$57.00/US$62.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$58.00/US$62.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$58.00/US$60.50</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$58.00/US$60.83</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.00/US$65.60</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.00/US$66.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.50/US$66.15</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$65.60</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.05</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.70</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$35.00/US$45.00/US$49.50</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">10,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$35.00/US$45.00/US$55.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$70.00/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Brent</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$60.75/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$53.00/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$54.00/bbl</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20"><B>Natural
    Gas</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">10,500
    GJ/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.01/GJ</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Jun 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    GJ/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.71/GJ</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">16,000
    GJ/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.36/GJ</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    GJ/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.29/GJ</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    5A</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    GJ/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.40/GJ</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    5A</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.64/mmbtu</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">12,000
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.70/mmbtu</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.25/US$2.60/US$2.85</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)(6)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.25/US$2.75/US$3.06</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.90/mmbtu</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; text-align: right; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Based
                                         on the weighted average price per unit for the period.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Producer
                                         3-way option consists of a sold put, a bought put and a sold call. To illustrate, in
                                         a US$50.00/US$58.00/US$62.00 contract, Baytex receives WTI plus US$8.00/bbl when WTI
                                         is at or below US$50.00/bbl; Baytex receives US$58.00/bbl when WTI is between US$50.00/bbl
                                         and US$58.00/bbl; Baytex receives the market price when WTI is between US$58.00/bbl and
                                         US$62.00/bbl; and Baytex receives US$62.00/bbl when WTI is above US$62.00/bbl.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 31, 2020, to
                                         enter a swap transaction for the remaining term, notional volume and fixed price per
                                         unit indicated above.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 23, 2020, to
                                         enter a swap transaction for the</I> remaining term, notional volume and fixed price
                                         per unit indicated above.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(5)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 31, 2021, to
                                         enter a swap transaction for the remaining term, notional volume and fixed price per
                                         unit indicated above.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(6)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Contracts
                                         entered subsequent to September 30, 2020.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Operating Netback</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table summarizes our operating netback on a per
boe basis for our Canadian and U.S. operations for the three and nine months ended September 30, 2020 and 2019.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt 1pt 0.07in; text-align: left; width: 46%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    per boe except for volume)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    production (boe/d)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49,164</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28,650</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>77,814</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58,134</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">36,793</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">94,927</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback:</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    sales, net of blending and other expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>32.76</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>35.55</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33.79</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">45.96</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48.99</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">47.14</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Less:</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2.72)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10.53)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5.59)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4.90)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14.42)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8.59)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(12.73)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6.03)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10.26)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(13.78)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(6.99)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(11.15)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1.41)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(0.89)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1.85)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1.13)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15.90</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18.99</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17.05</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">25.43</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">27.58</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26.27</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivatives (loss) gain</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1.36)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.39</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback after financial derivatives</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15.90</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18.99</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15.69</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">25.43</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">27.58</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28.66</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt 1pt 0.07in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    per boe except for volume)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    production (boe/d)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>49,704</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>33,203</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>82,907</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58,904</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39,221</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">98,125</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback:</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    sales, net of blending and other expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28.60</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>34.61</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>31.01</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">47.69</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50.67</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48.88</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Less:</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2.49)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10.11)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5.54)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(5.12)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(15.00)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(9.07)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(13.63)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(7.25)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(11.08)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(13.79)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(7.14)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(11.13)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.25in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1.60)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(0.96)</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2.18)</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1.31)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10.88</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17.25</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>13.43</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26.60</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28.53</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">27.37</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivatives gain</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.35</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.97</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 2pt 2pt 1pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback after financial derivatives</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10.88</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17.25</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>14.78</B></FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26.60</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28.53</FONT></TD>
    <TD STYLE="padding: 2pt 2pt 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.34</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our operating netback after financial derivatives was $15.69/boe
for Q3/2020 and $14.78/boe for YTD 2020 compared to $28.66/ boe for Q3/2019 and $29.34/boe for YTD 2019. Operating netback was
lower in both periods of 2020 relative to the comparative periods of 2019 due to the decrease in benchmark pricing which resulted
in lower per unit sales, net of royalties, in Canada and the U.S. Total operating and transportation expense of $11.15/boe in Q3/2020
and $12.04/boe in YTD 2020 reflects our production optimization and cost savings initiatives which resulted in lower costs relative
to $12.28/boe in Q3/2019 and $12.44/boe in YTD 2019. Including realized gains and losses on financial derivatives our operating
net back was $15.69/boe for Q3/2020 and $14.78/ boe for YTD 2020 compared to $28.66/boe in Q3/2019 and $29.34/boe in YTD 2019.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>General and Administrative Expense</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">General and administrative (&ldquo;G&amp;A&rdquo;) expense includes
head office and corporate costs such as salaries and employee benefits, public company costs and administrative recoveries earned
for operating exploration and development activities on behalf of our working interest partners. G&amp;A expense fluctuates with
head office staffing levels and the level of operated exploration and development activity during the period.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-size: 8pt"><B>24</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 8pt; color: windowtext">Baytex Energy Corp. Third
    Quarter Report 2020</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 2pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table summarizes our G&amp;A expense for the three
and nine months ended September 30, 2020 and 2019.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt 1pt 0.075in; text-align: left; width: 46%; background-color: white; color: rgb(35,30,32)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 8%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Gross
    general and administrative expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,790</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">11,633</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,843)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,153</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39,907</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12,754)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Overhead
    recoveries</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(49)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,699)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,650</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,199)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4,331)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,132</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">General
    and administrative expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,741</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,934</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,193)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>24,954</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">35,576</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(10,622)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">General
    and administrative expense per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.08</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.14</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(0.06)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.10</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 3pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(0.23)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">G&amp;A expense was $7.7 million ($1.08/boe) for Q3/2020 and
$25.0 million ($1.10/boe) in YTD 2020 compared to $9.9 million ($1.14/boe) for Q3/2019 and $35.6 million ($1.33/boe) for YTD 2019.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">G&amp;A expense for Q3/2020 and YTD 2020 was lower relative to
Q3/2019 and YTD 2019 due to reduced staffing levels combined with our cost savings initiatives that included salary reductions.
G&amp;A for Q3/2020 and YTD 2020 includes $1.5 million and $3.5 million respectively related to the CEWS program. Despite lower
production, G&amp;A per boe was lower in Q3/2020 and YTD 2020 relative to comparative periods of 2019 due to our cost savings initiatives
and the benefit of the CEWS.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">G&amp;A expense of $25.0 million ($1.10/boe) in YTD 2020 is below
our annual guidance of $38 million ($1.30/boe) as YTD 2020 production exceeded the high end of our guidance range, and we benefited
from additional cost savings and the CEWS program extension. Our annual guidance of $38 million ($1.30/boe) reflects our cost savings
initiatives and the announced changes to the CEWS program.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Financing and Interest Expense</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financing and interest expense includes interest on our credit
facilities, long-term notes and lease obligations as well as non-cash financing costs and the accretion on our debt issue costs
and asset retirement obligations. Financing and interest expense varies depending on debt levels outstanding during the period,
the applicable borrowing rates, CAD/USD foreign exchange rates, along with the carrying amount of asset retirement obligations
and the discount rates used to present value these obligations.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table summarizes our financing and interest expense
for the three and nine months ended September 30, 2020 and 2019.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1pt 2pt 1pt 0.075in; text-align: left; width: 42%; background-color: white; color: rgb(35,30,32)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 3%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    on credit facilities</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,366</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,650</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,284)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11,749</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">15,171</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,422)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    on long-term notes</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>21,943</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">21,955</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>69,231</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">67,382</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,849</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    on lease obligations</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>109</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">147</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(38)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>360</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">475</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(115)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    interest</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>25,418</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26,752</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,334)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>81,340</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">83,028</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,688)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Accretion
    of debt issue costs</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>756</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,607</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(851)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5,863</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,753</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,110</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Accretion
    of asset retirement obligations</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,788</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,407</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,619)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,897</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10,268</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,371)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Early
    redemption expense</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,312</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,312</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financing
    and interest expense</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,962</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">31,766</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,804)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,412</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">97,049</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">363</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    interest per boe</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3.55</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.06</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.49</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3.58</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.10</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.48</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.075in; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financing
    and interest expense per boe</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3.91</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.64</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.27</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>4.29</B></FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.62</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">0.67</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financing and interest expense was $28.0 million in Q3/2020 and
$97.4 million in YTD 2020 compared to $31.8 million in Q3/2019 and $97.0 million in YTD 2019.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash interest of $25.4 million ($3.55/boe) in Q3/2020 and $81.3
million ($3.58/boe) in YTD 2020 is slightly lower than $26.8 million ($3.06/boe) in Q3/2019 and $83.0 million ($3.10/boe) in YTD
2019. Interest on our credit facilities was lower in both periods of 2020 primarily due to a lower weighted average borrowing rate
on amounts outstanding relative to 2019. The weighted average interest rate on our credit facilities was 2.5% in YTD 2020 compared
to 3.7% in YTD 2019. Interest on our long-term notes was higher in YTD 2020 due to a temporary increase in the principal amount
outstanding between the issuance of the US$500 million principal amount of 8.75% senior unsecured notes on February 5, 2020 and
the redemption of the US$400 principal amount of 5.125% senior unsecured notes on February 20, 2020 along with the redemption of
the $300 million principal amount of 6.625% senior unsecured notes on March 5, 2020.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt; width: 50%"></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25
    </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: windowtext; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: windowtext; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: windowtext; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
and interest expense for YTD 2020 includes the accelerated amortization of debt issue costs and $3.3 million of early redemption
expense associated with the $300 million principal amount of 6.625% senior unsecured notes which were redeemed at 101.104% of
the principal amount on March 5, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
interest expense of $3.58/boe is slightly below our annual guidance of $3.70/boe as production in YTD 2020 exceeded our annual
guidance. We expect cash financing and interest expense of $108.0 million ($3.70/boe) for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Exploration
and Evaluation Expense</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
and evaluation (&ldquo;E&amp;E&rdquo;) expense is related to the expiry of leases and the de-recognition of costs for exploration
programs that have not demonstrated commercial viability and technical feasibility. E&amp;E expense will vary depending on the
timing of expiring leases, the accumulated costs of the expiring leases and the economic facts and circumstances related to the
Company&rsquo;s exploration programs. Exploration and evaluation expense was $8.9 million for Q3/2020 and $11.0 million in YTD
2020 which is higher than $2.1 million for Q3/2019 and $8.7 million in YTD 2019 due to a higher amount of acreage expiring in
2020 relative to 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Depletion
and Depreciation</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and depreciation expense varies with the carrying amount of the Company&rsquo;s oil and gas properties, the amount of proved plus
probable reserves volumes and the rate of production for the period. The following table summarizes depletion and depreciation
expense for the three and nine months ended September 30, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-top: 2pt; width: 43%; background-color: white; color: rgb(35,30,32); padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for per boe)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: center; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 9%; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: center; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>104,547</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">178,364</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(73,817)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>386,587</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">547,345</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(160,758)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,907</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,058</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(151)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5,793</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,203</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,590</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>106,454</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">180,422</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(73,968)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>392,380</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">551,548</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(159,168)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion
    and depreciation per boe</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>14.87</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20.66</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(5.79)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17.27</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20.59</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3.32)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and depreciation expense was $106.5 million ($14.87/boe) for Q3/2020 and $392.4 million ($17.27/boe) in YTD 2020 compared to $180.4
million ($20.66/boe) for Q3/2019 and $551.5 million ($20.59/boe) for YTD 2019. Total depletion and depreciation expense and the
depletion rate per boe were lower in both periods of 2020 relative to the comparative periods of 2019 due to lower production
in 2020 along with $2.6 billion of impairment write-downs recorded in Q1/2020 which reduced the depletable base of our oil and
gas properties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Impairment</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
did not identify indicators of impairment or impairment reversal for any of our cash generating units (&ldquo;CGU&rdquo;) at September
30, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
March 31, 2020, we identified indicators of impairment due to the sharp decline in forecasted commodity prices. We performed impairment
tests on the E&amp;E assets and oil and gas properties for our six CGUs. We recorded total impairments of $2.7 billion in Q1/2020
as the carrying value of the E&amp;E assets and oil and gas properties of our CGUs exceeded their estimated recoverable amounts.
The total impairment includes $2.6 billion related to the CGUs comprising oil and gas properties and $0.1 billion related to the
CGUs comprising E&amp;E assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
recoverable amount of each CGU was calculated at March 31, 2020 using the following benchmark reference prices for the years 2020
to 2029 adjusted for commodity differentials specific to the Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; border-bottom: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2020</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 8%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2021</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2022</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 8%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2023</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2024</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 6%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2025</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2026</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2027</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 6%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2028</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2029</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI crude
    oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.17</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">40.45</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49.17</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">53.28</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">55.66</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.87</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58.01</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.17</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.35</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61.56</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WCS heavy
    oil (CA$/bbl)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">19.21</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">34.65</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">46.34</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">51.25</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">54.28</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">55.72</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.96</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58.22</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.51</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.82</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">LLS crude
    oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">32.17</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">43.80</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52.55</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.68</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.10</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.35</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61.52</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">62.72</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">63.94</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65.19</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Edmonton
    par oil (CA$/bbl)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.22</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">46.85</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.27</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65.02</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">68.43</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">69.81</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">71.24</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">72.70</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">74.19</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">75.71</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Henry Hub
    gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.10</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.58</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.79</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.86</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.93</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.00</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.07</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.13</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.19</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.25</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">AECO gas
    (CA$/mmbtu)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.74</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.20</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.38</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.45</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.53</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.60</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.66</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.72</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.79</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.85</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 0.06in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.37</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 2pt; padding-left: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
data is combined with assumptions relating to long-term prices, inflation rates and exchange rates together with estimates of
transportation costs and pricing of competing fuels to forecast long-term energy prices, consistent with external sources of information.
The prices and costs subsequent to 2029 have been adjusted for inflation at an annual rate of 2.0%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the recoverable amount and impairment at March 31, 2020 and demonstrates the sensitivity of the estimated
recoverable amount of the Company&rsquo;s CGUs comprising oil and gas properties to reasonably possible changes in key assumptions
inherent in the estimate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 2pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Recoverable</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in discount</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in oil price</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in gas</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">amount</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">rate
    of 1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">of
    $2.50/bbl</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; padding-left: 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">price
    of $0.25/mcf</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 1pt 2pt 1pt 0.075in; width: 24%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Conventional
    CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 2%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 14%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">37,444</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 2%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 13%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">41,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 1%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 13%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 2%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 14%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 1%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; width: 14%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">8,500</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 2pt 1pt 0.075in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Peace
    River CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">109,631</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">345,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">53,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,000</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 2pt 1pt 0.075in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Lloydminster
    CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">227,967</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">470,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">25,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">69,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 2pt 1pt 0.075in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Duvernay
    CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61,197</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,500</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 2pt 1pt 0.075in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Viking
    CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">962,134</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">915,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">57,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">123,000</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.075in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Eagle
    Ford CGU</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,576,423</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">812,488</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">120,750</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">141,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">32,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 2pt 1pt 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,974,796</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,588,488</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">220,750</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">400,500</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Share-Based
Compensation Expense</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Share-based
compensation (&ldquo;SBC&rdquo;) expense includes expense associated with our Share Award Incentive Plan and our Incentive Award
Plan. SBC expense associated with our Share Award Incentive Plan is recognized in net income or loss over the vesting period of
the awards with a corresponding increase in contributed surplus. SBC expense associated with our Incentive Award Plan is recognized
in net income or loss over the vesting period of the awards with a corresponding financial liability and includes gains or losses
on equity total return swaps used to fix the aggregate cost of new grants made under the plan. SBC expense varies with the quantity
of unvested share awards outstanding and the grant date fair value assigned to the share awards.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded SBC expense of $2.9 million for Q3/2020 and $8.7 million for YTD 2020 compared to $3.4 million for Q3/2019 and $14.2
million for YTD 2019. SBC expense is lower in both periods of 2020 as the total value of awards granted in 2020 was lower than
prior years. The total expense for YTD 2020 is comprised of non-cash compensation expense of $7.0 million related to the Share
Award Incentive Plan and cash compensation expense of $1.7 million related to the Incentive Award Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Foreign
Exchange</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized
foreign exchange gains and losses represent the change in value of the long-term notes and credit facilities denominated in U.S.
