<SEC-DOCUMENT>0001104659-22-030446.txt : 20220304
<SEC-HEADER>0001104659-22-030446.hdr.sgml : 20220304
<ACCEPTANCE-DATETIME>20220304114320
ACCESSION NUMBER:		0001104659-22-030446
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220304
DATE AS OF CHANGE:		20220304

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:		22712901

	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>tm225489d3_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 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>UNITED STATES</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March 2022</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2800, 520 &#8211; 3<SUP>rd</SUP> AVENUE S.W.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T2P 0R3</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; text-align: center">&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 20-F or Form 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">
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    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9;<FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9;Form 40-F&#9;</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2; font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#120;</FONT></B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</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 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) 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="width: 20%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-left: 0.125in; width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9;No&#9;</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B>&#120;</B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</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 &#8220;Yes&#8221; is marked, indicate below the file number assigned
to the registrant in connection with Rule 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>

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<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; border: Black 1pt solid; width: 18%; font-size: 10pt"><B>Exhibit No.</B></TD>
<TD STYLE="text-align: left; padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 82%; font-size: 10pt; vertical-align: bottom"><B>Document</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><A HREF="tm225489d3_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
<TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><A HREF="tm225489d3_ex99-1.htm" STYLE="-sec-extract: exhibit">Baytex Energy Corp. 2021 Annual Report</A></TD></TR>
</TABLE>



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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-align: center">&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" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><B>BAYTEX ENERGY CORP.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
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  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">/s/ Rodney D. Gray</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name: Rodney D. Gray</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title: &nbsp;&nbsp;Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: March 4, 2021</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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm225489d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red">&nbsp;<IMG SRC="tm225489d3_ex99-1img001.jpg" ALT=""></P>




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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; text-align: center">&nbsp;<IMG SRC="tm225489d3_ex99-1img002.jpg" ALT=""></P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD COLSPAN="7" STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Twelve Months Ended</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

</TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #231F20; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December
                                         31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">December 31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FINANCIAL</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(thousands
of Canadian dollars, except per common share amounts)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; font-size: 10pt; color: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Petroleum
and natural gas sales</B>&nbsp;</FONT></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,868,195</B></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">975,477</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; 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="color: #231F20;  text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Adjusted
    funds flow <SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">745,628</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">311,506</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; basic</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.32</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.56</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; diluted</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.30</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.56</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Free
    cash flow <SUP>(2)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">421,329</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,073</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; basic</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.75</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; diluted</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.74</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    flows from operating activities</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">712,384</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">353,096</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; basic</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.26</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.63</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; diluted</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.25</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.63</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income (loss)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,613,600</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,438,964</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; basic</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.86</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.35</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per share
    &ndash; diluted</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.82</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.35</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; font-weight: bold; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital
    Expenditures</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exploration
    and development expenditures</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">313,303</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,340</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisitions
    and divestitures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,247</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(182</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    oil and natural gas capital expenditures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">307,056</FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,158</FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; 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="text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
Debt</B>&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Credit
    facilities</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">506,514</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">651,173</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long-term
    notes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">885,920</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,147,950</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long-term
    debt</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,392,434</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,799,123</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working
    capital deficiency</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,283</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,478</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Net
    debt <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,409,717</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,847,601</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Shares
Outstanding - basic</B> (thousands)&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    average</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">563,674</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,657</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">End
    of period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">564,213</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">561,227</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
</TABLE>





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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Twelve
                                         Months Ended&nbsp;</B></FONT></P>

</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #231F20; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December
                                         31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
                                         31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; font-size: 10pt; color: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>OPERATING</B>&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #231F20; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #231F20; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Daily
    Production</B>&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Light
    oil and condensate (bbl/d)&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,789</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,056</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heavy
    oil (bbl/d)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,188</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,142</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NGL
    (bbl/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,244</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,340</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    liquids (bbl/d)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,221</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,538</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
    gas (mcf/d)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89,606</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Oil
    equivalent (boe/d @ 6:1) <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,156</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,781</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="text-align: left; padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; 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: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Netback
                                         </B>(thousands of Canadian dollars)&nbsp;</FONT></P></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; 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: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
                                         sales, net of blending and other expense <SUP>(2)</SUP>&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,782,506</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">927,096</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(339,156</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(163,735</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    expense</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(343,002</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(331,345</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,261</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,437</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Operating
    netback <SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,068,087</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">403,579</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40,804</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34,268</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    financing and interest</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(92,069</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106,534</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized
    financial derivatives (loss) gain</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(184,241</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,836</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Other
    <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,345</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">893</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Adjusted
    funds flow <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">745,628</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">311,506</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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: #231F20; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Netback
                                         per boe <SUP>(5)</SUP></B>&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    sales, net of blending and other expense <SUP>(2)</SUP>&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20;  text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>$</B></FONT></TD><TD STYLE="color: #231F20;  text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60.93</B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.75</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.59</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5.61</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    expense</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.72</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.35</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation
    expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.97</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Operating
    netback <SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.52</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.82</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.39</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.17</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    financing and interest</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.15</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.65</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized
    financial derivatives (loss) gain</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6.30</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.64</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Other
    <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.19</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Adjusted
    funds flow <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.49</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.67</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>Notes:</I></FONT></P>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>Capital
                                            management measure. Refer to the Specified Financial Measures section in this press release
                                            for further information.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>Specified
                                            financial measure that does not have any standardized meaning prescribed by IFRS and may
                                            not be comparable with the calculation of similar measures presented by other entities. Refer
                                            to the Specified Financial Measures section in this press release for further information.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>Barrel
                                            of oil equivalent ("boe") 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.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>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 2021 MD&amp;A for
                                            further information on these amounts.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>(5)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>Calculated
                                            as royalties, operating or transportation expense divided by barrels of oil equivalent production
                                            volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Advisory
Regarding Forward-Looking Statements</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>In
the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's
assessment of Baytex's future plans and operations, certain statements in this report are &quot;forward-looking statements&quot;
within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot;