dollars. The long-term notes and credit facilities are translated to Canadian dollars on the balance sheet date using the closing
CAD/USD exchange rate. When the Canadian dollar strengthens against the U.S. dollar at the end of the current period compared
to the previous period an unrealized gain is recorded and conversely when the Canadian dollar weakens at the end of the current
period compared to the previous period an unrealized loss is recorded. Realized foreign exchange gains and losses are due to day-to-day
U.S. dollar denominated transactions occurring in our Canadian functional currency entities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 8pt; padding-top: 2pt; width: 43%; border-bottom: Black 1pt solid; background-color: white; color: rgb(35,30,32); padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands except for exchange rates)</I></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 9%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,880)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,855</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(39,735)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28,125</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(38,404)</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">66,529</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(351)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(733)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(437)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">426</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(863)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Foreign
    exchange (gain) loss</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(26,231)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14,237</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(40,468)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,688</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(37,978)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65,666</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">CAD/USD
    exchange rates:</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">At
    beginning of period</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.3616</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3091</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.2965</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3646</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">At
    end of period</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.3324</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3244</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.3324</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.3244</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded unrealized foreign exchange gains of $25.9 million for Q3/2020 due to the strengthening of the Canadian dollar relative
to the U.S. dollar at September 30, 2020 compared to June 30, 2020. This compares to an unrealized foreign exchange loss of $13.9
million for Q3/2019 due to the weakening of the Canadian dollar relative to the U.S. dollar at September 30, 2019 relative to
June 30, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded an unrealized foreign exchange loss of $28.1 million for YTD 2020 due to the weakening of the Canadian dollar relative
to the U.S. dollar at September 30, 2020 compared to December 31, 2019. This compares to an unrealized foreign exchange gain of
$38.4 million in YTD 2019 due to the strengthening of the Canadian dollar relative to the U.S. dollar at September 30, 2019 relative
to December 31, 2018.</FONT></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 45%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 5%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>




<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Realized
foreign exchange gains and losses will fluctuate depending on the amount and timing of day-to-day U.S. dollar denominated transactions
for our Canadian operations. We recorded a realized foreign exchange gain of $0.4 million for Q3/2020 and YTD 2020 compared to
a loss of $0.4 million for Q3/2019 and YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
Taxes</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: center; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding-top: 2pt; width: 43%; background-color: white; color: rgb(35,30,32); padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 9%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Current
    income tax expense</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>322</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">501</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(179)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>880</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,591</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(711)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Deferred
    income tax expense (recovery)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,082</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(386)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(261,481)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14,958)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(246,523)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total income
    tax expense (recovery)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,583</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(565)</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(260,601)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(13,367)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: right; color: #231E20; padding-right: 2.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(247,234)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
income tax expense was $0.3 million for Q3/2020 and $0.9 million for YTD 2020 compared to $0.5 million for Q3/2019 and $1.6 million
in YTD 2019. Current income tax was lower in both periods of 2020 due to lower state tax owed on our U.S. operations relative
to the comparative periods of 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded a deferred tax recovery of $261.5 million for YTD 2020 which was lower compared to a $15.0 million recovery for YTD 2019
as income before tax was lower due to the impairment recorded in Q1/2020. We recorded a deferred income tax expense of $0.7 million
for Q3/2020 compared to $1.1 million for Q3/2019. Deferred income tax expense for Q3/2020 did not decrease in proportion to the
decrease in net income relative to Q3/2019 as deferred income tax in our Canadian operations is offset by a change in the valuation
allowance recorded against the deferred income tax asset in Canada.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
disclosed in the 2019 annual financial statements, certain indirect subsidiaries received reassessments from the Canada Revenue
Agency (the &ldquo;CRA&rdquo;) that deny $591 million of non-capital loss deductions relevant to the calculation of income taxes
for the years 2011 through 2015. In September 2016, we filed notices of objection with the CRA appealing each reassessment received.
There has been no change in the status of these reassessments since an Appeals Officer was assigned to our file in July 2018.
We remain confident that our original tax filings are correct and intend to defend these tax filings through the appeals process.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28</B></FONT></TD><TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: windowtext">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: a3 -->
<P STYLE="border-bottom: Black 1.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
Income (Loss) and Adjusted Funds Flow</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
components of adjusted funds flow and net income or loss for the three and nine months ended September 30, 2020 and 2019 are set
forth in the following table.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: center; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: left; padding-right: 2pt; width: 42%; background-color: white; color: rgb(35,30,32); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 2%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 2%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 2%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; width: 8%; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>252,538</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">424,600</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(172,062)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>741,841</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,360,024</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(618,183)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(40,052)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(75,017)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">34,965</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(125,928)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(242,959)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">117,031</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Revenue,
    net of royalties</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>212,486</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">349,583</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(137,097)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>615,913</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,117,065</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(501,152)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Expenses</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(73,447)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(97,377)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23,930</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(251,597)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(298,143)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">46,546</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,372)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(9,903)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,531</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(21,745)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(35,102)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,357</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Blending
    and other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10,673)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12,950)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(37,490)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(50,628)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,138</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Operating
    netback</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>121,994</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">229,353</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(107,359)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>305,081</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">733,192</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(428,111)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">General
    and administrative</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(7,741)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(9,934)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,193</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(24,954)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(35,576)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10,622</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    financing and interest</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,418)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(26,752)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,334</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(81,340)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(83,028)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,688</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivatives (loss) gain</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(9,743)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,857</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30,600)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>30,731</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52,664</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(21,933)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    foreign exchange gain (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>351</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(382)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">733</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>437</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(426)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">863</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Other
    income</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">738</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(738)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,007</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,044</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,037)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Current
    income tax expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(322)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(501)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">179</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(880)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,591)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">711</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(613)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(613)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,752)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,752)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Adjusted
    funds flow</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>78,508</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">213,379</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(134,871)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>229,330</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">670,279</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(440,949)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and evaluation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(8,909)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,138)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(6,771)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(11,000)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8,667)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,333)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(106,454)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(180,422)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">73,968</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(392,380)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(551,548)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">159,168</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Non-cash
    share-based compensation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,336)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(3,401)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,065</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,973)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14,245)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7,272</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Non-cash
    financing and accretion</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,544)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(5,014)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,470</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(16,072)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14,021)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,051)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Non-cash
    other income</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>293</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">293</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>293</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">293</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    financial derivatives (loss) gain</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(7,284)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7,666</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(14,950)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>19,425</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30,922)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">50,347</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    foreign exchange gain (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>25,880</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(13,855)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">39,735</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(28,125)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">38,404</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(66,529)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Gain
    on dispositions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>98</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">80</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>246</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,075</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(829)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,716,349)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,716,349)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Deferred
    income tax (expense) recovery</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(696)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,082)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">386</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>261,481</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14,958</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">246,523</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Net
    income (loss) for the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(23,444)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">15,151</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(38,595)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">105,313</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,765,437)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
generated adjusted funds flow of $78.5 million for Q3/2020 and $229.3 million for YTD 2020 compared to $213.4 million reported
in Q3/2019 and $670.3 million for YTD 2019. The decrease in adjusted funds flow in both periods of 2020 is primarily due to the
decline in commodity benchmark prices which resulted in a $133.1 million decrease in revenue, net of royalties and blending and
other expense for Q3/2020 and a $486.3 million decrease for YTD 2020. This decrease in adjusted funds flow in 2020 relative to
2019 was mitigated by our costs savings initiatives which resulted in a $29.7 million reduction in operating, transportation,
and general and administrative expenses for Q3/2020 and $70.5 million for YTD 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
reported a net loss of $23.4 million for Q3/2020 and $2.7 billion for YTD 2020 compared to net income of $15.2 million and $105.3
million for Q2/2019 and YTD 2019 respectively. The net loss for Q3/2020 was primarily a result of lower commodity prices and shut-in
production which resulted in a $134.9 million decrease in adjusted funds flow compared to Q3/2019. This decrease was partially
offset by lower depletion and unrealized gains and losses on derivatives and foreign exchange in Q3/2020 relative to Q3/2019 which
resulted in the $38.6 million decrease in net income over the same period. We recorded total impairments of $2.7 billion during
YTD 2020 which was the main reason for the net loss of $2.7 billion recorded for the period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other
Comprehensive Income (Loss)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
comprehensive income or loss is comprised of the foreign currency translation adjustment on U.S. net assets which is not
recognized in profit or loss. The foreign currency translation loss of $30.3 million for Q3/2020 and the gain of $90.2
million for YTD 2020 relates to the change in value of our U.S. net assets expressed in Canadian dollars and is due to the
change of the Canadian dollar relative to the U.S. dollar at September 30, 2020 compared to June 30, 2020 and December 31,
2019. The CAD/USD exchange rate was 1.3324 CAD/USD as at September 30, 2020 compared to 1.3616 CAD/USD at March 31, 2020 and
1.2965 CAD/USD at December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
Energy Corp. Third Quarter Report 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>29</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="border-bottom: Black 1.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital
Expenditures</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
expenditures for the three and nine months ended September 30, 2020 and 2019 are summarized as follows.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: White; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: white; color: #231E20; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); padding-right: 5pt; text-align: center; width: 2%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: center; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: center; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Drilling,
    completion and equipping</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12,020</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12,020</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">85,633</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">38,731</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">124,364</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Facilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,056</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,056</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,934</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,991</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">12,925</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Land,
    seismic and other</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,826</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,826</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,207</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">589</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,796</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total exploration
    and development</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,882</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>12,020</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15,902</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">96,774</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">42,311</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">139,085</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total acquisitions,
    net of proceeds from divestitures</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(98)</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B><SUB>&mdash;</SUB></B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(98)</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30) </FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><SUB>&mdash;</SUB></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(30)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: White; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); padding-right: 5pt; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">2019</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Drilling,
    completion and equipping</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>99,545</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>71,859</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>171,404</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">228,570</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">120,716</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">349,286</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Facilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>23,753</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>299</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>24,052</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">31,401</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">7,573</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">38,974</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Land,
    seismic and other</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,624</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>451</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; background-color: rgb(232,232,232); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,075</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">9,932</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">982</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10,914</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding: 2pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total exploration
    and development</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>129,922</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>72,609</B></FONT></TD>
    <TD STYLE="padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>202,531</B></FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">269,903 </FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">129,271</FONT></TD>
    <TD STYLE="padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">399,174</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; background-color: white; color: #231E20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">Total acquisitions, net of proceeds from</FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">divestitures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(232,232,232); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(149)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 3pt 2pt 2pt; text-align: right; background-color: rgb(232,232,232); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(232,232,232); text-align: right; color: #231E20; padding-left: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(149)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,617 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 3pt 2pt 2pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,617</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
and development expenditures were $15.9 million for Q3/2020 and $202.5 million for YTD 2020 compared to $139.1 million for Q3/2019
and $399.2 million for YTD 2019. Expenditures in Q3/2020 and YTD 2020 were lower than the comparative periods of 2019 as we suspended
our operated capital activity in Canada and moderated the pace of development in the U.S. in response to the significant decline
in crude oil prices in March 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, we invested $3.9 million on exploration and development activities in Q3/2020 which is $92.9 million lower than $96.8
million in Q3/2019. Development expenditures of $3.9 million for Q3/2020 relate to $2.1 million of well-site equipping costs associated
with Q4/2020 completion activity along with land acquisition costs of $1.8 million. Drilling and completion operations were suspended
after the sharp decline in crude oil prices in March 2020 and we did not drill any wells in our Canadian operations during Q3/2020.
Exploration and development expenditures of $129.9 million for YTD 2020 included costs associated with drilling 72 (69.2 net)
light oil wells in the Viking, 2 (2.0 net) light oil wells in the Duvernay, 33 (33.0 net) heavy oil wells, 6 (6.0 net) stratigraphic
exploration wells and investing $23.8 million on facilities. Exploration and development expenditures of $269.9 million for YTD
2019 included costs associated with 223 (193.7 net) light oil wells, 25 (25.0 net) heavy oil wells and 4 (4.0 net) stratigraphic
exploration wells. Total exploration and development costs were lower in YTD 2020 relative to YTD 2019 as we suspended development
operations following the sharp decline in crude oil pricing in March 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
U.S. exploration and development expenditures were $12.0 million for Q3/2020 which is $30.3 million lower than $42.3 million for
Q3/2019. Exploration and development expenditures of $12.0 million included costs associated with drilling 22 (5.4 net) wells
along with 6 (0.8 net) wells that were brought on production during Q3/2020. Exploration and development expenditures of $72.6
million for YTD 2020 included costs associated with the drilling of 39 (9.2 net) wells and completion activities on 53 (11.5 net)
wells. Development expenditures were lower in YTD 2020 which was primarily due to lower drilling and completions activity relative
to YTD 2019 when we drilled 65 (14.5 net) wells and brought 85 (18.5 net) wells on production and spent $129.3 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
2020 annual guidance range of $260 - $290 million reflects a more active development program in Q4/2020 in Canada and the U.S.