within the meaning of applicable Canadian securities legislation (collectively, &quot;forward-looking statements&quot;). In some
cases, forward-looking statements can be identified by terminology such as &quot;believe&quot;, &quot;continue&quot;, &quot;&quot;estimate&quot;,
 &quot;expect&quot;, &quot;forecast&quot;, &quot;intend&quot;, &quot;may&quot;, &quot;objective&quot;, &quot;ongoing&quot;, &quot;outlook&quot;,
 &quot;potential&quot;, &quot;project&quot;, &quot;plan&quot;, &quot;should&quot;, &quot;target&quot;, &quot;would&quot;, &quot;will&quot;
or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this report speak
only as of the date thereof and are expressly qualified by this cautionary statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Specifically,
this document contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives;
that we continue to advance our Clearwater play; that our 5-year plan targets capital spending at ~50% of adjusted funds flow
at a US$65 WTI price, generates $2.1 billion of cumulative free cash flow, and grows production to 90,000 boe/d (2% to 4% annual
production growth) and at US$75 and $85 WTI generates $2.8 billion and $3.4 billion of cumulative free cash flow; inventory enhancement
continues to be a priority; our Clearwater play holds the potential for &gt;200 locations and 18 Clearwater wells are planned
for 2022; oil and gas will be instrumental for in the energy transition; our GHG emissions commitments and targets; our 2040 abandonment
and reclamation commitment; we expect to benefit from our diversified oil weighted portfolio and commitment to allocate capital
effectively; for 2022, our capital budget, expected average daily production and expected free cash flow; that we intend to allocate
~25% of our free cash flow to share buybacks commencing Q2/2022; de-leveraging remains a priority; our long-term net debt target
of $800 million and that we expect to hit that net debt target mid-2023 at which point we will consider further enhanced shareholder
returns. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve
implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated,
and that the reserves can be profitably produced in the future.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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); restrictions or costs imposed by climate change initiatives and the physical risks of climate
change; risks associated with our ability to develop our properties and add reserves; the impact of an energy transition on demand
for petroleum productions; changes in income tax or other laws or government incentive programs; availability and cost of gathering,
processing and pipeline systems; retaining or replacing our leadership and key personnel; the availability and cost of capital
or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs
to develop and operate our properties; public perception and its influence on the regulatory regime; current or future control,
legislation or regulations; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids; regulations
regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange
rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks;
additional risks associated with our thermal heavy oil projects; our ability to compete with other organizations in the oil and
gas industry; risks associated with our use of information technology systems; results of litigation; that our credit facilities
may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks
of counterparty default; the impact of Indigenous claims; risks associated with expansion into new activities; 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's Discussion
and Analysis for the year ended December 31, 2021, to be filed with Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission not later than March 31, 2022 and in our other public filings.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>These
and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion
and Analysis for the year ended December 31, 2021, filed with Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission on March 1, 2022 and in our other public filings.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>All
amounts in this report are stated in Canadian dollars unless otherwise specified.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">MESSAGE&nbsp;</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #F18B21; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">TO
SHAREHOLDERS</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #F18B21; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; margin-left: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; margin-left: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; text-align: left"><IMG SRC="tm225489d3_ex99-1img003.jpg" ALT="" STYLE="height: 331px; width: 800px"></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; color: Red; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
past year we witnessed a remarkable turnaround for the oil and gas industry as economies recovered from the Covid-19 pandemic
and energy prices surged. During this period of renewed optimism, we stayed true to our priorities of maintaining capital discipline,
maximizing free cash flow and reducing net debt. Our team has proven to be resilient, focused and totally committed to generating
value for shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
2021, we generated production of just over80,000 boe/d, above the high end of our annual guidance and delivered record free cash
flow<SUP>(1)</SUP> of $421 million. We significantly strengthened our business as we allocated 100% of free cash flow to debt
repayment, reducing net debt<SUP>(2)</SUP> by 24% to $1.4 billion. Exploration and development expenditures totaled $313 million,
in line with our annual guidance. We also continued to advance our exciting new Clearwater play in northwest Alberta with four
of the highest initial rate wells drilled to date in the play.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
2021, we introduced a five-year plan (2021 to 2025) which highlighted our financial and operational sustainability and free cash
flow generating capability. Our base plan at US$65 WTI will see us invest approximately 50% of our annual adjusted funds flow
during the plan period, generate $2.1 billion of cumulative free cash flow and grow production to approximately 90,000 boe/d,
reflecting a 2% to 4% annual production growth rate. Under constant US$75/bbl and US$85/bbl pricing scenarios, our expected cumulative
free cash flow increases to approximately $2.8 billion and $3.4 billion, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
business is backstopped by proved developed producing reserves of 129 million boe, proved reserves of 278 million boe and proved
plus probable reserves of 451 million boe. In Canada, we have one of the largest conventional oil portfolios, including high operating
netback, light oil production in the Viking and low decline, heavy oil production at Peace River and Lloydminster. We also hold
a dominant land position in the Pembina Duvernay, which has similar geologic and reservoir characteristics to our Eagle Ford shale
asset in the United States. Our position in the Eagle Ford is considered one of the highest quality, lowest-cost U.S. resource
plays with outstanding drilling economics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #004E7D; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Clearwater
Development</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #004E7D; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Across
all of our core assets, inventory enhancement continues to be a priority. We are also committed to building and maintaining respectful
relationships with Indigenous communities and creating opportunities for meaningful economic participation and inclusion. We have
now executed two strategic agreements with the Peavine M&eacute;tis Settlement in the Peace River area that cover 80 sections
of land directly to the south of our existing operations. We hold another 45 sections of land with Clearwater potential, giving
us 125 sections of prospective lands in the play. This play aligns strongly with our core competencies in heavy oil exploration
and multi-lateral development.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
2021 appraisal program yielded exceptional results with production increasing from zero at the beginning of 2021 to over 3,000
bbl/d in January 2022. Our 2022 drilling program is underway and we expect to bring 18 wells onstream this year. With continued
success, we believe the play ultimately holds the potential for over 200 drilling locations that could support production increasing
to over 10,000 bbl/d. The Clearwater generates strong economics with the ability to grow organically while enhancing our free
cash flow profile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #81BD41; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Environmental
Stewardship</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #81BD41; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
energy industry and society are undergoing a transition to a low-carbon economy. We believe oil and gas will be instrumental in
this energy transition. As a responsible energy producer, we are committed to monitoring greenhouse gas (GHG) emissions from our
operations, setting targets to reduce our GHG emissions intensity and pursuing cost-effective decarbonization strategies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have established a target to reduce our corporate GHG emission intensity (tonnes of CO<SUB>2</SUB>e per boe) by 65% by 2025, relative
to our 2018 baseline. In 2021, we reduced our GHG emissions intensity by 11% over 2020 levels. Our emissions reduction strategy
includes increased gas conservation and combustion, reusing associated gas as fuel for field activities, reducing emissions from
storage tanks, along with monitoring and preventing fugitive emissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
commitment to responsible development also extends to the retirement of our assets. We plan for full lifecycle development of
our properties which includes the restoration, abandonment and reclamation of assets that have reached the end of their productive
life. At December 31, 2020, we had an end of life well inventory of approximately 4,500 wells. We have committed to reducing this
well inventory to zero by 2040.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #F18B21; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Looking
Forward</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #F18B21; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
2022, we expect to benefit from our diversified oil weighted portfolio and our commitment to allocate capital effectively.
Our capital program is designed to generate stable production from our light and heavy oil assets in Canada and the Eagle
Ford in the United States, while scaling up development in the Clearwater. Our 2022 guidance remains unchanged as we target
production of 80,000 to 83,000 boe/d with exploration and development expenditures of $400 to $450 million. Based on the
forward strip at time of writing, we expect to generate over $550 million of free cash flow in 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">With
continued operating momentum and strong commodity prices, we expect to reach our initial $1.2 billion net debt target during the
second quarter of 2022. As we reach this debt level, we will have reduced our net debt by approximately $1.1 billion over the
past three and a half years. As a result of our significantly improved financial position, we are pleased to introduce the next
phase of our enhanced return to shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
2022, we expect to allocate approximately 25% of our annual free cash flow to a share buyback program commencing in Q2/2022. The
remainder of our free cash flow will continue to be allocated to debt reduction until we achieve a net debt level of $800 million,
which represents an expected net debt to EBITDA ratio<SUP>(3)</SUP> of 1.0x at a US$55 WTI price. We feel this will provide us
with ultimate flexibility to run our business through the commodity price cycles and generate meaningful returns for all stakeholders.
At current prices, we expect to achieve this net debt level by mid-2023, at which point we will consider steps to further enhance
shareholder returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex&rsquo;s
success is due to our dedicated and talented team of employees who are passionate about delivering our strategies and plans to
create value for shareholders. Complementing our leadership team and dedicated employees, our Board of Directors is an indispensable
source of guidance and support which contribute greatly to our success. We look forward to executing our plans for 2022 for the
ongoing benefit of all stakeholders and we thank you for your continued support.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; margin-left: 1in"><IMG SRC="tm225489d3_ex99-1img004.jpg" ALT=""></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; color: Red; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #004E7D; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Edward
D. LaFehr</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">President
and Chief Executive Officer&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February
24, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466; margin-left: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #636466; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the
calculation of similar measures presented by other entities. See "Specified Financial Measures" in the 2021 Annual MD&amp;A
for information related to this non-GAAP financial measure, which information is incorporated by reference into this document.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #636466; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Capital management measure. See "Specified Financial Measures" in the 2021 Annual MD&amp;A for information related to this
measure, which information is incorporated by reference into this document.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #636466; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Net debt to EBITDA ratio is comprised of net debt divided by Bank EBITDA. Bank EBITDA is calculated in accordance with our
credit facility which is accessible on the SEDAR website at www.sedar.com</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #636466"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MANAGEMENT'S
DISCUSSION AND ANALYSIS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 years ended December 31, 2021 and 2020. This information is provided as of February 24, 2022. 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 months and year ended December 31, 2021 (&quot;Q4/2021&quot; and &quot;2021&quot;) have been compared
with the results for the three months and year ended December 31, 2020 (&quot;Q4/2020&quot; and &quot;2020&quot;). This MD&amp;A
should be read in conjunction with the Company&rsquo;s audited consolidated financial statements (&ldquo;consolidated financial
statements&rdquo;) for the years ended December 31, 2021 and 2020, together with the accompanying notes and the Annual Information
Form (&quot;AIF&quot;) for the year ended December 31, 2021. 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, and all tabular amounts are in thousands of Canadian dollars, except for percentages
and per common share amounts or as otherwise noted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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
in accordance with International Financial Reporting Standards (&quot;IFRS&quot;) as prescribed by the International Accounting
Standards Board. The terms &quot;operating netback&quot;, &quot;free cash flow&quot;, &quot;average royalty rate&quot;, &quot;heavy
oil, net of blending and other expense&quot; and &quot;total sales, net of blending and other expense&quot; are specified financial
measures that do not have any standardized meaning as prescribed by IFRS and therefore may not be comparable to similar measures
presented by other companies where similar terminology is used. This MD&amp;A also contains the terms &quot;adjusted funds flow&quot;,
 &quot;net debt&quot; and &quot;net debt to adjusted funds flow ratio&quot; which are capital management measures. Refer to our
advisory on forward-looking information and statements and a summary of our specified financial measures at the end of the MD&amp;A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BAYTEX
ENERGY CORP.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp. is a North American focused energy company based in Calgary, Alberta. The company operates in Canada and the United
States (&quot;U.S.&quot;). 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>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021
ANNUAL HIGHLIGHTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
delivered strong operating and financial results in 2021. Energy prices strengthened with increasing demand as economies recovered
from the COVID-19 pandemic and supply remained limited by OPEC production curtailments along with restricted oil and gas investment
globally. As a result, WTI averaged US$67.92/bbl for 2021 which was a US$28.52/bbl increase from 2020 when WTI averaged US$39.40/bbl.