in anticipation of an improved price environment leading into 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>30</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Baytex
Energy Corp. Third Quarter Report 2020</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: windowtext">&nbsp;</FONT></FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CAPITAL
RESOURCES AND LIQUIDITY</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
took action to improve our capital structure and financial liquidity during YTD 2020. On February 5, 2020, we issued US$500 million
of senior unsecured notes bearing interest at 8.75% which mature on April 1, 2027. Proceeds from the issuance were used in conjunction
with availability on our credit facilities to complete the early redemption of the US$400 million principal amount of 5.125% senior
unsecured notes due June 1, 2021 and the $300 million principal amount of 6.625% senior unsecured notes due July 19, 2022. We
also negotiated an extension to the maturity of our credit facilities from April 2, 2021 to April 2, 2024. As a result of these
actions we do not have any debt maturities until 2024 and we had $425.8 million of undrawn capacity on our credit facilities at
September 30, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
objective for capital management involves maintaining a flexible capital structure and sufficient sources of liquidity to execute
our capital programs, while meeting our short and long-term commitments. We strive to actively manage our capital structure in
response to changes in economic conditions. At September 30, 2020, our capital structure was comprised of shareholders&rsquo;
capital, long-term notes, trade and other receivable, trade and other payables and the credit facilities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
2020 we took additional action to protect our financial liquidity in response to lower oil prices and the global economic instability
related to COVID-19. Our 2020 exploration and development expenditures were reduced by moderating the pace of activity in the
U.S. and suspending drilling and completion operations in Canada. Certain high cost, low margin, production was shut-in for a
portion of 2020 when netbacks were challenged by low commodity prices. We remain committed to our cost savings initiatives which
resulted in lower operating expenses and general administrative costs during YTD 2020. We have also taken advantage of all government
assistance programs available to our industry. These actions resulted in free cash flow of $59.9 million for Q3/2020 and $16.3
million for YTD 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
capital intensive nature of our operations requires us to maintain adequate sources of liquidity to fund ongoing exploration and
development. Our capital resources consist primarily of adjusted funds flow, available credit facilities and proceeds received
from the divestiture of oil and gas properties. We believe that our internally generated adjusted funds flow and our existing
undrawn credit facilities will provide sufficient liquidity to fund our planned capital expenditures. Adjusted funds flow depends
on a number of factors, including commodity prices, production and sales volumes, royalties, operating expenses, taxes and foreign
exchange rates. In order to manage our capital structure and liquidity, we may from time to time issue equity or debt securities,
enter into business transactions including the sale of assets or adjust capital spending to manage current and projected debt
levels. There is no certainty that any of these additional sources of capital would be available if required.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
September 30, 2020, net debt of $1.91 billion was $34.3 million higher than $1.87 billion at December 31, 2019. Free cash flow
of $16.3 million generated during YTD 2020 was directed towards debt repayment and reduced net debt at September 30, 2020. Net
debt increased due to a $30.9 million increase in the reported amount of our U.S. dollar denominated net debt at September 30,
2020 due to a weaker Canadian dollar. We also incurred total transaction and financing costs of $17.6 million related to the refinancing
transactions in Q1/2020 including the issuance of the US$500 million senior notes due 2027, the early redemption of the US$400
million senior notes due 2021 and the $300 million senior notes due 2022 along with extending the maturity of our credit facilities
to 2024.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
monitor our capital structure and liquidity requirements using a net debt to adjusted funds flow ratio calculated on a twelve
month trailing basis. At September 30, 2020, our net debt to adjusted funds flow ratio was 4.1 compared to a ratio of 2.1 as at
December 31, 2019. The increase in the net debt to adjusted funds flow ratio relative to December 31, 2019 is attributed to lower
adjusted funds flow due to lower commodity pricing.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Credit
Facilities</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
September 30, 2020, the principal amount of credit facilities and letters of credit outstanding was $640.3 million and we had
$425.8 million of undrawn capacity under our credit facilities that total approximately $1.07 billion. Our credit facilities include
US$575 million of revolving credit facilities and a $300 million non-revolving term loan (collectively, the &ldquo;Credit Facilities&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
March 3, 2020, we amended our Credit Facilities to extend maturity from April 2, 2021 to April 2, 2024. These facilities will
automatically be extended to June 4, 2024 providing we have either refinanced, or have the ability to repay, the outstanding 2024
long-term notes with existing credit capacity as of April 1, 2024.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Credit Facilities are not borrowing base facilities and do not require annual or semi-annual reviews. The Credit Facilities contain
standard commercial covenants in addition to the financial covenants detailed below. There are no mandatory principal payments
required prior to maturity which could be extended upon our request. Advances (including letters of credit) under the Credit Facilities
can be drawn in either Canadian or U.S. funds and bear interest at the bank&rsquo;s prime lending rate, bankers&rsquo; acceptance
discount rates or London Interbank Offered Rates, plus applicable margins. In the event that Baytex breaches any of the covenants
under the Credit Facilities, Baytex may be required to repay, refinance or renegotiate the loan terms and may be restricted from
taking on further debt or paying dividends to shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
Energy Corp. Third Quarter Report 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>31</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="border-bottom: Black 1.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
agreements and associated amending agreements relating to the Credit Facilities are accessible on the SEDAR website at www.sedar.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
weighted average interest rate on the Credit Facilities was 1.9% for Q3/2020 and 2.5% for YTD 2020 compared to 3.6% for Q3/2019
and 3.7% for YTD 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Covenants</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
September 30, 2020, we were in compliance with all of the covenants contained in our Credit Facilities and we expect to remain
in compliance with the financial covenants applicable to our credit facilities at current forward commodity prices. A decrease
or a sustained period of low commodity prices may result in non-compliance with our financial covenants and reduced liquidity
on our existing credit facilities. Non-compliance with the financial covenants in our credit facilities could result in our debt
becoming due and payable on demand.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the financial covenants applicable to the Credit Facilities and our compliance therewith at September
30, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-top: 1.5pt; width: 66%; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; width: 16%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Position
    as at</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; padding-top: 1.5pt; width: 18%; text-align: right; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1pt solid; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Covenant
    Description</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Covenant</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1.5pt; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Senior
    Secured Debt<SUP>(1)</SUP> to Bank EBITDA<SUP>(2)</SUP> (Maximum Ratio)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1.1:1.0</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.5:1.0</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1pt solid; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    Coverage<SUP>(3)</SUP> (Minimum Ratio)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5.4:1.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.0:1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&ldquo;Senior
                                         Secured Debt&rdquo; is defined as the principal amount of the credit facilities and other
                                         secured obligations identified in the credit agreement. As at September 30, 2020, the
                                         Company&rsquo;s Senior Secured Debt totaled $640.3 million which includes $624.8 million
                                         of principal amounts outstanding and $15.5 million of letters of credit.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Bank
                                         EBITDA is calculated based on terms and definitions set out in the credit agreement which
                                         adjusts net income or loss for financing and interest expenses, income tax, non-recurring
                                         losses, certain specific unrealized and non-cash transactions (including depletion, depreciation,
                                         exploration and evaluation expenses, impairment, deferred income tax expense and recovery,
                                         unrealized gains and losses on financial derivatives and foreign exchange and share-based
                                         compensation) and is calculated based on a trailing twelve month basis including the
                                         impact of material acquisitions as if they had occurred at the beginning of the twelve
                                         month period. Bank EBITDA for the twelve months ended September 30, 2020 was $566.1 million.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Interest
                                         coverage is computed as the ratio of Bank EBITDA to financing and interest expenses,
                                         excluding accretion of debt issue costs and asset retirement obligations, and is calculated
                                         on a trailing twelve month basis. Financing and interest expenses, excluding accretion
                                         of debt issue costs and asset retirement obligations, for the three months ended September
                                         30, 2020 were $105.2 million.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Long-Term
Notes</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have two series of long-term notes outstanding that total $1.2 billion as at September 30, 2020. The long-term notes do not contain
any financial maintenance covenants. The long-term notes contain a debt incurrence covenant that restricts our ability to raise
additional debt beyond our existing Credit Facilities and long-term notes unless we maintain a minimum fixed charge coverage ratio
(computed as the ratio of Bank EBITDA to financing and interest expenses on a trailing twelve month basis) of 2.00:1.00. The fixed
charge coverage ratio was 5.0:1.0 as at September 30, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
June 6, 2014, we issued US$800 million of senior unsecured notes, comprised of US$400 million of 5.125% notes due June 1, 2021
(the &ldquo;5.125% Notes&rdquo;), which were redeemed February 20, 2020, and US$400 million of 5.625% notes due June 1, 2024 (the
 &ldquo;5.625% Notes&rdquo;), which remain outstanding. The 5.625% Notes pay interest semi-annually with the principal amount repayable
at maturity. As of June 1, 2019, the 5.625% Notes are redeemable at our option, in whole or in part, at specified redemption prices
and will be redeemable at par from June 1, 2022 to maturity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
February 5, 2020, we issued US$500 million aggregate principal amount of senior unsecured notes due April 1, 2027 bearing interest
at a rate of 8.75% per annum payable semi-annually (the &ldquo;8.75% Senior Notes)&rdquo;. The 8.75% Senior Notes are redeemable
at our option, in whole or in part, at specified redemption prices after April 1, 2023 and will be redeemable at par from April
1, 2026 to maturity. Transaction costs of $12.5 million were incurred in conjunction with the issuance which resulted in net proceeds
of $652.2 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
February 20, 2020, we used a portion of the net proceeds from the issuance of the 8.75% Senior Notes to complete the early redemption
of the US$400 million principal amount of the 5.125% senior unsecured notes due June 1, 2021 at par plus accrued interest. The
payment at redemption was $530.4 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
March 5, 2020, we completed the early redemption of the $300 million principal amount of the 6.625% senior unsecured notes
due July 19, 2022 at 101.104% of the principal amount plus accrued interest. The payment at redemption includes principal of
$300.0 million plus early redemption expense of $3.3 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>32</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">Baytex
Energy Corp. Third Quarter Report 2020</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: windowtext">&nbsp;</FONT></FONT></P>


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<P STYLE="border-bottom: Black 1.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Shareholders&rsquo;
Capital</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are authorized to issue an unlimited number of common shares and 10.0 million preferred shares. The rights and terms of preferred
shares are determined upon issuance. During the nine months ended September 30, 2020, we issued 2.9 million common shares pursuant
to our share-based compensation program. As at November 2, 2020, we had 561.2 million common shares issued and outstanding and
no preferred shares issued and outstanding.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Contractual
Obligations</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have a number of financial obligations that are incurred in the ordinary course of business. These obligations are of a recurring
nature and impact our adjusted funds flow in an ongoing manner. A significant portion of these obligations will be funded by adjusted
funds flow. These obligations as of September 30, 2020 and the expected timing for funding these obligations are noted in the
table below.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Less
    than</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 5pt 1.5pt 0.07in; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; background-color: white; color: rgb(35,30,32)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1
    year</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1-3
    years</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3-5
    years</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1.5pt; white-space: nowrap; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Beyond
    5 years</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other payables</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>179,482</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">179,482</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Credit
    facilities<SUP>(1) (2)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>624,826</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">624,826</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Long-term
    notes<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,199,160</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">532,960</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">666,200</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    on long-term notes<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>489,037</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">88,272</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">176,543</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">136,544</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">87,678</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Lease
    agreements</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11,132</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">6,086</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,449</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">597</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Processing
    agreements</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>8,912</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,403</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,396</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">503</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,610</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    agreements</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>102,101</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,619</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">41,372</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">28,345</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">18,765</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.07in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,614,650</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">290,862</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">223,760</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,323,775</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">776,253</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         credit facilities matures on April 2, 2024. Maturity will automatically be extended to
                                         June 4, 2024 providing Baytex has either refinanced, or has the ability to repay, the
                                         outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Principal
                                         amount of instruments.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Excludes
                                         interest on our credit facilities as interest payments fluctuate based on a floating
                                         rate of interest and changes in the outstanding balances.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
also have ongoing obligations related to the abandonment and reclamation of well sites and facilities when they reach the end
of their economic lives. Programs to abandon and reclaim well sites and facilities are undertaken regularly in accordance with
applicable legislative requirements.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="border-bottom: Black 1.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>QUARTERLY
FINANCIAL INFORMATION</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding: 2pt 5pt 2pt 189.85pt; text-align: center; color: #231E20">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #231E20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><B>2020</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #231E20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: center; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2018</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.07in; width: 35%; color: rgb(35,30,32); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands, except per common share<BR>
    amounts)</I></FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; border-bottom: Black 1pt solid; width: 8%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Q3</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 8%; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q2</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 9%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q1</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 8%; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q4</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; width: 8%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q3</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; border-bottom: Black 1pt solid; width: 8%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q2</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 8%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q1</FONT></TD>
    <TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5pt; width: 8%; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Q4</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>252,538</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">152,689</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">336,614</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">445,895</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">424,600</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">482,000</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">453,424</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">358,437</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Net
    income (loss)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(23,444)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(138,463)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(2,498,217)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(117,772)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15,151</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">78,826</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">11,336</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(231,238)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Per
    common share - basic</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(0.04)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.25)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(4.46)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.21)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.14</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.02</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.42)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Per
    common share - diluted</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(0.04)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.25)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(4.46)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.21)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.14</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.02</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.42)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Adjusted
    funds flow</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>78,508</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17,887</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">132,935</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">232,147</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">213,379</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">236,130</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">220,770</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">110,828</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Per
    common share - basic</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>0.14</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.24</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.42</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.38</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.42</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.40</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.20</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Per
    common share - diluted</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>0.14</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.24</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.42</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.38</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.42</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.40</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.20</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and development</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>15,902</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9,852</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">176,777</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">153,117</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">139,085</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">106,246</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">153,843</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">184,162</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Canada</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,882</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,929</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">123,110</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">104,460</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">96,774</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">68,259</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">104,870</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">125,507</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">U.S.</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>12,020</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,923</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">53,667</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">48,657</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">42,311</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">37,987</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">48,973</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">58,655</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Acquisitions,
    net of divestitures</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(98)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(40)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">563</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(30)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,647</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">229</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Net
    debt</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,906,079</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,994,953</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,051,617</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,871,791</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,971,339</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,028,686</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,175,241</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,265,167</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Total
    assets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,156,414</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3,267,820</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3,441,040</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,914,083</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,233,875</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,222,190</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,359,157</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,377,198</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Common
    shares outstanding</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>561,163</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">560,545</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">560,483</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">558,305</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">557,972</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">556,798</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">555,872</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">554,060</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; background-color: white; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Daily
    production</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Total
    production (boe/d)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>77,814</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">72,508</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">98,452</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">96,360</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">94,927</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">98,402</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">101,115</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">98,890</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Canada
    (boe/d)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>49,164</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">37,691</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">62,262</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">57,794</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">58,134</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">58,580</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">60,018</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">60,453</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">U.S.
    (boe/d)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>28,650</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">34,817</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">36,190</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">38,566</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">36,793</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">39,822</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">41,097</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">38,437</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; background-color: white; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Benchmark
    prices</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">WTI
    oil (US$/bbl)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>40.93</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">27.85</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">46.17</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">56.96</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">56.45</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">59.81</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">54.90</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">58.81</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">WCS
    heavy (US$/bbl)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>31.84</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16.38</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">25.65</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">41.13</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">44.21</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">49.14</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">42.61</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">19.39</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">CAD/USD
    avg exchange rate</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1.3316</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3860</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3445</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3201</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3207</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3376</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3293</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.3215</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">AECO
    gas ($/mcf)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2.18</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.91</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.14</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.34</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.04</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.17</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.94</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.94</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">NYMEX
    gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1.98</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.72</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.95</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.50</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.23</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.64</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3.15</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3.64</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Sales
    price ($/boe)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>33.79</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">22.31</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35.19</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">48.25</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">47.14</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">51.49</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">47.98</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">37.89</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Royalties
    ($/boe)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(5.59)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(4.42)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(6.33)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(8.72)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(8.59)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(9.67)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(8.94)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(8.77)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Operating
    expense ($/boe)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(10.26)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.17)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.66)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.23)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.15)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.22)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11.02)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(10.76)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Transportation
    expense ($/boe)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(0.89)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.76)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.15)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.00)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.13)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.33)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.46)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1.21)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Operating
    netback ($/boe)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>17.05</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5.96</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16.05</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">27.30</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">26.27</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">29.27</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">26.56</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17.15</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.15in; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives gain (loss) ($/boe)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1.36)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.06</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3.00</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.59</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.39</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1.45</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2.07</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(0.34)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.07in; background-color: white; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Operating
    netback after financial derivatives ($/boe)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>15.69</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8.02</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">19.05</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">29.89</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">28.66</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">30.72</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">28.63</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 2pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16.81</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
results for the previous eight quarters reflect the disciplined execution of our development programs and management of production
in response to fluctuations in the prices for the commodities we produce. Production reached a high of 101,115 boe/d during Q1/2019
after relatively stable crude oil prices supported an active development program in Canada and the U.S. leading into 2019. Production
was relatively consistent in the quarters following Q1/2019 until we shut-in production in Canada and moderated the pace of activity
in the U.S. after the sharp decline in crude oil prices in March 2020. Production of 77,814 boe/d for Q3/2020 reflects reduced
capital spending in response to low commodity prices for the second consecutive quarter.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">North
American benchmark commodity prices were stable throughout 2019 and were relatively strong leading into Q1/2020 with the West
Texas Intermediate (&ldquo;WTI&rdquo;) benchmark price averaging US$57.53/bbl in January. Decisions made by Saudi Arabia and Russia
to increase production of crude oil as demand was decreasing due to the spread of COVID-19 resulted in a sharp decline in global
crude oil prices with WTI averaging US$27.85/bbl in Q2/2020. Prices improved and were relatively stable during Q3/2020 as OPEC+
agreed to reinstate production curtailments and measures to control the spread of COVID-19 were relaxed. Despite this</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>




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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34</B></FONT></P></TD>
    <TD STYLE="width: 43%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                           Energy Corp. Third Quarter Report 2020</FONT></P></TD>
    <TD STYLE="width: 50%"></TD></TR>
</TABLE>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 1.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">recent
improvement commodity prices remained low with WTI averaging US$40.93/bbl for Q3/2020. The impact of low commodity prices is reflected
in our realized sales price of $33.79/boe for Q3/2020. Our development programs were significantly reduced in Canada and the U.S.
as a result of this decline in crude oil pricing with exploration and development spending of $15.9 million during Q3/2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow is directly impacted by our average daily production and changes in benchmark commodity prices which are the basis
for our realized sales price. Adjusted funds flow improved throughout 2019 due to increased production and strong well performance
along with higher realizations associated with the higher weighting of light oil production. Adjusted funds flow of $78.5 million
in Q3/2020 reflects the impact of lower commodity prices and reduced development expenditures.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
debt can fluctuate on a quarterly basis depending on the timing of exploration and development expenditures, changes in our adjusted
funds flow and the closing CAD/USD exchange rate which is used to translate our U.S. dollar denominated debt. Net debt has decreased
from $2.3 billion at Q4/2018 to $1.9 billion at Q3/2020 which is primarily due to adjusted funds flow exceeding exploration and
development expenditures by $303.6 million over the last eight quarters which reflects our efforts to preserve liquidity during
periods of challenging crude oil prices. Our net debt has also be reduced by a decrease in the CAD/USD exchange rate used to translate
our U.S. dollar denominated debt from 1.3646 CAD/USD at Q4/2018 to 1.3324 CAD/USD at Q3/2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OFF
BALANCE SHEET TRANSACTIONS</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
do not have any financial arrangements that are excluded from the consolidated financial statements as at September 30, 2020,
nor are any such arrangements outstanding as of the date of this MD&amp;A.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CRITICAL
ACCOUNTING ESTIMATES</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
have been no changes in our critical accounting estimates in the nine months ended September 30, 2020. Further information on
our critical accounting policies and estimates can be found in the notes to the audited annual consolidated financial statements
and MD&amp;A for the year ended December 31, 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NYSE
LISTING</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
March 24, 2020 we received notice from the New York Stock Exchange (&ldquo;NYSE&rdquo;) that Baytex was no longer in compliance
with one of the NYSE&rsquo;s continued listing standards because the average closing price of Baytex&rsquo;s common shares was
less than US$1.00 per share over a consecutive 30 trading period. At this time, Baytex has not regained compliance and expects
that its common shares will be delisted from the NYSE on December 3, 2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NON-GAAP
AND CAPITAL MEASUREMENT MEASURES</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
this MD&amp;A, we refer to certain capital management measures (such as adjusted funds flow, exploration and development expenditures,
free cash flow, net debt, operating netback and Bank EBITDA) which do not have any standardized meaning prescribed by Canadian
Generally Accepted Accounting Principles (&ldquo;GAAP&rdquo;). While adjusted funds flow, exploration and development expenditures,
free cash flow, net debt, operating netback and Bank EBITDA are commonly used in the oil and natural gas industry, our determination
of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. We believe
that inclusion of these non-GAAP financial measures provide useful information to investors and shareholders when evaluating the
financial results of the Company.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
Funds Flow</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
consider adjusted funds flow a key measure that provides a more complete understanding of operating performance and our ability
to generate funds for exploration and development expenditures, debt repayment, settlement of our abandonment obligations and
potential future dividends. In addition, we use a ratio of net debt to adjusted funds flow to manage our capital structure. We
eliminate settlements of abandonment obligations from cash flow from operations as the amounts can be discretionary and may vary
from period to period depending on our capital programs and the maturity of our operating areas. The settlement of abandonment
obligations are managed with our capital budgeting process which considers available adjusted funds flow. Changes in non-cash
working capital are eliminated in the determination of adjusted funds flow as the timing of collection, payment and incurrence
is variable and by excluding them from the calculation we are able to provide a more meaningful measure of our operations on a
continuing basis.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow should not be construed as an alternative to performance measures determined in accordance with GAAP, such as cash
flow from operating activities and net income or loss.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table reconciles cash flow from operating activities to adjusted funds flow.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 1.5pt 5pt 1.5pt 0.05in; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; width: 48%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; width: 2%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 11%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; width: 2%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 11%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; width: 2%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 11%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    flow from operating activities</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>93,688</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">194,970</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>302,079</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">599,920</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in non-cash working capital</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(16,391)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">17,275</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(78,829)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59,499</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Asset
    retirement obligations settled</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,211</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,134</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,080</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">10,860</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Adjusted
    funds flow</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>78,508</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">213,379</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>229,330</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">670,279</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Exploration
and Development Expenditures</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
use exploration and development expenditures to measure and evaluate the performance of our capital programs. The total amount
of exploration and development expenditures is managed as part of our budgeting process and can vary from period to period depending
on the availability of adjusted funds flow and other sources of liquidity. We eliminate changes in non-cash working capital, acquisition
and dispositions, and additions to other plant and equipment from investing activities as these amounts are generated by activities
outside of our programs to explore and develop our existing properties.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Changes
in non-cash working capital are eliminated in the determination of exploration and development expenditures as the timing of collection,
payment and incurrence is variable and by excluding them from the calculation we are able to provide a more meaningful measure
of our operations on a continuing basis. Our capital budgeting process is focused on programs to explore and develop our existing
properties, accordingly, cash flows arising from acquisition and disposition activities are eliminated as we analyze these activities
on a transaction by transaction basis separately from our analysis of the performance of our capital programs. Additions to other
plant and equipment is primarily comprised of expenditures on corporate assets which do not generate incremental oil and natural
gas production and are therefore analyzed separately from our evaluation of the performance of our exploration and development
programs.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table reconciles cash flow used in investing activities to exploration and development expenditures.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: Black 1.5pt solid; padding: 1.5pt 5pt 1.5pt 0.05in; border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; width: 48%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="background-color: rgb(230,230,230); border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 5pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 2%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 11%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash
    flow used in investing activities</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>16,288</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">150,651</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>233,092</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">447,835</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 2pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in non-cash working capital</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(444)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(11,577)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(28,683)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(46,646)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Proceeds
    from dispositions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>98</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">150</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>149</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,100</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    acquisitions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(120)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,717)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 2pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Additions
    to other plant and equipment</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(40)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(19)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,027)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(398)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and development expenditures</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>15,902</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">139,085</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>202,531</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">399,174</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Free
Cash Flow</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
define free cash flow as adjusted funds flow less exploration and development expenditures (both non-GAAP measures defined above),
payments on lease obligations and asset retirement obligations settled. We use free cash flow to evaluate funds available for
debt repayment, common share repurchases, potential future dividends and acquisition opportunities.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table provides our computation of free cash flow.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: Black 1.5pt solid; padding: 1.5pt 5pt 1.5pt 0.05in; border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; width: 48%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="background-color: rgb(230,230,230); border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-top: 1.5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 2%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 11%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 12%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Adjusted
    funds flow</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>78,508</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">213,379</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>229,330</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">670,279</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 2pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and development expenditures</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(15,902)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(139,085)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(202,531)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(399,174)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 2pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Payments
    on lease obligations</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,456)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,390)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(4,440)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(4,402)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1.5pt 2pt 1.5pt 0.05in; font: 9pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Asset
    retirement obligations settled</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,211)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,134)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,080)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(10,860)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="padding: 1.5pt 5pt 1.5pt 0.05in; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Free
    cash flow</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>59,939</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">71,770</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(230,230,230); border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>16,279</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">255,843</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36</B></FONT></P></TD>
    <TD STYLE="width: 43%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                           Energy Corp. Third Quarter Report 2020</FONT></P></TD>
    <TD STYLE="width: 50%"></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Debt</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We believe
that net debt assists in providing a more complete understanding of our financial position and provides a key measure to assess
our liquidity. We calculate net debt based on the principal amounts of our credit facilities and long-term notes outstanding,
including trade and other payables, cash, and trade and other receivables. We use the principal amounts of the credit facilities
and long-term notes outstanding in the calculation of net debt as these amounts represent our total repayment obligation at maturity.
The carrying amount of debt issue costs associated with the credit facilities and long-term notes are excluded on the basis that
these amounts have already been paid by Baytex at inception of the contract and do not represent an additional source of liquidity
or repayment obligation.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following table summarizes our calculation of net debt.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 6pt; width: 65%; background-color: white; color: rgb(35,30,32); padding-bottom: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(221,221,221); width: 1%; text-align: right; padding-bottom: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; width: 16%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; width: 2%; text-align: right; padding-bottom: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; width: 16%; text-align: right; background-color: white; color: #231E20; padding-bottom: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Credit
    facilities<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>624,826</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">506,471</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Long-term
    notes<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,199,160</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,337,200</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other payables</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>179,482</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">207,454</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(5,572)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other receivables</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(97,389)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(173,762)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 6pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Net
    debt</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,906,079</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,871,791</FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 8pt Arial, Helvetica, Sans-Serif; width: 0.25in">(1)</TD>
    <TD STYLE="font: italic 8pt Arial, Helvetica, Sans-Serif">Principal amount of instruments expressed in Canadian dollars.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
Netback</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We define
operating netback as petroleum and natural gas sales, less blending expense, royalties, operating expense and transportation expense.
Operating netback per boe is the operating netback divided by barrels of oil equivalent production volume for the applicable period.
We believe that this measure assists in assessing our ability to generate cash margin on a unit of production basis and is a key
measure used to evaluate our operating performance.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 6pt; width: 47%; background-color: white; color: rgb(35,30,32)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(221,221,221); width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; width: 12%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(221,221,221); padding-right: 3pt; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; width: 12%; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 3pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>252,538</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">424,600</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>741,841</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,.360,024</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Blending
    and other expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(10,673)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(12,950)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(37,490)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(50,628)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total
    sales, net of blending and other expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>241,865</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">411,650</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>704,351</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,309,396</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(40,052)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(75,017)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(125,928)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(242,959)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(73,447)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(97,377)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(251,597)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(298,143)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transportation
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(6,372)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(9,903)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(21,745)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(35,102)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>121,994</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">229,353</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>305,081</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">733,192</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivative (loss) gain</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(9,743)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,857</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>30,731</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52,664</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Operating
    netback after realized financial derivatives</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>112,251</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">250,210</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>335,812</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">785,856</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%">Baytex Energy Corp.
    Third Quarter Report 2020</TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%">37</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Bank
EBITDA</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bank
EBITDA is used to assess compliance with certain financial covenants contained in our credit facility agreements. Net income is
adjusted for the items set forth in the table below as prescribed by the credit facility agreements. The following table reconciles
net income or loss to Bank EBITDA on a twelve month rolling basis.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Twelve
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; width: 67%; background-color: white; color: rgb(35,30,32); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,30,32)"><I>($
    thousands)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); width: 1%; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 3pt; width: 15%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; width: 2%; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 3pt; width: 15%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Net
    income (loss)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(2,777,896)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(125,925)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Plus:</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financing
    and interest</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>126,228</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">129,310</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,776</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29,603</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    financial derivatives (gain) loss</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>32,470</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(150,933)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Current
    income tax expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,382</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,627</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Deferred
    income tax expense (recovery)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(315,078)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(64,785)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>572,518</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">745,578</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Gain
    on dispositions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,409)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,257)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transaction
    costs</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">8</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,904,171</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">285,341</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Non-cash
    items<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>18,619</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">44,803</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 2pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Bank
    EBITDA</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>564,781</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">893,370</FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Non-cash
                                         items include share-based compensation, exploration and evaluation expense, note redemption
                                         premiums, interest on lease obligations, and non-cash other income.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>INTERNAL
CONTROL OVER FINANCIAL REPORTING</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are
required to comply with Multilateral Instrument 52-109 &ldquo;Certification of Disclosure in Issuers&rsquo; Annual and Interim
Filings&rdquo;. This instrument requires us to disclose in our interim MD&amp;A any weaknesses in or changes to our internal control
over financial reporting during the period that may have materially affected, or are reasonably likely to materially affect, our
internal controls over financial reporting. We confirm that no such weaknesses were identified in, or changes were made to, internal
controls over financial reporting during the three months ended September 30, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 5%">38</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 45%">Baytex Energy Corp. Third Quarter Report 2020</TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: windowtext">&nbsp;</FONT></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>In
the interest of providing our shareholders and potential investors with information regarding Baytex, including management&rsquo;s
assessment of the Company&rsquo;s future plans and operations, certain statements in this document are &ldquo;forward-looking
statements&rdquo; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &ldquo;forward-looking
information&rdquo; within the meaning of applicable Canadian securities legislation (collectively, &ldquo;forward-looking statements&rdquo;).
In some cases, forward-looking statements can be identified by terminology such as &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;,
 &ldquo;continue&rdquo;, &ldquo;could&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;,
 &ldquo;may&rdquo;, &ldquo;objective&rdquo;, &ldquo;ongoing&rdquo;, &ldquo;outlook&rdquo;, &ldquo;potential&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;project&rdquo;, &ldquo;should&rdquo;, &ldquo;target&rdquo;, &ldquo;would&rdquo;, &ldquo;will&rdquo; or similar words suggesting
future outcomes, events or performance. The forward-looking statements contained in this document speak only as of the date of
this document and are expressly qualified by this cautionary statement.</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Specifically,
this document contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives;
that the outlook for our industry is uncertain; our capital budget and expected average daily production for 2020; our expected
royalty rate and operating, transportation, general and administrative and interest expenses for 2020; the existence, operation
and strategy of our risk management program; that we committed to cost savings initiatives; the reassessment of our tax filings
by the Canada Revenue Agency; our intention to defend the reassessments; our view of our tax filing position; that our internally
generated adjusted funds flow and our existing undrawn credit facilities will provide sufficient liquidity to sustain our operations
and planned capital expenditures; that a significant portion of our financial obligations will be funded by adjusted funds flow;
we expect to remain in compliance with the financial covenants; that we expect to be delisted from the NSYE on December 3rd, 2020
and that we do not expect the delisting to affect our business operations or the listing and trading of our common shares on the
TSX.</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>These
forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices
and differentials between light, medium and heavy oil prices (well production rates and reserve volumes; our ability to add production
and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit
agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability
and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain
circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner
currently contemplated; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed,
such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex
at the time of preparation, may prove to be incorrect.</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Actual
results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties
and other factors. Such factors include, but are not limited to: the volatility of oil and natural gas prices and price differentials
(including the impacts of COVID-19); availability and cost of gathering, processing and pipeline systems; failure to comply with
the covenants in our debt agreements; the availability and cost of capital or borrowing; that our credit facilities may not provide
sufficient liquidity or may not be renewed; risks associated with a third-party operating our Eagle Ford properties; the cost
of developing and operating our assets; depletion of our reserves; risks associated with the exploitation of our properties and
our ability to acquire reserves; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids;
changes in government regulations that affect the oil and gas industry; regulations regarding the disposal of fluids; changes
in environmental, health and safety regulations; public perception and its influence on the regulatory regime; restrictions or
costs imposed by climate change initiatives; variations in interest rates and foreign exchange rates; risks associated with our
hedging activities; changes in income tax or other laws or government incentive programs; uncertainties associated with estimating
oil and natural gas reserves; our inability to fully insure against all risks; risks of counterparty default; risks associated
with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated with large
projects; risks related to our thermal heavy oil projects; alternatives to and changing demand for petroleum products; risks associated
with our use of information technology systems; risks associated with the ownership of our securities, including changes in market-based
factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing
practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and
other factors, many of which are beyond our control. These and additional risk factors are discussed in our Annual Information
Form, Annual Report on Form 40-F and Management&rsquo;s Discussion and Analysis for the year ended December 31, 2019, as filed
with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>The
above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders
and potential investors with a more complete perspective on Baytex&rsquo;s current and future operations and such information
may not be appropriate for other purposes.</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>There
is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking
statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.</I></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%">Baytex Energy Corp. Third Quarter Report 2020</TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%">39</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Baytex
Energy Corp.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Condensed
Consolidated Statements of Financial Position</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(thousands
of Canadian dollars) (unaudited)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>As
    at</B></FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Notes</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(221,221,221); text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; width: 58%; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>ASSETS</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 7%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); width: 16%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 2%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 16%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Current
    assets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Cash</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,572</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Trade
    and other receivables</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">173,762</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>41,746</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,433</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>139,135</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">184,767</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Non-current
    assets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and evaluation assets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>186,391</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">320,210</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Oil
    and gas properties</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,798,198</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,387,889</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Other
    plant and equipment</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,161</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">7,598</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Lease
    assets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>10,342</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">13,619</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deferred
    income tax asset</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>14,187</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,156,414</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,914,083</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Current
    liabilities</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Trade
    and other payables</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>179,482</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">207,454</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>9,921</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,668</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Lease
    obligations</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>5,791</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,798</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>10,913</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">11,579</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>206,107</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">233,499</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Non-current
    liabilities</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>15,635</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Credit
    facilities</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">7</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>622,654</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">505,412</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Long-term
    notes</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,182,800</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,328,175</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Lease
    obligations</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>4,703</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,085</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>740,238</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">656,395</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 0.1in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deferred
    income tax liability</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">235,308</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,772,137</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,966,874</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>SHAREHOLDERS&rsquo;
    EQUITY</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Shareholders&rsquo;
    capital</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">10</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>5,729,164</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,718,835</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Contributed
    surplus</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>14,356</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17,712</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Accumulated
    other comprehensive income</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>646,443</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">556,224</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-left: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deficit</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(6,005,686)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(3,345,562)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>384,277</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,947,209</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,156,414</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 3pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,914,083</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See
accompanying notes to the condensed consolidated interim financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 5%">40</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 45%">Baytex Energy Corp. Third Quarter Report 2020</TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Condensed
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(thousands
of Canadian dollars, except per common share amounts and weighted average common shares) (unaudited)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="text-indent: 2pt; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Three
    Months Ended September 30</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Nine
    Months Ended September 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-indent: 2pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; vertical-align: bottom; text-indent: 2pt; padding-right: 5pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Notes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Revenue,
    net of royalties</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; vertical-align: bottom; padding-right: 5pt; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; background-color: rgb(221,221,221); padding-right: 5pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; background-color: rgb(221,221,221); padding-right: 5pt; width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; padding-right: 5pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; padding-right: 5pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; background-color: rgb(221,221,221); padding-right: 5pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; background-color: rgb(221,221,221); padding-right: 5pt; width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; padding-right: 5pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 10pt; padding-right: 5pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">13</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>252,538</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">424,600</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>741,841</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,360,024</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 2pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(40,052)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(75,017)</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(125,928)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(242,959)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>212,486</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">349,583</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>615,913</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,117,065</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Operating</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>73,447</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">97,377</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>251,597</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">298,143</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Transportation</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>6,372</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9,903</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>21,745</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,102</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Blending
    and other</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>10,673</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">12,950</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>37,490</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">50,628</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">General
    and administrative</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>7,741</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9,934</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>24,954</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,576</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and evaluation</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,909</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,138</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>11,000</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,667</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>106,454</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">180,422</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>392,380</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">551,548</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,
    6</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,716,349</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">11</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,949</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3,401</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,725</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,245</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financing
    and interest</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>27,962</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">31,766</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>97,412</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">97,049</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives loss (gain)</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>17,027</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(28,523)</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(50,156)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(21,742)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Foreign
    exchange (gain) loss</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(26,231)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,237</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>27,688</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(37,978)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Gain
    on dispositions</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(98)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(18)</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(246)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,075)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Other
    income</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(293)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(738)</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,300)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(5,044)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>234,912</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">332,849</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,536,638</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,025,119</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Net
    income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(22,426)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16,734</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,920,725)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">91,946</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Income
    tax expense (recovery)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Current
    income tax expense</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>322</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">501</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>880</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,591</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deferred
    income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>696</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,082</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(261,481)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(14,958)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,018</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,583</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(260,601)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(13,367)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Net
    income (loss)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(23,444)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15,151</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">105,313</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Other
    comprehensive income (loss)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Foreign
    currency translation adjustment</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(30,268)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">25,344</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>90,219</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(67,845)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; text-indent: 2pt; padding-right: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Comprehensive