With higher commodity prices, we generated adjusted funds flow<SUP>(1)</SUP> of $745.6 million and free cash flow<SUP>(2)</SUP>
of $421.3 million which contributed to a $437.9 million reduction in net debt<SUP>(1)</SUP>. Strong well performance across all
of our assets resulted in production of 80,156 boe/d which was slightly above the high end of our annual guidance range of 77,000
- 79,000 boe/d. Our disciplined approach to capital allocation and continued focus on reducing our cost structure has improved
the results we have achieved as commodity prices have increased.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
and development expenditures were $313.3 million in 2021 with $208.2 million invested in Canada and $105.1 million in the U.S.
In Canada, we drilled 37 (33.5 net) heavy oil wells, including 8 (8.0 net) wells in our developing Clearwater play, and 125 (123.2
net) light oil wells which resulted in production of 49,424 boe/d for 2021 compared to 48,602 boe/d in 2020. In the U.S., production
of 30,731 boe/d for 2021 reflects our successful development activity which restored production to be consistent with 31,179 boe/d
in 2020 when spending was limited in response to low commodity prices. In 2021, we brought 93 (23.1 net) wells on production compared
to 2020 where we brought 62 (14.1 net) wells on production.</FONT></P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow<SUP>(1)</SUP> of $745.6 million in 2021 increased $434.1 million from 2020 due to the increase in oil and natural gas
prices relative to 2020 when adjusted funds flow was $311.5 million. Improved pricing was the main factor contributing to a $664.5
million increase in operating netback<SUP>(2)</SUP> in 2021 compared to 2020. Our strong operating and financial results generated
net income of $1.6 billion for 2021 which included impairment reversals of $1.5 billion compared to a net loss of $2.6 billion
for 2020 which included impairment write-downs of $2.4 billion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
used our 2021 free cash flow<SUP>(2)</SUP> of $421.3 million to reduce our net debt<SUP>(1)</SUP> to $1.41 billion at December
31, 2021 which was $437.9 million lower compared to $1.85 billion at December 31, 2020. As part of our debt reduction we repurchased
and cancelled US$200 million of the 5.625% Notes due in 2024 during 2021. At December 31, 2021, US$200.0 million of the 2024 Notes
and US$500 million of the 2027 Notes remain outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GUIDANCE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table compares our 2021 annual guidance to our 2021 results. We delivered production that exceeded our annual guidance
with exploration and development expenditures that approximated the high end of our guidance range. Expenses and lease expenditures
were within or slightly below our annual guidance as a result of our continued efforts to control costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></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="width: 40%; border-bottom: Black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Original
    Annual<BR>
 Guidance<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Revised Annual<BR>
Guidance<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021
    Results</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exploration
    and development expenditures</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$225
    - $275 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$285
    - $315 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$313
    million</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Production
    (boe/d)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73,000
    - 77,000</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">77,000
    - 79,000</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80,156</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expenses:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P>
        <P STYLE="text-align: left;"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average royalty rate<SUP>(3)</SUP>&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.0%
        - 18.5%</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.0%
        - 18.5%</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.0%</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Operating<SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$11.50
    - $12.25/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$11.25
    - $12.00/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$11.72/boe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Transportation<SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$1.00
    - $1.10/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$1.15
    - $1.25/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$1.10/boe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">General
    and administrative<SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$42
    million ($1.53/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$42
    million ($1.48/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$41
    million ($1.39/boe)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Cash
    Interest<SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$105
    million ($3.84/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$98
    million ($3.46/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$92
    million ($3.15/boe)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Leasing
    expenditures</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$4 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$4 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$4 million</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$6
    million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$6
    million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$7
    million</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>As
                                         announced on December 2, 2020.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>As
                                         announced on April 29, 2021. This guidance reference date included the introduction of
                                         a five-year outlook. 2021 guidance was subsequently tightened on November 4, 2021, reflecting
                                         year-to-date results, to $300 to $315 million for exploration and development expenditures,
                                         79,500 to 80,000 boe/d for production, 18.5% to 19.0% for royalty rates, $11.25/boe to
                                         $11.75/boe for operating expenses, $1.10/boe
to $1.15/boe for transportation expenses and $92 million ($3.16/boe) for interest expense.</I></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Refer
                                         to Operating Expense, Transportation Expense, General and Administrative Expense and
                                         Financing and Interest Expense sections of this MD&amp;A for description of the composition
                                         of these measures.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On
December 1, 2021 our Board of Directors approved our 2022 budget which included exploration and development expenditures of $400
- $450 million that is designed to generate production of 80,000 - 83,000 boe/d. The program is expected to be equally weighted
between the first and second half of 2022. Additional activity and Clearwater development in 2022 will result in exploration and
development expenditures of $400 - $450 million in 2022 compared to $313 million in 2021. The increase in asset retirement obligations
settled in 2022 relative to 2021 reflects our commitment to reduce our inactive wellbore count. We expect lower interest expense
in 2022 relative to 2021 due to lower net debt as we continue to use free cash flow for debt repayment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table compares our 2022 annual guidance as released on December 1, 2021 to our 2021 results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></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="width: 60%; border-bottom: Black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022
    Guidance</FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021
    Results</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exploration
    and development expenditures</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$400
    - $450 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$313
    million</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Production
    (boe/d)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80,000
    - 83,000</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80,156</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expenses:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
        royalty rate<SUP>(1)</SUP>&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.5%
        - 19.0%</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.0%</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Operating<SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$12.25
    - $13.00/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$11.72/boe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Transportation<SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$1.20
    - $1.30/boe</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$1.10/boe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">General
    and administrative<SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$43
    million ($1.45/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$41
    million ($1.39/boe)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Cash
    Interest<SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$80
    million ($2.70/boe)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$92
    million ($3.15/boe)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Leasing
    expenditures</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$3 million</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$4 million</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Asset
    retirement obligations settled <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$20
    million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$7
    million</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Refer
                                         to Operating Expense, Transportation Expense General and Administrative Expense and Financing
                                         and Interest Expense sections of this MD&amp;A for description of the composition of
                                         these measures.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Government
                                         grants reduced asset retirement obligations by $3 million in 2021. In 2022 we expect
                                         government grants to reduce asset retirement obligations by $15 million.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RESULTS
OF OPERATIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: White; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daily
    Production</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquids
    (bbl/d)</FONT></TD><TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; color: #231F20; text-align: left; padding-left: 10pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Light
    oil and condensate</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,943</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,846</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,789</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,103</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,953</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,056</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heavy
    oil</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,188</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,188</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,142</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,142</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    Gas Liquids ("NGL")</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,671</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,573</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,244</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,224</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,116</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,340</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    liquids (bbl/d)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,802</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,419</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,221</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,469</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,069</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,538</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas (mcf/d)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,733</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,874</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">89,606</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,799</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,665</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    production (boe/d)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,424</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,731</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,156</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,602</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,179</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79,781</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><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>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
    Mix</FONT></TD><TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Segment
    as a percent of total</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><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>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><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>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Light
    oil and condensate</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heavy
    oil</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NGL</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Natural
    gas</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production
of 80,156 boe/d in 2021 was consistent with 79,781 boe/d in 2020. Production declined from Q1/2020 to Q2/2020 due to the sharp
decline in crude oil prices in March 2020 when we shut-in production in Canada and moderated the pace of activity in the U.S.
Commodity prices began to recover in Q3/2020 and have strengthened throughout 2021 which supported increased development activity
and resulted in production of 80,789 boe/d for Q4/2021 relative to 70,475 boe/d in Q4/2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, total production of 49,424 boe/d in 2021 was consistent with 48,602 boe/d in 2020 as our successful 2021 development program
restored production after development activity was limited and production declined throughout 2020. In the U.S., production was
30,731 boe/d in 2021 compared to 31,179 boe/d for 2020. Production levels were consistent year over year as successful development
program in 2021 restored production levels that declined throughout 2020 when development spending was limited.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
production of 80,156 boe/d for 2021 was slightly above our revised guidance of 77,000 - 79,000 boe/d which reflects strong well
performance from our successful development programs in the U.S. and Canada. We expect production in 2022 to average 80,000 -
83,000 boe/d in 2022 which is a modest increase from 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commodity
Prices</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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, free cash flow and our financial position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global
benchmark prices for crude oil were strong throughout 2021. Oil supply was impacted by OPEC production curtailments and limited
production growth from large independent producers while the outlook for oil demand improved as global economic activity increased
and economies recovered from the pandemic. These factors resulted in the WTI benchmark price averaging US$67.92/ bbl for 2021
which is US$28.52/bbl higher relative to US$39.40/bbl for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 (&quot;MEH&quot;) stream at Houston,
Texas which is a representative benchmark for light oil pricing at the U.S. Gulf coast. The MEH benchmark averaged US$69.26/bbl
during 2021, representing a premium of US$1.34/bbl relative to WTI, compared to US$40.15/bbl or a premium of US$0.75/bbl for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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. Differentials
for Canadian oil prices relative to WTI fluctuate from period to period based on production and inventory levels in Western Canada.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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. The Edmonton par price
averaged $80.23/bbl for 2021 compared to $45.34/bbl for 2020. Edmonton par traded at a US$3.92/bbl discount to WTI in 2021 which
is tighter than a discount of US$5.60/bbl for 2020 as a result of incremental egress with the Line 3 expansion and higher demand
for Canadian light oil.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
compare the price received for our heavy oil production in Canada to the WCS heavy oil benchmark. The WCS heavy oil price for
2021 averaged $68.79/bbl compared to $35.95/bbl for 2020. The increase in the WCS heavy oil benchmark is a result of the higher
WTI price as the differential of US$13.05/bbl in 2021 was relatively consistent with the differential of US$12.60/bbl during 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 (&quot;NYMEX&quot;) natural gas index.
The NYMEX natural gas benchmark averaged US$3.84/mmbtu for 2021 which is higher than US$2.08/mmbtu for 2020 as strong demand and
lower U.S. production resulted in reduced inventory levels for 2021 relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 limited market access for Canadian natural gas production. The AECO benchmark averaged $3.56/mcf during 2021 compared to $2.24/mcf
during 2020. The AECO benchmark was higher in 2021 relative to 2020 due to lower production and increased demand for natural gas
which resulted in reduced inventory levels in Canada.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 years ended December 31, 2021
and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: White">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: White">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid; background-color: White">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Change</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt">Benchmark Averages</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="text-align: right; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI oil (US$/bbl)<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">67.92</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">39.40</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">28.52</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MEH oil (US$/bbl)<SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">69.26</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">40.15</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">29.11</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in">MEH oil differential to WTI (US$/bbl)</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">1.34</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">0.75</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">0.59</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton par oil ($/bbl)<SUP>(3)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">80.23</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">45.34</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">34.89</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in">Edmonton par oil differential to WTI (US$/bbl)</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">(3.92</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(5.60</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1.68</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS heavy oil ($/bbl)<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">68.79</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">35.95</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">32.84</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in">WCS heavy oil differential to WTI (US$/bbl)</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">(13.05</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(12.60</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(0.45</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO natural gas price ($/mcf)<SUP>(5)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">3.56</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2.24</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1.32</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX natural gas price (US$/mmbtu)<SUP>(6)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">3.84</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2.08</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1.76</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">CAD/USD average exchange rate</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">1.2536</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1.3413</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(0.0877</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="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>

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Edmonton
                                         par refers to the average posting price for the benchmark MSW crude oil.</I></FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="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>

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(5)</I></FONT></TD><TD STYLE="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 (&quot;CGPR&quot;).</I></FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(6)</I></FONT></TD><TD STYLE="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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

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<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>

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    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Average Realized
    Sales Prices</FONT></TD><TD STYLE="padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Light
    oil and condensate ($/bbl)<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">77.65</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">85.14</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">81.59</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">42.35</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">49.84</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">45.98</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Heavy
                                                                   oil, net of blending and other expense ($/bbl)<SUP>(2)</SUP></FONT></P></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">58.65</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">58.65</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">24.28</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">24.28</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NGL
    ($/bbl)<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">30.99</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">37.17</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">35.74</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">13.47</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">15.57</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">15.22</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Natural
    gas ($/mcf)<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">3.62</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">5.70</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">4.50</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">2.13</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">2.65</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">2.39</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total
    sales, net of blending and other expense ($/boe)<SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">57.79</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">65.98</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">60.93</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">29.42</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">35.38</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">31.75</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Average
Realized Sales Prices</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
total sales, net of blending and other expense per boe was $60.93/boe for 2021 compared to $31.75/boe for 2020. In Canada,
our realized sales price of $57.79/boe for 2021 was $28.37/boe higher than $29.42/boe for 2020. Our realized sales price in
the U.S. was $65.98/boe in 2021 which is $30.60/boe higher than $35.38/boe in 2020. The increase in our realized price in
Canada and the U.S. for 2021 was a result of higher North American benchmark prices relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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
in 2021 was $77.65/bbl compared to $42.35/bbl in 2020. Our realized light oil and condensate price for 2021 increased with the
improvement in the benchmark price and represents a discount of $2.58/bbl to the Edmonton par benchmark which is consistent with
a $2.99/bbl discount in 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 $85.14/bbl for 2021 compared to $49.84/bbl for 2020. Expressed in U.S. dollars, our realized light oil and condensate
price of US$67.92/bbl for 2021 reflects a US$1.34/bbl discount to the MEH benchmark for 2021 compared to a realized price of US$37.16/bbl
and discount of US$2.99/bbl in 2020. Improved pricing on our contracts in place for 2021 have resulted in improved price realizations
relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
realized heavy oil price, net of blending and other expense<SUP>(1)</SUP> averaged $58.65/bbl in 2021 compared to $24.28/bbl in
2020. Our realized heavy oil price, net of blending and other expense for 2021 increased $34.37/bbl which is slightly higher than
a $32.84/bbl increase in the WCS benchmark due to improved pricing on our rail contracts in place during 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 of the underlying products. Our realized NGL price was $35.74/bbl in 2021 or 42% of WTI (expressed in Canadian
dollars) compared to $15.22/bbl or 29% of WTI (expressed in Canadian dollars) in 2020. Our realized NGL price was higher as a
percentage of WTI in 2021 relative to 2020 due to strong global demand, incremental LNG export capacity and lower supply of NGLs
in 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
compare our realized natural gas price in Canada to the AECO benchmark price. Our realized natural gas price for 2021 was
$3.62/mcf compared to $2.13/mcf in 2020. These realized prices were relatively consistent with the AECO benchmark price in
both periods. In the U.S., our realized natural gas price was US$4.55/mcf for 2021 compared to US$1.98/mcf in 2020. A portion
of our natural gas production is based on daily indexes which resulted in a US$0.71/mcf premium for our realized natural gas
price when compared to the NYMEX benchmark for 2021 due to fluctuations in the daily index caused by severe weather events
which disrupted supply and caused increased demand in the U.S. Gulf coast during 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Calculated
                                         as light oil and condensate, NGL or natural gas sales divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Petroleum
and Natural Gas Sales</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">($
    thousands)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Oil sales</FONT></TD><TD STYLE="padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-left: 10pt; padding-top: 3pt; padding-right: 8pt"><FONT STYLE="font-size: 9pt">Light
    oil and condensate</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">480,199</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">585,635</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">1,065,834</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">296,125</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">327,460</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">623,585</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 10pt; padding-top: 3pt; padding-right: 8pt"><FONT STYLE="font-size: 9pt">Heavy oil</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">560,696</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">560,696</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">236,235</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">236,235</FONT></TD><TD STYLE="color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; padding-top: 3pt; padding-right: 8pt"><FONT STYLE="font-size: 9pt">NGL</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">18,904</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">75,611</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">94,515</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">6,037</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">34,845</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">40,882</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Total liquids sales</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,059,799</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">661,246</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,721,045</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">538,397</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">362,305</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">900,702</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Natural
    gas sales</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">68,338</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">78,812</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">147,150</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">33,344</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">41,431</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">74,775</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Total petroleum and natural gas sales</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,128,137</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">740,058</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,868,195</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">571,741</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">403,736</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">975,477</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Blending
    and other expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">(85,689</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">(85,689</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5; padding-top: 3pt"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">(48,381</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-size: 9pt">(48,381</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-right: 8pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total
    sales, net of blending and other expense<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,042,448</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">740,058</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">1,782,506</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">523,360</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">403,736</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">927,096</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
sales, net of blending and other expense, of $1.78 billion for 2021 increased $0.86 billion or 92% from $0.93 billion for 2020.
The increase in total sales, net of blending and other expense, in 2021 is a result of higher realized pricing due to the increase
in benchmark pricing relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, total sales, net of blending and other expense, was $1.04 billion for 2021 which is an increase of $0.52 billion or 100%
from $0.52 billion reported for 2020. In the U.S., petroleum and natural gas sales were $740.1 million for 2021 which is an increase
of $336.3 million or 83% from $403.7 million reported for 2020. Total sales, net of blending and other expense, increased in Canada
and the U.S. in 2021 due to higher oil and natural gas prices relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royalties</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 years ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">($
    thousands except for % and per boe)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Royalties</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">121,306</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">217,850</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">339,156</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">46,064</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">117,671</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">163,735</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Average
    royalty rate<SUP>(1)(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">11.6</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">29.4</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">19.0</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">8.8</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">29.1</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">17.7</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Royalties
    per boe<SUP>(3)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">6.72</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">19.42</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">11.59</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">2.59</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">10.31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">5.61</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Average
                                         royalty rate is calculated as royalties divided by total sales, net of blending and other
                                         expense.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Royalties
                                         per boe is calculated as royalties divided by barrels of oil equivalent production volume
                                         for the applicable period.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royalties
for 2021 were $339.2 million or 19.0% of total sales, net of blending and other expense, compared to $163.7 million or 17.7% in
2020. Total royalty expense was higher in 2021 due to higher total sales, net of blending and other expense, relative to 2020.