    income (loss)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(53,712)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">40,495</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,569,905)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">37,468</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; text-indent: 2pt; padding-right: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Net
    income (loss) per common share</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">12</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 5pt 1pt 0.1in; text-indent: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Basic</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(0.04)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(4.75)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.19</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 5pt 1pt 0.1in; text-indent: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Diluted</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(0.04)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.03</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(4.75)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">0.19</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; padding-left: 0.1in; text-indent: 2pt; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: right; background-color: rgb(221,221,221); color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; padding-left: 0.1in; text-indent: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1pt; text-indent: 2pt; padding-right: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Weighted
    average common shares (000&rsquo;s)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">12</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 5pt 1pt 0.1in; text-indent: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Basic</FONT></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>561,128</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">557,888</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>560,484</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">556,651</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 5pt 1pt 0.1in; border-bottom: Black 1pt solid; text-indent: 2pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Diluted</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>561,128</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">560,888</FONT></TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>560,484</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">560,438</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the condensed consolidated interim financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 45%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 5%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>41</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B></B></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Condensed
Consolidated Statements of Changes in Equity</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(thousands
of Canadian dollars) (unaudited)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Accumulated</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 39%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">other</FONT></TD>
    <TD STYLE="width: 2%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); width: 1%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); width: 10%; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Shareholders&rsquo;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Contributed</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">comprehensive</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Notes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">surplus</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deficit</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Total
    equity</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Balance
    at December 31, 2018</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,701,516</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">19,137</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">667,874</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(3,333,103)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,055,424</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Vesting
    of share awards</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15,721</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(15,721)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,245</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>14,245</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Comprehensive
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(67,845)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">105,313</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>37,468</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Balance
    at September 30, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,717,237</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17,661</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">600,029</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(3,227,790)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,107,137</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Balance
    at December 31, 2019</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,718,835</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17,712</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">556,224</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(3,345,562)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,947,209</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Vesting
    of share awards</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">10</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">10,329</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(10,329)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">11</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,973</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>6,973</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 0.1in; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Comprehensive
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">90,219</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(2,660,124)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,569,905)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Balance
    at September 30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,729,164</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,356</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">646,443</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(6,005,686)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>384,277</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the condensed consolidated interim financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 8pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8pt; width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: windowtext">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Condensed
Consolidated Statements of Cash Flows</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(thousands
of Canadian dollars) (unaudited)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR><TD COLSPAN="2" STYLE="padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Three
    Months Ended</B></FONT></TD>
    <TD STYLE="background-color: White; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Nine
    Months Ended</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>September
    30</B></FONT></TD>
    <TD STYLE="background-color: White; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>September
    30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2pt; vertical-align: bottom; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Notes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: black 1pt solid; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; width: 54%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; width: 6%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; width: 1%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; width: 9%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; width: 1%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; width: 9%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; width: 1%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; width: 9%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; width: 1%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; width: 9%; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>CASH
    PROVIDED BY (USED IN):</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Operating
    activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Net
    income (loss) for the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(23,444)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15,151</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">105,313</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Adjustments
    for:</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">11</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,336</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">3,401</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>6,973</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,245</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Unrealized
    foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">16</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(25,880)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">13,855</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>28,125</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(38,404)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and evaluation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,909</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2,138</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>11,000</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,667</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>106,454</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">180,422</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>392,380</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">551,548</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,
    6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,716,349</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Non-cash
    financing, accretion, and early redemption expense</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">15</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,544</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5,014</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>16,072</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,021</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Non-cash
    other income</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(293)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(293)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Unrealized
    financial derivatives loss (gain)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">17</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>7,284</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(7,666)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(19,425)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">30,922</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Gain
    on dispositions</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(98)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(18)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(246)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,075)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deferred
    income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>696</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,082</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(261,481)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(14,958)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Asset
    retirement obligations settled</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">9</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1,211)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,134)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(6,080)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(10,860)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 0.1in; border-bottom: Black 1pt solid; background-color: white; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Change
    in non-cash working capital</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>16,391</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(17,275)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>78,829</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(59,499)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>93,688</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">194,970</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>302,079</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">599,920</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Financing
    activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Increase
    (decrease) in credit facilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(75,944)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">155,199</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>111,403</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">50,445</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Payments
    on lease obligations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1,456)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,390)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(4,440)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(4,402)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Net
    proceeds from issuance of long-term notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>652,150</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Redemption
    of long-term notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(198,128)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(833,672)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(198,128)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(77,400)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(44,319)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(74,559)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(152,085)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Investing
    activities</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Additions
    to exploration and evaluation assets</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(484)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,047)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(4,344)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: White; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(2,441)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Additions
    to oil and gas properties</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; background-color: white; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(15,418)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(138,038)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(198,187)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(396,733)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Additions
    to other plant and equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(40)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(19)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,027)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(398)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Property
    acquisitions</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(120)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(2,717)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Proceeds
    from dispositions</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>98</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">150</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>149</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,100</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Change
    in non-cash working capital</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(444)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(11,577)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(28,683)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(46,646)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(16,288)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(150,651)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(233,092)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; background-color: white; text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(447,835)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Change
    in cash</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(5,572)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Cash,
    beginning of period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>5,572</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Cash,
    end of period</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Supplementary
    information</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: rgb(221,221,221); padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Interest
    paid</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,365</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">22,315</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>55,145</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">78,493</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Income
    taxes paid</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-indent: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,155</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">76</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,155</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; text-align: right; padding-right: 4pt; text-indent: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,158</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the condensed consolidated interim financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 8pt; vertical-align: top; text-align: left">
    <TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 45%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 5%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>43</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Baytex Energy Corp.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">For the periods ended September
30, 2020 and 2019</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>(all tabular amounts in thousands
of Canadian dollars, except per common share amounts) (unaudited)</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">REPORTING
ENTITY</FONT></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Baytex Energy Corp. (the &ldquo;Company&rdquo;
or &ldquo;Baytex&rdquo;) is an oil and gas corporation engaged in the acquisition, development and production of oil and natural
gas in the Western Canadian Sedimentary Basin and the United States. The Company&rsquo;s common shares are traded on the Toronto
Stock Exchange and the New York Stock Exchange under the symbol BTE. The Company&rsquo;s head and principal office is located
at 2800, 520 &ndash; 3rd Avenue S.W., Calgary, Alberta, T2P 0R3, and its registered office is located at 2400, 525 &ndash; 8th
Avenue S.W., Calgary, Alberta, T2P 1G1.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">BASIS
OF PRESENTATION</FONT></B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The condensed consolidated interim
financial statements (&ldquo;consolidated financial statements&rdquo;) have been prepared in accordance with International Accounting
Standards 34, Interim Financial Reporting, under International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by
the International Accounting Standards Board (the &ldquo;IASB&rdquo;). These consolidated financial statements do not include
all the necessary annual disclosures as prescribed by IFRS and should be read in conjunction with the annual consolidated financial
statements as at and for the year ended December 31, 2019.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The consolidated financial statements
were approved by the Board of Directors of Baytex on November 2, 2020.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The consolidated financial statements
have been prepared on a historical cost basis, with the exception of derivative financial instruments which have been measured
at fair value. The consolidated financial statements are presented in Canadian dollars which is the functional currency of the
Company. References to &ldquo;US$&rdquo; are to United States (&ldquo;U.S.&rdquo;) dollars. All financial information is rounded
to the nearest thousand, except per share amounts or when otherwise indicated.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><I>The audited consolidated financial
statements of the Company as at and for the year ended December 31, 2019 are available through its filings on SEDAR at www.sedar.com
and through the U.S. Securities and Exchange Commission at www.sec.gov.</I></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">SIGNIFICANT
ACCOUNTING POLICIES</FONT></B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The accounting policies, critical
accounting judgments and significant estimates used in preparation of the 2019 annual financial statements have been applied in
the preparation of these consolidated financial statements, except for the adoption of amendments to IFRS 3 <I>Business Combinations
</I>as described below.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Current environment and estimation
uncertainty</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Management makes judgements and
assumptions about the future in deriving estimates used in preparation of these consolidated financial statements in accordance
with IFRS. Sources of estimation uncertainty include estimates used to determine economically recoverable oil, natural gas, and
natural gas liquids reserves, the recoverable amount of long-lived assets or cash generating units, the fair value of financial
derivatives, the provision for asset retirement obligations and the provision for income taxes and the related deferred tax assets
and liabilities.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">In March 2020, the World Health
Organization declared a global pandemic related to the novel coronavirus (&ldquo;COVID-19&rdquo;). The emergence of COVID-19 and
the steps taken by governments to control the spread of the virus resulted in significant instability in the global economy and
a sharp decline in demand for crude oil. This combined with the increased supply of crude oil due to the Russia and Saudi Arabia
price war resulted in an unprecedented collapse in global crude oil prices and significant volatility during Q2/2020. Global crude
oil prices began to recover and were relatively stable during Q3/2020 as members of OPEC+ agreed to production curtailments and
governments began to ease restrictions that allowed economies to begin reopening which increased demand. While these factors have
resulted in recent improvements in crude oil prices the outlook for prices remains uncertain due to the potential for additional
government restrictions from COVID-19 and uncertainty that members of OPEC+ will maintain production curtailments.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">These factors have impacted our
results for the nine months ended September 30, 2020. At March 31, 2020, we recorded a total impairment of $2.7 billion which
included amounts related to our exploration and evaluation assets (note 5) and oil and gas properties (note 6). There is potential
for further impairments or reversal of impairments over the balance of 2020 due to the current volatility in forecasted prices
for the commodities we produce. In the current environment, assumptions and estimates regarding future commodity prices, the amount
of economically recoverable reserves, exchange rates, and interest rates are subject to greater variability than normal. Actual
results may differ from these estimates as the effect of future events cannot be determined with certainty.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>44</B></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
Energy Corp. Third Quarter Report 2020</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; width: 50%"></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 9pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have taken action to protect our financial liquidity in response to the recent volatility in commodity prices and instability
in the global economy. We have reduced our planned capital expenditures and have reduced production of oil and natural gas when
commodity prices do not support economic production. We currently have $425.8 million of availability on our credit facilities
and are currently forecasting to remain in compliance with the financial covenants applicable to our credit facilities for the
foreseeable future at current forward commodity prices.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Business
Combinations</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
adopted amendments to IFRS 3 <I>Business Combinations</I> effective January 1, 2020, which will be applied prospectively to acquisitions
that occur on or after January 1, 2020. These amendments did not result in changes to the Company&rsquo;s accounting policies
for applying the acquisition method but could result in future acquisitions being accounted for as an asset acquisition as opposed
to a business combination.</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTED
</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINANCIAL INFORMATION</FONT></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex&rsquo;s
reportable segments are determined based on the geographic location and nature of the underlying operations:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada
                                         includes the exploration for, and the development and production of, crude oil and natural
                                         gas in Western Canada;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.
                                         includes the exploration for, and the development and production of, crude oil and natural
                                         gas in the U.S.; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate
                                         includes corporate activities and items not allocated between operating segments.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corporate</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5pt; width: 37%; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three
    Months Ended September 30</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; width: 7%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 6%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 7%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenue,
    net of royalties</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>158,831</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">258,769</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>93,707</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,831</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>252,538</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">424,600</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12,297)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,193)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,755)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,824)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(40,052)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75,017)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>146,534</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">232,576</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,952</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117,007</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>212,486</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">349,583</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>57,557</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,701</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,890</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,676</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73,447</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,377</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,372</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,903</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,372</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,903</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Blending
    and other</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,673</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,950</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,673</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,950</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,741</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,934</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,741</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,934</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exploration
    and evaluation</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,909</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,138</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,909</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,138</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68,727</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,008</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35,820</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,356</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,907</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,058</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106,454</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,422</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based
    compensation</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,949</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,401</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,949</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,401</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financing
    and interest</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,962</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,766</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,962</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,766</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    derivatives loss (gain)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,027</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,523)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,027</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,523)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    exchange (gain) loss</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(26,231)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,237</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(26,231)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,237</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gain
    on dispositions</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(98)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(98)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    (income) expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(694)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>401</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(738)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(293)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(738)</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>151,446</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>51,710</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">87,032</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>31,756</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,135</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>234,912</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">332,849</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,912)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,894</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,242</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,975</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(31,756)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,135)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22,426)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,734</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    tax expense (recovery)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current
    income tax expense</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>322</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">501</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; background-color: rgb(230,230,230); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>322</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">501</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income tax expense (recovery)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,589</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,734</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,589)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,449)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,082</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,589</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,734</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">298</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,589)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,449)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,583</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(15,501)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,160</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,224</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,677</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21,167)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,686)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(23,444)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,151</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; background-color: rgb(230,230,230); font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-right: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: white; color: #231E20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    oil and natural gas capital expenditures<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,784</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,744</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,311</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; background-color: rgb(230,230,230); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,804</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,055</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>45</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>U.S.</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Corporate</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Nine
    Months Ended September 30</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Revenue,
    net of royalties</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Petroleum
    and natural gas sales</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>427,000</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">817,506</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>314,841</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">542,518</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>741,841</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,360,024</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Royalties</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(33,972)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(82,313)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(91,956)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(160,646)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(125,928)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(242,959)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>393,028</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">735,193</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>222,885</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">381,872</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>615,913</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,117,065</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Operating</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>185,641</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">221,680</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>65,956</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">76,463</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>251,597</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">298,143</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Transportation</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>21,745</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,102</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>21,745</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,102</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Blending
    and other</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>37,490</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">50,628</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>37,490</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">50,628</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">General
    and administrative</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>24,954</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,576</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>24,954</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">35,576</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Exploration
    and evaluation</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>11,000</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,667</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>11,000</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,667</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Depletion
    and depreciation</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>249,125</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">345,692</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>137,462</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">201,653</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>5,793</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">4,203</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>392,380</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">551,548</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,855,000</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>861,349</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,716,349</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,725</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,245</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>8,725</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">14,245</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financing
    and interest</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>97,412</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">97,049</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>97,412</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">97,049</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Financial
    derivatives (gain) loss</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(50,156)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(21,742)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(50,156)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(21,742)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Foreign
    exchange loss (gain)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>27,688</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(37,978)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>27,688</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(37,978)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Gain
    on dispositions</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(246)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,075)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(246)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(1,075)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Other
    income</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(694)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1,606)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(5,044)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,300)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(5,044)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>2,359,061</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">660,694</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>1,064,767</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">278,116</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>112,810</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">86,309</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>3,536,638</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,025,119</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Net
    income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1,966,033)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">74,499</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(841,882)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">103,756</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(112,810)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(86,309)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,920,725)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">91,946</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Income
    tax expense (recovery)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Current
    income tax expense</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>469</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>411</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,591</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>880</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">1,591</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">Deferred
    income tax (recovery) expense</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(74,687)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,842</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(164,298)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">4,505</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(22,496)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(28,305)</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(261,481)</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(14,958)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(74,218)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">8,842</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(163,887)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">6,096</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(22,496)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(28,305)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(260,601)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(13,367)</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Net
    income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(1,891,815)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">65,657</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(677,995)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">97,660</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(90,314)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">(58,004)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">105,313</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>Total
    oil and natural gas capital</B></FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt 2pt 5pt; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>expenditures<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>129,773</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">271,520</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>72,609</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">129,271</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; background-color: rgb(230,230,230); font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20"><B>202,382</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 2pt 5pt 2pt 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231E20">400,791</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><I>Includes
                                         additions to exploration and evaluation assets, oil and gas properties, and property
                                         acquisitions, net of proceeds from divestitures.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 5pt; padding-top: 1pt; width: 64%; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); padding-top: 1pt; width: 2%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; width: 16%; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 2%; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; width: 16%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 5pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Canadian
    assets</FONT></TD>
    <TD STYLE="background-color: rgb(230,230,230); font-size: 9pt; padding-top: 1pt; padding-right: 1pt; padding-left: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding-right: 5pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,526,819</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3,484,123</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 5pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.
    assets</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,569,346</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,403,310</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 5pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Corporate
    assets</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>60,249</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">26,650</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total
    consolidated assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(230,230,230); font-size: 9pt; padding-top: 1pt; padding-right: 1pt; padding-left: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>3,156,414</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,914,083</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: top; text-align: left">
    <TD STYLE="font-size: 9pt; width: 5%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46</B></FONT></P></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 45%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></P></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 50%"></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPLORATION
AND EVALUATION ASSETS</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 0.125in; width: 64%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); width: 2%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 16%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 2%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 16%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding: 1pt 1pt 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Balance,
    beginning of period</B></FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 2.5pt; font-size: 9pt; background-color: rgb(230,230,230); text-align: left; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>320,210</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">358,935</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Capital
    expenditures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>4,344</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,948</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    acquisitions</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,523</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Divestitures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(443)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    swaps</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>479</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">417</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(127,861)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(7,822)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exploration
    and evaluation expense</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(11,000)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(11,764)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transfer
    to oil and gas properties (note 6)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5,830)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(16,204)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 0.15in; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Foreign
    currency translation</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>6,049</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(7,380)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Balance,
    end of period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2.5pt; background-color: rgb(230,230,230); text-align: left; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>186,391</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">320,210</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At September 30, 2020, there were
no indicators of impairment or impairment reversal for exploration and evaluation assets in any of the Company&rsquo;s CGUs.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At March 31, 2020, the Company
identified indicators of impairment for the exploration and evaluation assets within each of its six CGUs. The estimated recoverable
amount was below the carrying value of the exploration and evaluation assets in the Conventional, Peace River, Lloydminster, Viking,
and Eagle Ford CGUs and an impairment of $127.9 million was recorded as at March 31, 2020. The recoverable amount of each CGU
was based on its fair value less costs of disposal (&ldquo;FVLCD&rdquo;) and was estimated with reference to arm&rsquo;s length
transactions in comparable locations and the discounted cash flows associated with the Company&rsquo;s future development plans.
The following table indicates the impairment booked for each CGU at March 31, 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; width: 83%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; width: 1%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; width: 16%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Conventional
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Peace
    River CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">20,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Lloydminster
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">42,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Viking
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Eagle
    Ford CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">48,861</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>127,861</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At December 31, 2019, the Company
identified indicators of impairment for the exploration and evaluation assets within the Peace River CGU. The estimated recoverable
amount was below the carrying value of the exploration and evaluation assets in the Peace River CGU and an impairment of $7.8
million was recorded as at December 31, 2019. There were no indicators of impairment for exploration and evaluation assets in
the remaining CGUs at December 31, 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%; color: windowtext; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 45%; color: windowtext; text-align: right"><FONT STYLE="font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 5%; color: windowtext; text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OIL
AND GAS PROPERTIES</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Accumulated</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>depletion</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Net
    book value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt; padding-left: 5pt; width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Balance,
    December 31, 2018</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 2%; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; width: 11%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>10,744,533</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 2%; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; width: 11%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(4,926,644)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 2%; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; width: 11%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5,817,889</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Capital
    expenditures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">549,343</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">549,343</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    acquisitions</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,636</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,636</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transfers
    from exploration and evaluation assets (note 5)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">16,204</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">16,204</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in asset retirement obligations (note 9)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23,894</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">23,894</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Divestitures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,069)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,690</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(379)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    swaps</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,773</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,773</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(180,000)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(180,000)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Foreign
    currency translation</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(208,017)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">89,813</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(118,204)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(725,267)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(725,267)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Balance,
    December 31, 2019</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11,128,297</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(5,740,408)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>5,387,889</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Capital
    expenditures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">198,187</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">198,187</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Transfers
    from exploration and evaluation assets (note 5)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,830</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,830</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Change
    in asset retirement obligations (note 9)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">82,900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">82,900</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Property
    swaps</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,190)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">178</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,012)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Impairment</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,588,488)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,588,488)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Foreign
    currency translation</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">101,173</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,694)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">99,479</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-left: 0.15in; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding: 1pt 5pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(386,587)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(386,587)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Balance,
    September 30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5pt; font-size: 9pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11,515,197</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5pt; font-size: 9pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(8,716,999)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5pt; font-size: 9pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,798,198</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At September 30, 2020, there were
no indicators of impairment or impairment reversal for oil and gas properties in any of the Company&rsquo;s CGUs.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At March 31, 2020, the Company
identified indicators of impairment for each of its six CGUs due to a significant decline in forecasted commodity prices. The
recoverable amount was not sufficient to support the carrying amount which resulted in an impairment of $2.6 billion recorded
at March 31, 2020. The recoverable amount of each CGU was based on its FVLCD which was estimated using a discounted cash flow
model of proved plus probable cash flows from an independent reserve report prepared as at December 31, 2019 and was adjusted
for operations between December 31, 2019 and March 31, 2020. The after-tax discount rates applied to the cash flows were between
8% and 14%.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The recoverable amount of the Company&rsquo;s
CGUs were calculated at March 31, 2020 using the following benchmark reference prices for the years 2020 to 2029 adjusted for
commodity differentials specific to the Company.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; width: 30%; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 8%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2020</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2021</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2022</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2023</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2024</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2025</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2026</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2027</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 7%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2028</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; width: 6%; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2029</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.17</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">40.45</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">49.17</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">53.28</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">55.66</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.87</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58.01</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.17</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.35</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61.56</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">WCS
    heavy oil (CA$/bbl)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">19.21</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">34.65</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">46.34</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">51.25</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">54.28</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">55.72</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.96</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">58.22</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.51</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.82</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">32.17</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">43.80</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">52.55</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">56.68</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.10</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">60.35</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61.52</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">62.72</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">63.94</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65.19</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Edmonton
    par oil (CA$/bbl)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">29.22</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">46.85</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">59.27</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">65.02</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">68.43</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">69.81</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">71.24</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">72.70</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">74.19</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">75.71</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.10</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.58</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.79</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.86</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.93</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.00</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.07</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.13</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.19</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3.25</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">AECO
    gas (CA$/mmbtu)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.74</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.20</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.38</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.45</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.53</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.60</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.66</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.72</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.79</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2.85</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 5pt; border-bottom: Black 1pt solid; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.41</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.37</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.34</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1.33</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">This data is combined with assumptions
relating to long-term prices, inflation rates and exchange rates together with estimates of transportation costs and pricing of
competing fuels to forecast long-term energy prices, consistent with external sources of information. The prices and costs subsequent
to 2029 have been adjusted for inflation at an annual rate of 2.0%.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
                                                                                                                                                          <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
</TR></TABLE>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table demonstrates the sensitivity of the estimated
recoverable amount of the Company&rsquo;s CGUs to reasonably possible changes in key assumptions inherent in the estimate.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in discount</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in oil price</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in gas</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 23%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 3%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 13%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 14%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 14%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate
    of 1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 14%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of
    $2.50/bbl</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 14%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">price
    of $0.25/mcf</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Conventional
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,444</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,500</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Peace
    River CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109,631</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">345,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lloydminster
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">227,967</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">470,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duvernay
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,197</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,500</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,500</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viking
    CGU</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">962,134</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">915,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123,000</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eagle
    Ford CGU</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,576,423</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">812,488</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,974,796</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,588,488</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">At December 31, 2019, the Company identified indicators of impairment
for its Peace River CGU due to a sustained decline in Canadian heavy oil prices and a reduction in planned exploration and development
expenditures related to thermal properties in the Peace River CGU. The recoverable amount of the Peace River CGU was based on its
value-in-use (&ldquo;VIU&rdquo;) which was estimated using a discounted cash flow model using proved plus probable cash flows from
an independent reserve report prepared as at December 31,2019 and an after-tax discount rate of 11%. The recoverable amount was
not sufficient to support the carrying amount of the CGU which resulted in an impairment of $180.0 million recorded as at December
31, 2019. There were no indicators of impairment or impairment reversal for the remaining CGUs as at December 31, 2019.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="font-size: 9pt; text-align: justify"><B>CREDIT FACILITIES</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 64%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); width: 2%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: rgb(221,221,221); padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: white; padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
    facilities - U.S. dollar denominated<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>95,933</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">206,144</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
    facilities - Canadian dollar denominated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>528,893</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300,327</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
    facilities - principal</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>624,826</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">506,471</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized
    debt issuance costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,172)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,059)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
    facilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: rgb(221,221,221); text-align: right; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>622,654</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">505,412</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><I>(1)</I></TD><TD STYLE="font-size: 8pt; text-align: justify"><I>U.S. dollar denominated credit facilities balance was US$72.0 million as at September 30, 2020 (December 31, 2019 - US$159.0
million).</I></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">Baytex has US$575 million of revolving credit facilities (the
 &ldquo;Revolving Facilities&rdquo;) and a $300 million non-revolving secured term loan (the &ldquo;Term Loan&rdquo;) (collectively
the &ldquo;Credit Facilities&rdquo;). On March 3, 2020, Baytex amended its Credit Facilities to extend maturity from April 2, 2021
to April 2, 2024. These facilities will automatically be extended to June 4, 2024 providing Baytex has either refinanced, or has
the ability to repay, the outstanding 2024 long-term notes with existing credit capacity as of April 1, 2024.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The extendible secured Revolving Facilities are comprised of
a US$50 million operating loan and a US$325 million syndicated revolving loan for Baytex and a US$200 million syndicated revolving
loan for Baytex&rsquo;s wholly-owned subsidiary, Baytex Energy USA, Inc. The $300 million Term Loan is secured by the assets of
Baytex&rsquo;s wholly-owned subsidiary, Baytex Energy Limited Partnership.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The Credit Facilities are not borrowing base facilities and do
not require annual or semi-annual reviews. The Credit Facilities contain standard commercial covenants in addition to the financial
covenants detailed below. There are no mandatory principal payments required prior to maturity which could be extended upon Baytex&rsquo;s
request. Advances (including letters of credit) under the Credit Facilities can be drawn in either Canadian or U.S. funds and bear
interest at the bank&rsquo;s prime lending rate, bankers&rsquo; acceptance discount rates or London Interbank Offered Rates, plus
applicable margins. In the event that Baytex breaches any of the covenants under the Credit Facilities, Baytex may be required
to repay, refinance or renegotiate the loan terms and may be restricted from taking on further debt or paying dividends to shareholders.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">At September 30, 2020, Baytex had $15.5 million of outstanding
letters of credit (December 31, 2019 - $15.2 million) under the Credit Facilities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">Baytex Energy Corp.
    Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in">49</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">At September 30, 2020, Baytex was in compliance with all of the
covenants contained in the Credit Facilities and is forecasting compliance with these covenants for the foreseeable future based
on current forward commodity prices. A decrease or a sustained period of low commodity prices may result in non-compliance with
our financial covenants and reduced liquidity on our existing credit facilities. Non-compliance with the financial covenants in
our credit facilities could result in our debt becoming due and payable on demand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The following table summarizes the financial covenants applicable
to the Credit Facilities and Baytex&rsquo;s compliance therewith as at September 30, 2020.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 10pt; padding-top: 2pt; width: 62%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-top: 2pt; width: 25%; text-align: right; background-color: rgb(221,221,221)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Position
    as at</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-top: 2pt; width: 13%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Covenant
    Description</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: rgb(221,221,221); text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Covenant</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior
    Secured Debt<SUP>(1)</SUP> to Bank EBITDA<SUP>(2)</SUP> (Maximum Ratio)</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.1:1.0</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3.5:1.0</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    Coverage<SUP>(3)</SUP> (Minimum Ratio)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5.4:1.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.0:1.0</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&ldquo;Senior
                                         Secured Debt&rdquo; is defined as the principal amount of the credit facilities and other
                                         secured obligations identified in the credit agreement. As at September 30, 2020, the
                                         Company&rsquo;s Senior Secured Debt totaled $640.3 million which includes $624.8 million
                                         of principal amounts outstanding and $15.5 million of letters of credit.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&ldquo;Bank
                                         EBITDA&rdquo; is calculated based on terms and definitions set out in the credit agreement
                                         which adjusts net income or loss for financing and interest expense, income tax, non-recurring
                                         losses, certain specific unrealized and non-cash transactions (including depletion, depreciation,
                                         exploration and evaluation expense, impairment, deferred income tax expense or recovery,
                                         unrealized gains and losses on financial derivatives and foreign exchange, and share-based
                                         compensation) and is calculated based on a trailing twelve month basis including the
                                         impact of material acquisitions as if they had occurred at the beginning of the twelve
                                         month period. Bank EBITDA for the twelve months ended September 30, 2020 was $566.1 million.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&ldquo;Interest
                                         Coverage&rdquo; is computed as the ratio of Bank EBITDA to financing and interest expense,
                                         excluding accretion of debt issue costs and asset retirement obligations, and is calculated
                                         on a trailing twelve month basis. Financing and interest expense, excluding accretion
                                         of debt issue costs and asset retirement obligations, for the twelve months ended September
                                         30, 2020 was $105.2 million.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><B>8.</B></TD><TD STYLE="font-size: 9pt; text-align: justify"><B>LONG-TERM NOTES</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 66%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; width: 1%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 1%; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.125%
    notes (US$400,000 &ndash; principal) due June 1, 2021</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">518,600</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.625%
    notes ($300,000 &ndash; principal) due July 19, 2022</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300,000</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.625%
    notes (US$400,000 &ndash; principal) due June 1, 2024</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>532,960</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">518,600</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.75%
    notes (US$500,000 &ndash; principal) due April 1, 2027</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>666,200</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    long-term notes - principal<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,199,160</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,337,200</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized
    debt issuance costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16,360)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,025)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    long-term notes - net of unamortized debt issuance costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,182,800</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 4pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,328,175</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
<TD STYLE="font-size: 9pt; width: 0"></TD><TD STYLE="font-size: 9pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 8pt"><I>The
                                         decrease in the principal amount of long-term notes outstanding from December 31, 2019
                                         to September 30, 2020 is the result of principal repayments of $830.4 million, the issuance
                                         of $664.7 million aggregate principal amount and changes in the reported amount of U.S.