Our average royalty rate of 19.0% for 2021 is higher than 17.7% for 2020 due to a higher royalty rate on our Canadian properties
as a result of higher commodity prices. Our average royalty rate of 19.0% for 2021 is consistent with our annual guidance range
of 18.0% - 18.5% for 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, the average royalty rate was 11.6% in 2021 which was higher than 8.8% for 2020 as certain production in Canada is subject
to higher royalty rates with higher benchmark commodity prices. In the U.S., the average royalty rate was 29.4% for 2021 which
is consistent with 29.1% for 2020 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: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
expect our average royalty rate to be 18.5% - 19.0% in 2022 which is consistent with 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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; color: #231F20; 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>12</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: right; vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">($
    thousands except for per boe)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
    expense</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">257,658</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,344</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">343,002</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">247,050</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,295</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">331,345</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Operating
    expense per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 3pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.28</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.61</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.72</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E3E3E3; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.89</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.39</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.35</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Operating
                                         expense per boe is calculated as operating expense divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
operating expense was $343.0 million ($11.72/boe) in 2021 compared to $331.3 million ($11.35/boe) in 2020. The increase in total
operating expense is primarily attributed to a slight increase in per unit operating expenses. Operating expense of $11.72/boe
for 2021 is consistent with our annual guidance range of $11.25 - $12.00/boe.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
Canada, operating expense was $257.7 million ($14.28/boe) for 2021 compared to $247.1 million ($13.89/boe) for 2020. The increase
in total operating expense was a result of slightly higher production and a slight increase in per unit operating expense in 2021
relative to 2020. The increase in per unit operating expense to $14.28/boe for 2021 from $13.89/boe reported for 2020 was a result
of reactivating higher cost production that was shut-in for a portion of 2020 in addition to an increase in fuel and electricity
costs in 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.
operating expense was $85.3 million ($7.61/boe) for 2021 compared to $84.3 million ($7.39/boe) for 2020. Expressed in U.S. dollars,
per unit operating expense was US$6.07/boe for 2021 and was relatively consistent with US$5.51/boe for 2020 after normalizing
for a $3.7 million credit recorded during 2020 for the reimbursement of prior period charges.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
expect annual operating expense of $12.25 - $13.00/boe for 2022 which reflects higher production in our Canadian operations relative
to 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation
Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table compares our transportation expense for the years ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: right; vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">($
    thousands except for per boe)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation
    expense</FONT></TD><TD STYLE="width: 1%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; background-color: #E5E5E5; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="width: 7%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32,261</B></FONT></TD><TD STYLE="width: 1%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="width: 7%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="width: 7%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32,261</B></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,437</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 1%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,437</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Transportation
    expense per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.79</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&mdash;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.10</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: #E5E5E5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.60</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.97</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Transportation
                                         expense per boe is calculated as transportation expense divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation
expense was $32.3 million ($1.10/boe) for 2021 compared to $28.4 million ($0.97/boe) for 2020. Total transportation expense increased
in 2021 relative to 2020 as more volumes were trucked and we experienced higher per unit costs in 2021. Per unit transportation
expense in Canada of $1.79/boe in 2021 is higher than $1.60/boe in 2020 as a result of increased trucking distances and higher
fuel costs in 2021 relative to 2020. Transportation expense of $1.10/boe in 2021 is at the low end of our annual guidance range
of $1.15 - $1.25/boe for 2021. We expect annual transportation expense of $1.20 - $1.30/boe per boe for 2022 which is higher than
2021 as we expect trucking rates to increase with higher fuel costs in 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blending
and Other Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blending
and other expense was $85.7 million for 2021 compared to $48.4 million for 2020. The increase in blending and other expense in
2021 compared to 2020 is primarily the result of an increase in the price of condensate purchased as diluent in 2021 relative
to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right; 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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
Derivatives</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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, interest rates and changes
in our share price. 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 years
ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: right; vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">Change</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Realized financial derivatives gain (loss)</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in">Crude oil</TD><TD STYLE="width: 1%; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(170,975</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">48,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(219,470</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Natural gas</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(13,266</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,404</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Interest and financing</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(797</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">797</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">(184,241</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">47,836</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(232,077</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Unrealized financial derivatives gain (loss)</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Crude oil</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(105,492</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(17,696</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(87,796</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Natural gas</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(5,749</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,031</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Interest and financing</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Equity total return swap</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">7,610</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,120</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,730</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">(103,631</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(18,500</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(85,131</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Total financial derivatives gain (loss)</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Crude oil</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(276,467</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(307,266</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Natural gas</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(19,015</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,435</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Interest and financing</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(763</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in">Equity total return swap</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">7,610</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,120</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,730</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">(287,872</TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">29,336</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(317,208</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
recorded total financial derivatives losses of $287.9 million for 2021 compared to a gain of $29.3 million for 2020. The realized
financial derivatives loss for 2021 of $184.2 million was primarily a result of the market prices for crude oil settling at levels
above those set in our derivative contracts outstanding during the year. The unrealized loss on financial derivatives of $103.6
million for 2021 was primarily a result of the increase in forecasted crude oil pricing used to revalue our crude oil contracts
in place at December 31, 2021. The fair value of our financial derivative contracts resulted in a net liability of $125.4 million
at December 31, 2021 compared to a net liability of $21.7 million at December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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; color: #231F20; 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>14</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
had the following commodity financial derivative contracts as at February 24, 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Period</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Volume</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Price/Unit
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Index</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Oil</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">12,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    less US$12.40/bbl</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    less US$4.43/bbl</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Feb
    2022 to Jun 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    less US$3.00/bbl</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Mar
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    less US$2.88/bbl</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">10,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$53.50/bbl</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$40.00/US$50.00/US$58.10</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$46.00/US$56.00/US$66.72</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$47.00/US$57.00/US$67.00</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$50.00/US$60.00/US$70.00</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$53.00/US$63.50/US$72.90</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2023 to Dec 2023</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$55.00/US$66.00/US$84.00</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2023 to Dec 2023</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$60.00/US$75.00/US$91.54</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><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="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Natural
    Gas</B></FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,000
    GJ/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$2.53/GJ</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    7A</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">14,250
    GJ/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$2.84/GJ</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    5A</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,000
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.94/mmbtu</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.25/US$2.75/US$3.06</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.60/US$2.91/US$3.56</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.60/US$3.00/US$3.83</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.65/US$2.90/US$3.40</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$3.00/US$3.75/US$4.40</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Producer
                                         3-way option consists of a sold call, a bought put and a sold put. To illustrate, in
                                         a US$50.00/US$60.00/US$70.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI
                                         is at or below US$50.00/bbl; Baytex receives US$60.00/bbl when WTI is between US$50.00/bbl
                                         and US$60.00/bbl; Baytex receives the market price when WTI is between US$60.00/bbl and
                                         US$70.00/bbl; and Baytex receives US$70.00/ bbl when WTI is above US$70.00/bbl.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Contracts
                                         entered subsequent to December 31, 2021.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
Netback</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes our operating netback on a per boe basis for our Canadian and U.S. operations for the years ended December
31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="color: black; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>2021</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: black; border-bottom: Black 1pt solid">2020</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: right; vertical-align: bottom">
    <TD STYLE="color: black; font-style: italic; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt">($ per boe except for volume)</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>Canada</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>U.S.</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>Total</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; border-bottom: Black 1pt solid">Canada</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; border-bottom: Black 1pt solid">U.S.</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; border-bottom: Black 1pt solid">Total</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; color: black; text-align: left; padding-right: 6pt; padding-left: 3pt">Total production (boe/d)</TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><B>49,424</B></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><B>30,731</B></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><B>80,156</B></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: black; text-align: right">48,602</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: black; text-align: right">31,179</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: black; text-align: right">79,781</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; padding-right: 6pt; padding-left: 3pt">Operating netback:</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Total sales, net of blending and other expense<SUP>(1)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>57.79</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>65.98</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>60.93</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">29.42</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">35.38</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">31.75</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; padding-right: 6pt; padding-left: 3pt">Less:</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; padding-left: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Royalties<SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(6.72</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(19.42</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(11.59</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(2.59</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(10.31</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5.61</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; padding-left: 10pt; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Operating expense<SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(14.28</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(7.61</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="background-color: rgb(229,229,229)"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>(11.72</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(13.89</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(7.39</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(11.35</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; padding-left: 10pt; border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Transportation expense<SUP>(2)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>(1.79</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>)</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>(1.10</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>)</B></TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(1.60</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(0.97</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Operating netback<SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>35.00</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>38.95</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>36.52</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">11.34</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">17.68</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">13.82</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Realized financial derivatives gain (loss)<SUP>(3)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>(6.30</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>)</B></TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">1.64</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Operating netback after financial derivatives<SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>35.00</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>38.95</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>30.22</B></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">11.34</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">17.68</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">15.46</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Refer
                                         to Royalties, Operating Expense and Transportation Expense sections in this MD&amp;A
                                         for a description of the composition these measures.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Calculated
                                         as realized financial derivatives gain (loss) expense divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
operating netback<SUP>(1)</SUP> of $36.52/boe for 2021 was higher than $13.82/boe for 2020 due to an increase in North American
benchmark prices which resulted in higher per units sales, net of royalties. Total operating expense of $11.72/boe and transportation
expense of $1.10/boe for 2021 were slightly higher than $11.35/boe and $0.97/boe in 2020. Including realized gains and losses
on financial derivatives our operating netback was $30.22/boe for 2021 compared to $15.46/boe for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General
and Administrative Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General
and administrative (&quot;G&amp;A&quot;) 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes our G&amp;A expense for the years ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands except for per boe)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Change</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; color: #231F20; text-align: left; padding-left: 3pt">Gross general and administrative expense</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><B>$</B></TD><TD STYLE="width: 10%; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><B>44,368</B></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><B>&nbsp;</B></TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">37,217</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">7,151</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Overhead recoveries</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><B>(3,564</B></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><B>)</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(2,949</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(615</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">General and administrative expense</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left"><B>$</B></TD><TD STYLE="color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><B>40,804</B></TD><TD STYLE="color: #231F20; text-align: left"><B>&nbsp;</B></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">34,268</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">6,536</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">General and administrative expense per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><B>1.39</B></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1.17</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">0.22</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>General
                                         and administrative expense per boe is calculated as general and administrative expense
                                         divided by barrels of oil equivalent production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">G&amp;A
expense was $40.8 million ($1.39/boe) for 2021 compared to $34.3 million ($1.17/boe) for 2020. G&amp;A expense was $6.5
million higher relative to 2020 as employee and director compensation was reduced from Q2/2020 to Q4/2020 and we received
benefits under the Canadian Emergency Wage Subsidy program in 2020. G&amp;A expense of $40.8 million ($1.39/boe) for 2021 was
consistent with expectations and was slightly below our revised annual guidance of $42 million ($1.44/boe). We expect annual
G&amp;A expense of $43 million ($1.45/boe) for 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
and Interest Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
and interest expense includes interest on our credit facilities, long-term notes and lease obligations as well as non-cash financing
and interest costs which include 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes our financing and interest expense for the years ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands except for per boe)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; background-color: rgb(229,229,229); text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Change</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 3pt">Interest on credit facilities</TD><TD STYLE="width: 1%; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="width: 10%; text-align: right; background-color: rgb(229,229,229)"><B>13,300</B></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,256</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(1,956</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Interest on long-term notes</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>78,546</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,284</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Interest on lease obligations</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)"><B>223</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">448</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(225</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Cash interest</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>92,069</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">106,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,465</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Amortization of debt issue costs</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>4,858</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,759</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Accretion of asset retirement obligations</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>12,381</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,403</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Early redemption expense</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)"><B>1,851</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,312</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,461</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt">Financing and interest expense</TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>111,159</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,282</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash interest per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><B>3.15</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.50</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing and interest expense per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)"><B>3.80</B></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.30</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.50</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Calculated
                                         as cash interest or financing and interest expense divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
and interest expense was $111.2 million ($3.80/boe) in 2021 compared to $125.4 million ($4.30/boe) in 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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; color: #231F20; 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>16</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
interest of $92.1 million ($3.15/boe) in 2021 was lower than $106.5 million ($3.65/boe) in 2020 as we reduced our debt to
$1.4 billion at December 31, 2021 compared to $1.8 billion at December 31, 2020. Interest on our credit facilities was lower
due to lower borrowings and a lower weighted average borrowing rate on amounts outstanding in 2021 relative to 2020. The
weighted average interest rate on our credit facilities was 2.1% in 2021 compared to 2.4% in 2020. Interest on our long-term
notes was lower in 2021 as the average principal amount outstanding was lower as we repurchased and redeemed US$200.0 million
of the 5.625% Notes in 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing
and interest expense for 2021 includes the accelerated amortization of debt issue costs and $1.9 million of early redemption expense
associated with the redemption of US$200 million principal amount of the 5.625% Notes in 2021. Accretion of asset retirement obligations
of $12.4 million for 2021 was higher than $9.0 million for 2020 due to a higher discount rate for 2021 relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
interest of $92.1 million ($3.15/boe) for 2021 was consistent with our annual guidance of $92.0 million ($3.16/boe). We expect
annual cash interest to be $80.0 million ($2.70/boe) for 2022 as we continue to reduce the amount of debt in our capital structure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
and Evaluation Expense</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration
and evaluation (&quot;E&amp;E&quot;) 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's exploration programs. E&amp;E expense was $15.2 million for 2021 which is consistent with $14.0 million for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and Depreciation</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and depreciation expense varies with the carrying amount of the Company'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 years ended December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: White; padding-left: 3pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid; background-color: White">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands except for per boe)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #E5E5E5">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; color: #231F20; text-align: left; padding-left: 3pt">Depletion</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">$</TD><TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">458,941</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">478,859</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">(19,918</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Depreciation</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">5,639</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">7,521</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(1,882</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Depletion and depreciation</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">464,580</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">486,380</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">(21,800</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Depletion and depreciation per boe<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: #E5E5E5">15.88</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: #E5E5E5">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">16.66</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(0.78</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Depletion
                                         and depreciation expense per boe is calculated as depletion and depreciation expense
                                         divided by barrels of oil equivalent production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and depreciation expense was $464.6 million ($15.88/boe) for 2021 compared to $486.4 million ($16.66/boe) reported for 2020. Total
depletion and depreciation expense as well as the depletion rate per boe were lower in 2021 relative to 2020 as the Company recorded
a $2.2 billion impairment loss on our oil and gas properties in 2020 which reduced the depletable base of our oil and gas properties
for 2021 despite the $1.5 billion impairment reversals recorded for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>2021
Impairment Reversals</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
2021, we identified indicators of impairment reversal for oil and gas properties in each of our six CGU's due to the increase
in forecasted commodity prices.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, utilizing updated development plans and changes to commodity prices we estimated the recoverable amount of
oil and gas properties in five CGUs. We recorded an impairment reversal of $416.0 million as the estimated recoverable amount
in three of our CGUs exceeded their carrying value. No indicators of impairment or impairment reversal were identified for the
Company's E&amp;E assets at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, the recoverable amount of five CGUs was calculated using the following benchmark reference prices for the years
2022 to 2031 adjusted for differentials specific to each CGU. The prices and costs subsequent to 2031 have been adjusted for inflation
at an annual rate of 2.0%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17</B></FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 10pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2030</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2031</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.83</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.78</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.76</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.09</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.45</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.84</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.26</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.70</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">75.18</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.68</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.42</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.17</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.54</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.87</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.23</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.61</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.02</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.46</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.69</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.33</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.28</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.27</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.62</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.01</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.41</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.85</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">75.32</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.82</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.35</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">86.82</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80.73</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.01</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">79.57</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">81.16</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">82.78</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">84.44</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">86.13</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">87.85</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">89.61</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.85</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.44</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.17</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.24</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.30</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.37</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.44</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.50</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.58</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.65</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.56</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.21</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.05</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.11</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.17</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.23</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.30</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.36</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.43</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.50</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
following table summarizes the recoverable amount and impairment reversal at December 31, 2021 and demonstrates the sensitivity
of the estimated recoverable amount of the five CGUs tested for impairment reversal with respect to reasonably possible changes
in key assumptions inherent in the estimate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: right; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid">Impairment <BR>
Reversal</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in discount</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate of 1%</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in oil price</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of $2.50/bbl</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; border-bottom: Black 1pt solid">Change in gas <BR>
price of $0.25/mcf</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Conventional CGU</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">77,846</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">19,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">8,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Peace River CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">489,274</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">251,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">53,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Lloydminster CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">479,411</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">146,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">52,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Viking CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,320,094</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">38,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">85,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Eagle Ford CGU</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,008,478</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">97,200</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">138,800</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">31,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">4,375,103</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">416,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">156,200</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">332,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">47,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">At
June 30, 2021, we identified indicators of impairment reversal for oil and gas properties in each of our six CGU's due to the
increase in forecasted commodity prices. We recorded an impairment reversal of $1.1 billion as the estimated recoverable amount
of all six CGUs exceeded their carrying value. No indicators of impairment or impairment reversal were identified for the Company's
E&amp;E assets at June 30, 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
June 30, 2021, the recoverable amount of the Company's CGUs were calculated using the following benchmark reference prices for
the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030 have
been adjusted for inflation at an annual rate of 2.0%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 10pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2030</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.33</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.20</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.95</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.23</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">64.50</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.79</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.10</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.44</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.81</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.22</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.84</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.73</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.70</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.91</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.15</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">64.42</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.70</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.02</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.36</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.17</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.53</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.80</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.10</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.39</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.71</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.05</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.42</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.82</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.26</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">83.20</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.27</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.06</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.05</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.51</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.00</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">77.52</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">79.07</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80.66</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">82.27</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.42</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.19</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.92</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.96</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.02</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.08</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.14</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.21</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.27</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.34</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-right: 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.46</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.13</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.72</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.71</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.76</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.82</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.88</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.94</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.99</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.05</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">The
following table summarizes the recoverable amount and impairment reversal at June 30, 2021 and demonstrates the sensitivity of
the estimated recoverable amount of the Company'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; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Recoverable<BR>
    amount</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Impairment<BR>
    Reversal</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change in discount<BR>
    rate of 1%</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change in oil price<BR>
    of $2.50/bbl</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change in gas price<BR>
    of $0.25/mcf</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Conventional CGU</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: #231F20">57,891</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: #231F20">15,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: #231F20">1,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: #231F20">1,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="color: #231F20">8,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Peace River CGU</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">238,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">154,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">4,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">40,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">2,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Lloydminster CGU</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">340,730</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">154,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">12,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">52,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Duvernay CGU<SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">115,157</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">5,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">45,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">44,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">44,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Viking CGU</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1,338,985</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">356,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">47,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">89,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">4,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Eagle Ford CGU</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2,015,118</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">442,415</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">109,400</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">103,900</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">24,400</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">4,106,595</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1,126,415</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">218,900</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">330,900</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">83,900</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>The
                                         impairment reversal for the Duvernay CGU was limited to total accumulated impairments
                                         less subsequent depletion of $5.0 million.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>2020 Impairments</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
recorded total net impairments of $2.4 billion for the year ended December 31, 2020 due to significant changes in forecasted commodity
prices caused by the COVID-19 pandemic and OPEC+ price war.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 an impairment loss of $2.7 billion in Q1/2020
as the carrying value of the E&amp;E assets and oil and gas properties exceeded the estimated recoverable amounts of the CGUs.