                                         dollar denominated debt of $27.6 million.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February 5, 2020, Baytex issued US$500 million aggregate principal
amount of senior unsecured notes due April 1, 2027 bearing interest at a rate of 8.75% per annum payable semi-annually (the &ldquo;8.75%
Senior Notes&rdquo;). The 8.75% Senior Notes are redeemable at Baytex&rsquo;s option, in whole or in part, at specified redemption
prices after April 1, 2023 and will be redeemable at par from April 1, 2026 to maturity. Transaction costs of $12.5 million were
incurred in conjunction with the issuance which resulted in net proceeds of $652.2 million.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February 20, 2020, Baytex used a portion of the net proceeds
from the issuance of the 8.75% Senior Notes to complete the early redemption of the US$400 million principal amount of the 5.125%
senior unsecured notes due June 1, 2021 at par plus accrued interest. The principal payment was $530.4 million.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On March 5, 2020, Baytex completed the early redemption of the
$300 million principal amount of the 6.625% senior unsecured notes due July 19, 2022 at 101.104% of the principal amount, plus
accrued interest. The principal payment was $300.0 million plus early redemption expense of $3.3 million.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The long-term notes do not contain any
significant financial maintenance covenants. The long-term notes contain a debt incurrence covenant that restricts the
Company&rsquo;s ability to raise additional debt beyond the existing Credit Facilities and long-term notes unless the Company
maintains a minimum coverage ratio (computed as the ratio of Bank EBITDA (as defined in note 7) to financing and interest
expense on a trailing twelve month basis) of 2.00:1.00. At September 30, 2020, the fixed charge coverage ratio was
5.0:1.0.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Baytex Energy Corp. Third Quarter Report
    2020</FONT></TD></TR>
</TABLE>





<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><B>9.</B></TD><TD STYLE="font-size: 9pt; text-align: justify"><B>ASSET RETIREMENT OBLIGATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 64%; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; width: 2%; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2pt; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2pt; font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    beginning of period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>667,974</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">646,898</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities
    incurred</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,466</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,748</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities
    settled</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,080)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,417)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities
    acquired from property acquisitions</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,648</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities
    divested</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(116)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,331)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    swaps</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(514)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">792</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accretion
    (note 15)</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,897</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,713</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    grants<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(694)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in estimate</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,810)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,632</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Changes
    in discount rates and inflation rates<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>76,244</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,486)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency translation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>784</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,223)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    end of period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>751,151</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-left: 2pt; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">667,974</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-left: 2pt; padding-top: 2pt; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less
    current portion of asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: rgb(221,221,221); padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,913</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,579</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-current
    portion of asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; font-size: 9pt; background-color: rgb(221,221,221); padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>740,238</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">656,395</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><I>(1)</I></TD><TD STYLE="font-size: 8pt; text-align: justify"><I>During the three months ended September 30, 2020, Baytex recognized $0.7 million of non-cash other income and a reduction
in asset retirement obligations related to government grants provided by the Government of Alberta and the Government of Saskatchewan.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><I>(2)</I></TD><TD STYLE="font-size: 8pt; text-align: justify"><I>The discount and inflation rates at September 30, 2020 were 1.1% and 1.3%, respectively, compared to 1.8% and 1.4% at December
31, 2019.</I></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="font-size: 9pt; text-align: justify"><B>SHAREHOLDERS&rsquo; CAPITAL</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The authorized capital of Baytex consists of an unlimited number
of common shares without nominal or par value and 10.0 million preferred shares without nominal or par value, issuable in series.
Baytex establishes the rights and terms of the preferred shares upon issuance. At September 30, 2020, no preferred shares have
been issued by the Company and all common shares issued were fully paid.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The holders of common shares may receive dividends as declared
from time to time and are entitled to one vote per share at any meeting of the holders of common shares. All common shares rank
equally with regard to the Company&rsquo;s net assets in the event the Company is wound-up or terminated.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; width: 67%; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; width: 15%; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number
    of</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; width: 2%; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; width: 16%; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common
    Shares</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(000s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amount</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    December 31, 2018</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>554,060</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,701,516</B></FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vesting
    of share awards</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,245</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,319</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    December 31, 2019</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>558,305</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,718,835</B></FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; padding-left: 0.1in; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vesting
    of share awards</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,858</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; background-color: white; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,329</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-left: 2pt; padding-top: 2pt; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    September 30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>561,163</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 2pt; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,729,164</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="font-size: 9pt; text-align: justify"><B>SHARE AWARD INCENTIVE PLAN</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The Company recorded compensation expense related to the share
awards of $2.9 million and $8.7 million for the three and nine months ended September 30, 2020 ($3.4 million and $14.2 million
for the three and nine months ended September 30, 2019) which includes $0.6 million and $1.8 million of cash compensation expense
related to the incentive award plan and the associated equity total return swaps.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Share Award Plans</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">Baytex has a share award plan pursuant
to which it issues restricted and performance awards. A restricted award entitles the holder of each award to receive one
common share of Baytex at the time of vesting. A performance award entitles the holder of each award to receive between zero
and two common shares on vesting; the number of common shares issued is determined by a multiplier. The multiplier, which
ranges between zero and two, is calculated based on a number of factors determined and approved by the Board of Directors on
an annual basis. The restricted awards and performance awards vest in equal tranches on the first, second and third
anniversaries of the grant date.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">Baytex Energy Corp.
    Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 8pt">51</FONT></TD></TR>
</TABLE>





<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The weighted
average fair value of share awards granted was $1.48 per restricted and performance award for the nine months ended September
30, 2020 ($2.63 per restricted and performance award for the nine months ended September 30, 2019).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The number of share awards outstanding
is detailed below:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; width: 49%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 16%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 16%; text-align: right; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number
    of</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 16%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number
    of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">performance</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: right; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    number of</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>(000s)</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">restricted
    awards</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">awards<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">share
    awards</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    December 31, 2018</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,243</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,273</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,516</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Granted</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,184</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,245</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,429</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vested
    and converted to common shares</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,081</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,164</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,245</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(545</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,219</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,764</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    December 31, 2019</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,801</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,135</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,936</B></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Granted</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,239</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,253</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,492</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vested
    and converted to common shares</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,717</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,141</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD>
    <TD STYLE="font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,858</FONT></TD>
    <TD STYLE="padding-top: 3pt">)</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(140</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(185</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(325</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">)</TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balance,
    September 30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,183</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,062</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,245</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 8pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8pt; padding-top: 5pt; width: 0in"></TD><TD STYLE="font-size: 8pt; padding-top: 5pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 8pt; padding-top: 5pt; text-align: justify"><FONT STYLE="font-size: 8pt"><I>Based
                                         on underlying awards before applying the payout multiplier which can range from 0x to
                                         2x.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Incentive Award Plan</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Baytex has
a cash-settled incentive award plan (the &ldquo;Incentive Award&rdquo; plan) whereby the holder of each incentive award is entitled
to receive a cash payment equal to the value of one Baytex common share at the time of vesting. The incentive awards vest in equal
tranches on the first, second and third anniversaries of the grant date. The cumulative expense is recognized at fair value at
each period end and is included in trade and other payables.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The Company
uses equity total return swaps (&ldquo;Equity TRS&rdquo;) on the equivalent number of Baytex common shares in order to fix the
aggregate cost of the Incentive Award plan at the fair value determined on the grant date. The cumulative expense is recognized
at fair value each period with realized gains or losses included in share-based compensation expense and unrealized gains or losses
included in unrealized financial derivatives gain or loss. The carrying value of the financial derivatives includes the fair value
of the Equity TRS which was a liability of $1.8 million on September 30, 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">During the
nine months ended September 30, 2020, Baytex granted 2.9 million awards under the Incentive Award plan at a fair value of $1.50
per award.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Share Options</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Baytex assumed
share option plans pursuant to a business combination in 2018. No new grants will be made under the option plans.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The Company
accounts for share options using the fair value method. Under this method, compensation is expensed over the vesting period for
the share options, with a corresponding increase to contributed surplus.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Share options
granted under the option plans had a maximum term of 3.5 years to expiry. One third of the options granted vest on each of the
first, second, and third anniversaries of the date of grant. At September 30, 2020, 0.5 million options were outstanding with
a weighted average remaining life of 0.4 years and a weighted average exercise price of $5.69 (December 31, 2019 - 2.5 million
options with a weighted average exercise price of $6.83).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><B>12.</B></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>NET
                                         INCOME (LOSS) PER SHARE</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Baytex calculates
basic income or loss per share based on the net income or loss attributable to shareholders using the weighted average number
of shares outstanding during the period. Diluted income or loss per share amounts reflect the potential dilution that could occur
if share awards and share options were converted to common shares. The treasury stock method is used to determine the dilutive
effect of share awards and share options whereby the potential conversion of share awards and share options and the amount of
compensation expense, if any, attributed to future services are assumed to be used to purchase common shares at the average market
price during the period.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8pt; width: 0.5in; text-align: left"><FONT STYLE="font-size: 8pt"><B>52</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
</TR></TABLE>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Weighted
    </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weighted</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 34%; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 10%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; width: 11%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>average</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; width: 10%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; width: 10%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; width: 11%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">average</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; width: 10%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>common</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">common</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>shares</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    loss per</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">shares</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(000s)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>share</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(000s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">per
    share</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income (loss) - basic</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(23,444)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>561,128</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(0.04)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,151</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">557,888</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dilutive
    effect of share awards</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dilutive
    effect of share options</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income (loss) - diluted</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(23,444)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>561,128</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(0.04)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,151</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">560,888</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Weighted</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>average</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weighted</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>common</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">average</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>shares</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    loss per</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">common</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(000s)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>share</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">shares
    (000s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">per
    share</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income (loss) - basic</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>560,484</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4.75)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,313</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">556,651</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.19</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dilutive
    effect of share awards</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,787</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dilutive
    effect of share options</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    income (loss) - diluted</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,660,124)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>560,484</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4.75)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,313</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">560,438</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 4pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.19</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">For the three
and nine months ended September 30, 2020, all share awards and share options were excluded from the calculation of diluted earnings
per share as their effect was anti-dilutive given the Company recorded a net loss. For the three and nine months ended September
30, 2019, no share awards were considered to be anti-dilutive and 3.4 million share options were excluded from the calculation
of diluted earnings per share as they were determined to be anti-dilutive.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><B>13.</B></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: windowtext"><B>PETROLEUM
                                         AND NATURAL GAS SALES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Petroleum
and natural gas sales from contracts with customers for the Company&rsquo;s Canadian and U.S. operating segments is set forth
in the following table.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Three
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>U.S.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt; width: 41%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Light
    oil and condensate</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>78,432</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>75,620</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>154,052</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134,921</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,344</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,265</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heavy
    oil</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>69,791</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>69,791</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,961</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,961</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NGL</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,762</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,914</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,676</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,486</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,045</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,531</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas sales</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,846</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,173</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>18,019</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,401</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,442</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,843</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    petroleum and natural gas sales</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>158,831</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>93,707</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>252,538</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">258,769</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165,831</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">424,600</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nine
    Months Ended September 30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>U.S.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Light
    oil and condensate</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>229,745</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>257,818</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>487,563</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">409,117</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">442,763</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">851,880</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heavy
    oil</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>169,638</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>169,638</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">381,684</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">381,684</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NGL</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,957</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,791</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29,748</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,684</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,656</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,340</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas sales</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23,660</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>31,232</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>54,892</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,021</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,099</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,120</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    petroleum and natural gas sales</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>427,000</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>314,841</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>741,841</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">817,506</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">542,518</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,360,024</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Included in
accounts receivable at September 30, 2020 is $70.4 million of accrued production revenue related to delivered volumes (December
31, 2019 - $138.0 million).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">Baytex Energy Corp.
    Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 8pt">53</FONT></TD></TR>
</TABLE>





<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><B>14.</B></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: windowtext"><B>INCOME
                                         TAXES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The provision for income taxes
has been computed as follows:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 65%; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 16%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 17%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    loss before income taxes</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,920,725)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">91,946</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expected
    income taxes at the statutory rate of 25.95% (2019 &ndash; 26.72%)</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(757,928)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,568</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Increase)
    decrease in income tax recovery resulting from:</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Share-based
    compensation</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,809</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,806</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of foreign exchange</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,022</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,179)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of change in income tax rates</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22,231</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,573)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of rate adjustments for foreign jurisdictions</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,982</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,965)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of change in deferred tax benefit not recognized</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>409,717</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,803)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effect
    of U.S. tax change</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,996</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 0.1in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjustments
    and assessments</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,570</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(221)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax recovery</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(260,601)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,367)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">On May 28,
2019 the Alberta government tabled legislation to decrease the corporate income tax rate from 12% to 8% over a multi-year period
beginning July 1, 2019 and ending January 1, 2022. On June 29, 2020 the Alberta government announced that the corporate tax rate
reduction to 8% previously scheduled for January 1, 2022 would be accelerated to July 1, 2020. Legislation enacting this accelerated
timeline was enacted subsequent to quarter end and accordingly the effect is not reflected in the deferred tax recovery recorded
for the nine months ended September 30, 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">At September
30, 2020, a deferred tax asset of $438.0 million remains unrecognized due to uncertainty surrounding future commodity prices (December
31, 2019 - $28.0 million).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">As disclosed
in the 2019 annual financial statements, in June 2016, certain indirect subsidiary entities received reassessments from the Canada
Revenue Agency (the &ldquo;CRA&rdquo;) that denied $591 million of non-capital loss deductions that relate to the calculation
of income taxes for the years 2011 through 2015. In September 2016, Baytex filed notices of objection with the CRA appealing each
reassessment received. There has been no change in the status of these reassessments since an Appeals Officer was assigned to
the Company&rsquo;s file in July 2018. Baytex remains confident that the original tax filings are correct and intends to defend
those tax filings through the appeals process.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">On April 7,
2020, the U.S. Department of the Treasury and the IRS published final regulations addressing &ldquo;anti-hybrid&rdquo; rules under
section 267A of the U.S. tax code and thus became substantially enacted. Pursuant to these regulations, the Company is no longer
entitled to certain tax benefits previously recognized during 2019. Accordingly, a charge against deferred income taxes in the
amount of $20.0 million was recorded in the nine months ended September 30, 2020.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9pt; width: 0in"></TD><TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><B>15.</B></FONT></TD><TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: windowtext"><B>FINANCING
                                         AND INTEREST</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; text-align: center; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; text-align: left; padding-right: 2pt; font-size: 9pt; width: 44%; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 2%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 12%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 12%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 2%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 13%; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; font-size: 9pt; width: 1%; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5pt; font-size: 9pt; width: 13%; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    on credit facilities</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,366</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,650</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,749</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,171</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    on long-term notes</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21,943</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,955</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>69,231</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,382</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    on lease obligations</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>109</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>360</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">475</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-cash
    financing</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>756</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,607</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,863</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,753</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accretion
    on asset retirement obligations (note 9)</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,788</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,407</FONT></TD>
    <TD STYLE="padding-top: 3pt; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,897</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,268</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Early
    redemption expense (note 8)</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: rgb(221,221,221); padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,312</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; background-color: white; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
    and interest</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,962</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,766</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; background-color: rgb(221,221,221); padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>97,412</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 9pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97,049</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; width: 0.5in">54</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Baytex Energy Corp. Third Quarter Report 2020</TD></TR>
</TABLE>







<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>16.&nbsp;&nbsp; <FONT STYLE="color: windowtext">FOREIGN
EXCHANGE</FONT></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 9pt; padding: 1pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 9pt; padding: 1pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; width: 44%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; font-size: 9pt; text-align: right; background-color: rgb(230,230,230); color: #231E20; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    foreign exchange (gain) loss </FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,880)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">13,855</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>28,125</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(38,404)</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(351)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">382</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(437)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">426</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Foreign
    exchange (gain) loss</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(26,231)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">14,237</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>27,688</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(37,978)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>17.&nbsp;&nbsp; FINANCIAL INSTRUMENTS AND
RISK MANAGEMENT</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The Company&rsquo;s financial assets
and liabilities are comprised of cash, trade and other receivables, trade and other payables, financial derivatives, credit facilities,
and long-term notes. The fair value of the credit facilities is equal to the principal amount outstanding as the credit facilities
bear interest at floating rates and credit spreads that are indicative of market rates. The fair value of the long-term notes
is determined based on market prices.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The carrying value and fair value
of the Company&rsquo;s financial instruments carried on the condensed consolidated statements of financial position are classified
into the following categories:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: center; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding: 1pt; font-size: 9pt; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231E20">December 31, 2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt; font-size: 9pt; text-align: center; background-color: white; color: #231E20">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Fair
    Value</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Measurement</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Carrying
    value</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Fair
    value</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Carrying
    value</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Fair
    value</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Hierarchy</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; width: 34%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Financial
    Assets</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>FVTPL</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41,746</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41,746</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,433</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,433</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Level
    2</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41,746</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>41,746</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,433</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,433</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>Financial
    assets at amortized cost</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Cash</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt 5pt 1pt 1pt; font-size: 9pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt 5pt 1pt 1pt; font-size: 9pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,572</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">5,572</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other receivables</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">173,762</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">173,762</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">179,334</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">179,334</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Financial
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>FVTPL</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,556)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,556)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8,668)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8,668)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Level
    2</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,556)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(25,556)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8,668)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(8,668)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>Financial
    liabilities at amortized cost</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other payables</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(179,482)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(179,482)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(207,454)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(207,454)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Credit
    facilities</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(622,654)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(624,826)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(505,412)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(506,471)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Long-term
    notes</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; background-color: rgb(230,230,230); text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,182,800)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(586,526)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,328,175)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(1,290,817)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Level
    1</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 2pt; font-size: 9pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Total</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,984,936)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(1,390,834)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,041,041)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(2,004,742)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding: 1pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">There were no transfers between
Level 1 and Level 2 during the nine months ended September 30, 2020 and 2019.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Foreign Currency Risk</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The carrying amounts of the Company&rsquo;s
U.S. dollar denominated monetary assets and liabilities recorded in entities with a Canadian dollar functional currency at the
reporting date are as follows:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Assets</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding: 1pt 5pt 1pt 1pt; border-bottom: Black 1pt solid; text-align: center; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Liabilities</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 32%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 17%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 17%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 17%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; width: 17%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 2pt; font-size: 9pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">U.S.