The total impairment loss recorded at Q1/2020 included $2.6 billion related to oil and gas properties and $0.1 billion related
to E&amp;E assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">At
December 31, 2020, with updated development plans, including capital efficiencies and reduced well costs, reflected in our reserves
along with changes in commodity prices, we estimated the recoverable amount for E&amp;E assets and oil and gas properties in each
of our six CGUs. We recorded an impairment reversal of $356.1 million at December 31, 2020 as the estimated recoverable amount
of the Viking and Eagle Ford CGUs exceeded their carrying value. The total impairment reversal recorded at Q4/2020 includes $341.3
million related to oil and gas properties and $14.8 million related to E&amp;E assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Share-Based
Compensation Expense</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Share-based
compensation (&quot;SBC&quot;) expense includes expense associated with our Share Award Incentive Plan, Incentive Award Plan,
and Deferred Share Unit Plan and includes gains or losses on equity total return swaps used to fix the aggregate cost of new grants
made under the Incentive Award Plan and the Deferred Share Unit Plan. SBC expense varies from period to period depending on the
fair value assigned to new grants and the number of unvested awards or units outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
recorded SBC expense of $11.1 million for 2021 which is higher than $9.5 million reported for 2020. The total expense for 2021
is comprised of non-cash compensation expense of $6.4 million related to the Share Award Incentive Plan compared to $7.2 million
in 2020. SBC expense for 2021 also included cash compensation expense of $4.7 million related to the Incentive Award Plan and
Deferred Unit Share Plan compared to $2.3 million in 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Foreign Exchange</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Unrealized
foreign exchange gains and losses are primarily a result of changes in the reported amount of our U.S. dollar denominated long-term
notes and our U.S. dollar denominated intercompany notes issued in 2020. The long-term notes and intercompany notes are translated
to Canadian dollars on the balance sheet date using the closing CAD/USD exchange rate resulting in unrealized gains and losses.
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; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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="width: 95%; text-align: right"><FONT STYLE="font-size: 8pt">Baytex Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt"><B>19</B></FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Years Ended December
    31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands except for exchange
    rates)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Unrealized foreign exchange (gain) loss</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 10%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(1,905</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">9,232</FONT></TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">(11,137</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Realized foreign exchange gain</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(963</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(544</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(419</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Foreign exchange (gain) loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(2,868</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">8,688</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(11,556</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">CAD/USD exchange rates:</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="color: #231F20">At beginning of period</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1.2755</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1.2965</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt"><FONT STYLE="color: #231F20">At end of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1.2656</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1.2755</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
recorded a foreign exchange gain of $2.9 million for 2021 compared to a loss of $8.7 million for 2020. Unrealized foreign exchange
gains $1.9 million for 2021 relate to the remeasurement of our long-term notes, intercompany notes and credit facilities due to
changes in the value of the Canadian dollar relative to the U.S. dollar at December 31, 2021 compared to December 31, 2020. 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 $1.0 million for 2021 compared to a gain of $0.5
million for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Income Taxes</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Years Ended December
    31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Current income tax expense</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 10%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,272</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">574</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">698</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Deferred income tax expense (recovery)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>79,968</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(160,967</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">240,935</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Total income tax expense (recovery)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>81,240</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(160,393</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">241,633</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Current
income tax expense was $1.3 million for 2021 compared to $0.6 million recorded in 2020. Current income tax is higher in 2021 due
to higher state tax owed on our U.S. operations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
recorded a deferred income tax expense of $80.0 million for 2021 compared to a recovery of $161.0 million for 2020. The deferred
income tax expense in 2021 is primarily related to the impairment reversals recorded in 2021 whereas the deferred tax recovery
recorded in 2020 is primarily related to the impairment loss recorded in 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">As
disclosed in the 2020 annual financial statements, certain indirect subsidiaries received reassessments from the Canada Revenue
Agency (the &quot;CRA&rdquo;) that deny $591.0 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; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Canadian
    Tax Pools</B> <I>($ thousands)</I></FONT></TD><TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229); text-align: right"><FONT STYLE="color: #231F20"><B>December
                                         31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">December 31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Canadian oil and natural gas property expenditures</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 13%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>406,475</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="color: #231F20">449,670</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Canadian development expenditures</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>480,814</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">557,554</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Canadian exploration expenditures</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">10,907</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Undepreciated capital costs</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>287,170</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">347,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Non-capital losses</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>996,556</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1,015,152</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Financing costs and other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>12,835</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">14,780</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Total Canadian tax pools</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>2,183,850</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2,395,360</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>U.S.