    dollar denominated</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>US$36,893</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">US$8,733</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(230,230,230); border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>US$924,115</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">US$841,961</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>55</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Interest Rate Risk</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><I>Interest Rate Swaps</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">As of September 30, 2020, Baytex
had an interest rate swap acquired in a business combination in 2018 outstanding with a notional value of $100 million maturing
in October 2020, with a fixed contract price of 2.02% referencing the Canadian Dollar Offered Rate. At September 30, 2020, the
fair value of the interest rate swap was a liability of $0.1 million (December 31, 2019 - nil).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Commodity Price Risk</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><I>Financial Derivative Contracts</I></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Baytex had the following financial
derivative contracts outstanding as of November 2, 2020:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; width: 16%"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; width: 23%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Remaining
    Period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; width: 17%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Volume</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; width: 32%; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Price/Unit<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Index</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20"><B>Oil</B></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">6,500
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$16.27/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Jun 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$13.75/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$14.26/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$13.41/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WCS</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$6.15/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$5.95/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Basis
    Swap<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI
    less US$4.78/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">MSW</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">8,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$42.78/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$56.00/US$61.35</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$57.00/US$60.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">4,500
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$57.00/US$62.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$50.00/US$58.00/US$62.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$58.00/US$60.50</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$58.00/US$60.83</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.00/US$65.60</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.00/US$66.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$59.50/US$66.15</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$65.60</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.05</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$51.00/US$60.00/US$66.70</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,500
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$35.00/US$45.00/US$49.50</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">10,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$35.00/US$45.00/US$55.00</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$70.00/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Brent</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$60.75/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$53.00/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    bbl/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$54.00/bbl</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">WTI</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20"><B>Natural
    Gas</B></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right"><FONT STYLE="font-size: 8.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">10,500
    GJ/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.01/GJ</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Jun 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3,000
    GJ/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.71/GJ</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">16,000
    GJ/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.36/GJ</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    7A</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    GJ/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.29/GJ</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    5A</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    GJ/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">$2.40/GJ</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">AECO
    5A</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,500
    mmbtu/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.64/mmbtu</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">12,000
    mmbtu/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.70/mmbtu</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>

<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; width: 16%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; width: 23%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Oct
    2020 to Dec 2020</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; width: 17%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    mmbtu/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; width: 32%; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.25/US$2.60/US$2.85</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; width: 12%; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">3-way
    option<SUP>(2)(6)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.25/US$2.75/US$3.06</FONT></TD>
    <TD STYLE="padding: 1pt 5pt; font-size: 8.5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Swaption<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">Jan
    2021 to Dec 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">5,000
    mmbtu/d</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">US$2.90/mmbtu</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8.5pt; padding: 1pt 5pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; color: #231E20">NYMEX</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt"><I>Based
                                         on the weighted average price per unit for the period.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: top; text-align: left">
    <TD STYLE="font-size: 9pt; width: 5%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>56</B></FONT></P></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 45%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></P></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: windowtext">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: windowtext">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt; color: windowtext"><I>Producer
                                         3-way option consists of a sold put, bought put, and a sold call. To illustrate, in a
                                         US$50.00/US$58.00/US$62.00 contract, Baytex receives WTI plus US$8.00/bbl when WTI is
                                         at or below US$50.00/bbl; Baytex receives US$58.00/bbl when WTI is between US$50.00/bbl
                                         and US$58.00/bbl; Baytex receives the market price when WTI is between US$58.00/bbl and
                                         US$62.00/bbl; and Baytex receives US$62.00/bbl when WTI is above US$62.00/bbl.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt; color: windowtext"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 31, 2020, to
                                         enter a swap transaction for the remaining term, notional volume and fixed price per
                                         unit indicated above.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt; color: windowtext"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 23, 2020, to
                                         enter a swap transaction for the remaining term, notional volume and fixed price per
                                         unit indicated above.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(5)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt; color: windowtext"><I>For
                                         these contracts, the counterparty has the right, if exercised on December 31, 2021, to
                                         enter a swap transaction for the remaining term, notional volume and fixed price per
                                         unit indicated above.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(6)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt; color: windowtext"><I>Contracts
                                         entered subsequent to September 30, 2020.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The following table sets forth
the realized and unrealized gains and losses recorded on financial derivatives.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Three
    Months Ended September 30</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Nine
    Months Ended September 30</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 1pt 1pt 5pt; text-align: right; width: 44%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: rgb(230,230,230); color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; width: 12%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2019</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 5pt; font-size: 8pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Realized
    financial derivatives loss (gain) </FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt 5pt 1pt 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>9,743</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(20,857)</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; background-color: rgb(230,230,230); text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(30,731)</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(52,664)</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 1pt 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Unrealized
    financial derivatives loss (gain)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>7,284</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(7,666)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(19,425)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">30,922</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt 1pt 1pt 5pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Financial
    derivatives loss (gain)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt 5pt 1pt 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>17,027</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(28,523)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; background-color: rgb(230,230,230); padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>(50,156)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">(21,742)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Liquidity Risk</I></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Liquidity risk is the risk that
Baytex will encounter difficulty in meeting obligations associated with financial liabilities. Baytex manages its liquidity risk
through cash and debt management. Such strategies include monitoring forecasted and actual cash flows from operating, financing
and investing activities, available credit under existing banking arrangements, opportunities to issue additional common shares
as well as reducing capital expenditures.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">As at September 30, 2020, Baytex
had unused capacity of $425.8 million on its Credit Facilities (December 31, 2019 - $523.8 million).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The timing of cash outflows relating
to financial liabilities as at September 30, 2020 is outlined in the table below:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; width: 40%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 9%; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Less
    than</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; width: 2%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1
    year</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1-3
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">3-5
    years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Beyond
    5 years</FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Trade
    and other payables</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>179,482</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">179,482</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Credit
    facilities<SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>624,826</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">624,826</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Long-term
    notes<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,199,160</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">532,960</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">666,200</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Interest
    on long-term notes<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>489,037</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">88,272</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">176,543</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">136,544</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">87,678</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Lease
    obligations</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>11,132</B></FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">6,086</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">4,449</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">597</FONT></TD>
    <TD STYLE="padding: 1pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">&mdash;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 1pt 1pt 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>2,503,637</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>273,840</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>180,992</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,294,927</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 1pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 1pt; font-size: 8pt; text-align: right; background-color: white; color: #231E20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>753,878</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt"><I>At
                                         December 31, 2019, the credit facilities were set to mature on April 2, 2021. On March
                                         3, 2020, Baytex amended the credit facilities to extend maturity to April 2, 2024 which
                                         will automatically be extended to June 4, 2024 providing the Company has either refinanced
                                         or has the ability to repay the outstanding 2024 long-term notes with existing credit
                                         capacity as of April 1, 2024.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt"><I>Principal
                                         amount of instruments. On February 5, 2020, Baytex issued US$500 million principal amount
                                         of 8.75% senior unsecured notes due 2027 and, on March 5, 2020, completed the redemption
                                         of $300 million principal amount of 6.625% senior unsecured notes due 2022 (note 8).
                                         On February 20, 2020 Baytex completed the redemption of the US$400 million principal
                                         amount of senior unsecured notes due 2021 (note 8).</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-size: 8pt"><I>Excludes
                                         interest on credit facilities as interest payments on credit facilities fluctuate based
                                         on amounts outstanding and the prevailing interest rate at the time of borrowing.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B><I>Credit Risk</I></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Credit risk is the risk that a
counterparty to a financial asset will default resulting in Baytex incurring a loss. As at September 30, 2020, the Company is
exposed to credit risk with respect to its trade and other receivables and financial derivatives. Baytex manages these risks through
the selection and monitoring of credit-worthy counterparties.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Most of the Company&rsquo;s trade
and other receivables relate to petroleum and natural gas sales. Baytex reviews its exposure to individual entities on a regular
basis and manages its credit risk by entering into sales contracts after reviewing the creditworthiness of the entity. Letters
of credit or parental guarantees may be obtained prior to the commencement of business with certain counterparties. Credit risk
may also arise from financial derivative instruments. The maximum exposure to credit risk is equal to the carrying value of the
financial assets. The Company considers all financial assets that are not impaired or past due to be of good credit quality.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>57</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The majority of the Company&rsquo;s credit exposure on trade
and other receivables at September 30, 2020 relates to accrued revenues and our financial derivative contracts. Accounts receivable
from purchasers of the Company&rsquo;s petroleum and natural gas sales are typically collected on the 25th day of the month following
production. Joint interest receivables are typically collected within one to three months following production. Included in trade
and other receivables at September 30, 2020 is $70.4 million (December 31, 2019 - $138.0 million) of accrued petroleum and natural
gas sales related to delivered volumes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">Should the Company determine that the ultimate collection of
a receivable is in doubt, the carrying amount of trade and other receivables is reduced by adjusting the allowance for doubtful
accounts and a charge to net income or loss. If the Company subsequently determines the accounts receivable is uncollectible, the
receivable and allowance for doubtful accounts are adjusted accordingly. As at September 30, 2020, allowance for doubtful accounts
was $2.1 million (December 31, 2019 - $1.6 million).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">In determining whether amounts past due are collectible, the
Company will assess the nature of the past due amounts as well as the credit worthiness and past payment history of the counterparty.
As at September 30, 2020, trade and other receivables that Baytex has deemed past due (more than 90 days) but not impaired was
$1.4 million (December 31, 2019 - $2.7 million). Baytex has estimated the lifetime expected credit loss as at and for the quarter
ended September 30, 2020 to be nominal.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company&rsquo;s trade and other receivables, net of the allowance
for doubtful accounts, were aged as follows as at September 30, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: center; white-space: nowrap; width: 73%; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: rgb(221,221,221); padding-top: 1pt; padding-left: 3pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; white-space: nowrap; width: 12%; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>September
    30, 2020</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 2%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 2pt; padding-top: 1pt; white-space: nowrap; width: 12%; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">December
    31, 2019</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Current
    (less than 30 days)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; background-color: rgb(221,221,221); text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>95,226</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 2pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; text-align: right; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">169,500</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">31-60
    days</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>561</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">1,199</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">61-90
    days</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 3pt; background-color: rgb(221,221,221); text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>240</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">342</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Past
    due (more than 90 days)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 3pt; background-color: rgb(221,221,221); border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>1,362</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; padding-left: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">2,721</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-left: 3pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(221,221,221); color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><B>97,389</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; padding-left: 2pt; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">$</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 2pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">173,762</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>58</B></FONT></TD><TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: windowtext">Baytex
                                         Energy Corp. Third Quarter Report 2020</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>ABBREVIATIONS</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 9%; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>AECO</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 43%; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">the
    natural gas storage facility located</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 13%; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>IFRS</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; width: 35%; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">International
    Financial Reporting</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">at
    Suffield, Alberta</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Standards</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>bbl</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">barrel</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>LLS</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Louisiana
    Light Sweet</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>bbl/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">barrel
    per day</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mbbl</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">thousand
    barrels</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>boe*</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">barrels
    of oil equivalent</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mboe*</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">thousand
    barrels of oil equivalent</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>boe/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">barrels
    of oil equivalent per day</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mcf</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">thousand
    cubic feet</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>COSO</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Committee
    of Sponsoring</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mcf/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">thousand
    cubic feet per day</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Organizations
    of the Treadway</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mmBtu</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">million
    British Thermal Units</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Commission</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mmBtu/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">million
    British Thermal Units per day</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>GAAP</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">generally
    accepted accounting</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mmcf</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">million
    cubic feet</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">principles</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>mmcf/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">million
    cubic feet per day</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>GJ</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">gigajoule</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>NGL</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">natural
    gas liquids</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>GJ/d</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">gigajoule
    per day</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>NYMEX</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">New
    York Mercantile Exchange</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>IAS</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">International
    Accounting Standard</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>NYSE</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">New
    York Stock Exchange</FONT></TD></TR>
<TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>IASB</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">International
    Accounting Standards</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>TSX</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Toronto
    Stock Exchange</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Board</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>WCS</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">Western
    Canadian Select</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20"><I>WTI</I></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; color: #231E20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231E20">West
    Texas Intermediate</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0"></TD><TD STYLE="font-size: 8pt; width: 0.5in"><I><SUP>*</SUP></I></TD><TD STYLE="font-size: 8pt; text-align: justify"><I>Oil equivalent amounts may be misleading, particularly if used in isolation. In accordance with NI 51-101, a boe conversion
ratio for natural gas of 6 Mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 17pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt">CORPORATE
    INFORMATION</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
<TR STYLE="font: 11pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #976431; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>BOARD
    OF DIRECTORS</B></FONT></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>OFFICERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark
    R. Bly<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Edward
    D. LaFehr</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Chair
    of the Board</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">President and Chief
    Executive Officer</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Edward
    D. LaFehr</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Rodney
    D. Gray</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Executive Vice President
    and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trudy
    M. Curran<SUP>(2)(4)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Brian
    G. Ector</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Vice President, Capital
    Markets</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Naveen
    Dargan<SUP>(1)(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Kendall
    D. Arthur</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Vice President, Heavy
    Oil</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Don
    G. Hrap<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Chad
    L. Kalmakoff</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Vice President, Finance</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jennifer
    A. Maki<SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Scott
    Lovett</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Vice President, Corporate
    Development</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gregory
    K. Melchin<SUP>(1)(4)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Chad
    E. Lundberg</I></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Vice President, Light
    Oil</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">David
    L. Pearce<SUP>(3)(4)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>AUDITORS</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">KPMG LLP</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><I>Steve
    D.L. Reynish</I></FONT></TD>
    <TD STYLE="font-size: 8.5pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Director</FONT></TD>
    <TD STYLE="font-size: 8.5pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member
                                         of the Audit Committee</FONT></P><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member
    of the Human Resources and Compensation Committee</FONT><BR>
<FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member
    of the Reserves and Sustainability Committee</FONT><BR>
<FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member
    of the Nominating and Governance Committee</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(151,100,49)"><B></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>RESERVES
    ENGINEERS</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">McDaniel &amp; Associates
    Consultants Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; color: #976431"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>HEAD
    OFFICE</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Baytex
    Energy Corp.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>TRANSFER
    AGENT</B></FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Centennial
    Place, East Tower</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">Odyssey Trust Company</TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">2800,
    520 &ndash; 3rd Avenue SW</FONT></TD>
    <TD STYLE="font-size: 8.5pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Calgary,
    Alberta T2P 0R3</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(151,100,49)"><B>EXCHANGE
    LISTINGS</B></FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Toll-free:
    1-800-524-5521</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Toronto Stock Exchange</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">T:
    587-952-3000</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="font-size: 8.5pt; vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">F:
    587-952-3001</FONT></TD>
    <TD STYLE="font-size: 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Symbol: <FONT STYLE="color: rgb(151,100,49)">BTE&nbsp;</FONT></FONT></TD></TR>
<TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">www.baytexenergy.com</FONT></TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