    Tax Pools</B> <I>($ thousands)</I></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="color: #231F20">Depletion</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>136,505</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">147,160</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Intangible drilling costs</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,898</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">5,521</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="color: #231F20">Tangibles</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>23,949</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">39,028</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Net operating losses</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>992,258</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1,150,068</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>152,509</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">192,495</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Total U.S. tax pools</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,307,119</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1,534,272</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="color: #231F20">&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-size: 8pt"><B>20</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Net Income (Loss)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">Net income or loss
for the years ended December 31, 2021 and 2020 are set forth in the following table.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Years Ended December
    31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Petroleum and natural gas sales</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 10%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,868,195</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">975,477</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">892,718</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Royalties</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(339,156</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(163,735</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(175,421</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Revenue, net of royalties</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,529,039</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="color: #231F20">811,742</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="color: #231F20">717,297</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Expenses</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="color: #231F20">Operating</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(343,002</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(331,345</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(11,657</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="color: #231F20">Transportation</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(32,261</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(28,437</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(3,824</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="color: #231F20">Blending
    and other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(85,689</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(48,381</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(37,308</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Operating
    netback <SUP>(1)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,068,087</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">403,579</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">664,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">General and administrative</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(40,804</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(34,268</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(6,536</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Cash interest</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(92,069</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(106,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">14,465</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Realized financial derivative (loss) gain</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(184,241</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">47,836</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(232,077</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Realized foreign exchange gain</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>963</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">419</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Other (expense) income</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(295</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3,176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(3,471</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Current income tax expense</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(1,272</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(698</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="color: #231F20">Share-based
    compensation - cash</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(4,741</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(2,253</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(2,488</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Adjusted
    funds flow <SUP>(2)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>745,628</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">311,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">434,122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Exploration and evaluation</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(15,212</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(14,011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(1,201</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Depletion and depreciation</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(464,580</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(486,380</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">21,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Share-based compensation - non-cash</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(6,389</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(7,216</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">827</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Non-cash financing, accretion and early redemption
    expense</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(19,090</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(18,907</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(183</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Non-cash other income</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>2,857</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">2,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">729</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Unrealized financial derivatives loss</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(103,631</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(18,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(85,131</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Unrealized foreign exchange gain (loss)</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,905</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(9,232</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">11,137</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Gain on dispositions</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>9,666</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">901</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">8,765</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Impairment reversals (expense)</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,542,414</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(2,360,220</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3,902,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="color: #231F20">Deferred
    income tax (expense) recovery</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(79,968</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">160,967</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(240,935</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Net income (loss)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,613,600</B></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(2,438,964</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">4,052,564</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
generated adjusted funds flow of $745.6 million for 2021 compared to $311.5 million for 2020. The $434.1 million increase in adjusted
funds flow for 2021 is primarily due to improvements in commodity benchmark prices, which resulted in a $664.5 million increase
in operating netback partially offset by a $232.1 million increase in realized financial derivative losses.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
reported net income of $1.6 billion for 2021 compared to a net loss of $2.4 billion for 2020. The increase in net income for 2021
was primarily the result of impairment reversals of $1.2 billion net of tax compared to impairment losses of $1.8 billion net
of tax recorded in 2020. Net income in 2021 also reflects the $434.1 million increase in adjusted funds flow relative to 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Other Comprehensive
Income (Loss)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Other
comprehensive income or loss is comprised of the foreign currency translation adjustment on U.S. net assets which includes a series
of intercompany debt instruments outstanding between our Canadian and U.S. subsidiaries. Foreign exchange gains or losses on the
debt owing from the U.S. subsidiary is recorded in other comprehensive income and the offsetting foreign exchange gain or loss
on debt owed to the Canadian subsidiary is included in profit and loss for the period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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="width: 95%; text-align: right"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt"><B>21</B></FONT></TD></TR></TABLE>




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<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; color: #231F20">The
foreign currency translation gain of $13.1 million for 2021 relates to the change in value of our U.S. net assets and intercompany
notes which are expressed in Canadian dollars and are influenced by changes in the value of the Canadian dollar relative to the
U.S. dollar at December 31, 2021 compared to December 31, 2020. The CAD/USD exchange rate was 1.2656 CAD/ USD at December 31,
2021 compared to 1.2755 CAD/USD at December 31, 2020. Impairment reversals of US$362 million at Q2/2021 increased the value of
our U.S. net assets which further contributed to the foreign currency translation gain for 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Capital Expenditures</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">Capital expenditures
for the years ended December 31, 2021 and 2020 are summarized as follows.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Years Ended December
    31</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="text-align: center; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>Canada</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>U.S.</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>Total</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Canada</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">U.S.</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Drilling, completion and equipping</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>182,761</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>102,985</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>285,746</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="color: #231F20">143,013</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20"></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="color: #231F20">104,599</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="color: #231F20">247,612</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Facilities</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>18,213</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>924</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>19,137</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">26,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">26,064</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Land, seismic and other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>7,236</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>1,184</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>8,420</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">5,896</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">768</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">6,664</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Exploration and development expenditures</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>208,210</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>105,093</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>313,303</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">174,952</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20"></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">105,388</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">280,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Property acquisitions</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,557</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,557</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Proceeds from dispositions</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(7,211</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(593</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(7,804</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(182</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(182</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Exploration
and development expenditures were $313.3 million for 2021 compared to $280.3 million for 2020. Expenditures were higher in 2021
compared to 2020 after we reset our development programs in the U.S. and Canada in response to the volatility in crude oil prices
throughout 2020. We resumed development activity in Q4/2020 as commodity prices stabilized and have maintained the pace of development
throughout 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">In
Canada, we invested $208.2 million on exploration and development expenditures in 2021 which is $33.3 million higher than $175.0
million in 2020 as we resumed development operations in Q4/2020 and maintained the pace of development throughout 2021. Exploration
and development expenditures in 2021 include costs associated with drilling 125 (123.2 net) light oil wells, 37 (33.5 net) heavy
oil wells, 2 (2.0 net) conventional natural gas wells and investing $18.2 million on facilities. Exploration and development expenditures
of $175.0 million for 2020 include costs associated with drilling 104 (101.2 net) light oil wells, 33 (33.0 net) heavy oil wells,
2 (2.0 net) conventional natural gas wells, 6 (6.0 net) stratigraphic exploration wells, along with $26.0 million on facilities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Total
U.S. exploration and development expenditures were $105.1 million for 2021 which is $0.3 million lower than $105.4 million for
2020. Exploration and development expenditures of $105.1 million for 2021 include costs associated with the drilling of 67 (15.5
net) wells along with completing 93 (23.1 net) wells that were brought on production. Reduced well costs and a stronger Canadian
dollar in 2021 resulted in exploration and development expenditures that were lower than 2020 when we spent $105.4 million and
drilled 65 (16.3 net) wells and brought 62 (14.1 net) wells on production.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
completed minor acquisitions in 2021 for consideration of $1.6 million and dispositions for proceeds of $7.8 million. In 2020
we completed minor dispositions of $0.2 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Total
exploration and development expenditures of $313.3 million for 2021 was in line with our annual guidance range of $285 - $315
million. We expect annual exploration and development expenditures of $400 - $450 million for 2022 which reflects additional activity
and Clearwater development relative to 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>CAPITAL
RESOURCES AND LIQUIDITY</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Our
capital management objective is to maintain financial flexibility 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 December 31, 2021, our capital structure was comprised of shareholders' capital, long-term notes, trade
and other receivables, trade and other payables and the credit facilities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">The
capital intensive nature of our operations requires the maintenance of 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&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-size: 8pt"><B>22</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Management
of debt levels is a priority for Baytex in order to sustain operations and support long-term plans. At December 31, 2021, net
debt<SUP>(1)</SUP> of $1.41 billion was $437.9 million lower than $1.85 billion at December 31, 2020. The decrease in net debt
is primarily a result of free cash flow<SUP>(2)</SUP> of $421.3 million generated during 2021 being allocated to debt repayment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
monitor our capital structure and liquidity requirements using a net debt to adjusted funds flow ratio calculated on a trailing
twelve month basis. At December 31, 2021, our net debt to adjusted funds flow ratio<SUP>(1)</SUP> was 1.9 compared to a ratio
of 5.9 as at December 31, 2020. The decrease in the net debt to adjusted funds flow ratio relative to December 31, 2020 is attributed
to higher adjusted funds flow during 2021 and lower net debt at December 31, 2021 as our priority was to direct free cash flow
to debt repayment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Credit Facilities</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Our
credit facilities include US$575 million of revolving credit facilities and a $300 million non-revolving term loan (collectively,
the &quot;Credit Facilities&quot;). Our Credit Facilities mature on April 2, 2024 and 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. At December 31, 2021, we had $521.5 million of borrowings and letters of credit outstanding under
our Credit Facilities that total approximately $1.0 billion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 (&quot;LIBOR&quot;), plus applicable margins.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">The
LIBOR benchmark transition begins on December 31, 2021. Certain tenors of the U.S. dollar LIBOR benchmark will no longer be published
as of December 31, 2021 while some tenors will continue to be published through mid-2023. We expect the U.S. dollar LIBOR benchmarks
to be replaced with an alternative that will apply to our U.S. dollar borrowing at our option. We do not expect this change to
have a material impact to Baytex as U.S. dollar borrowings under the credit facilities can also bear interest at the U.S. base
loan rate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">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-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">The weighted average
interest rate on the Credit Facilities was 2.1% for 2021 as compared to 2.4% for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Financial Covenants</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">The following table
summarizes the financial covenants applicable to the Credit Facilities and our compliance therewith at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Covenant
    Description</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Position
    as at</B></FONT><FONT STYLE="color: #231F20"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2021</B></FONT></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Covenant</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Senior Secured Debt<SUP>(1)</SUP>
    to Bank EBITDA<SUP>(2) </SUP>(Maximum Ratio)</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>0.6:1.0</B></FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.5:1.0</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Interest
    Coverage<SUP>(3)</SUP> (Minimum Ratio)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>9.1:1.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.0:1.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>&quot;Senior
                                         Secured Debt&quot; is calculated in accordance with the credit facility agreements and
                                         is defined as the principal amount of the Credit Facilities and other secured obligations
                                         identified in the credit agreement. As at December 31, 2021, the Company's Senior Secured
                                         Debt totaled $521.5 million.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>&quot;Bank
                                         EBITDA&quot; 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 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 December 31, 2021 was $836.9 million.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>&quot;Interest
                                         coverage&quot; is calculated in accordance with the credit agreement and is computed
                                         as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash
                                         transactions, and is calculated on a trailing twelve-month basis. Financing and interest
                                         expenses for the twelve months ended December 31, 2021 were $91.8 million.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></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="width: 95%; text-align: right"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt"><B>23</B></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Long-Term Notes</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
have two series of long-term notes outstanding with a total principal amount of $885.9 million as at December 31, 2021. The long-term
notes do not contain any financial maintenance covenants.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 &quot;5.125% Notes&quot;), which were redeemed February 20, 2020, and US$400 million of 5.625% notes due June 1, 2024 (the
 &quot;5.625% Notes&quot;). The 5.625% Notes pay interest semi-annually with the principal amount repayable at maturity. The 5.625%
Notes are redeemable at our option, in whole or in part, at 100.938% and will be redeemable at par from June 1, 2022 to maturity.
During 2021, Baytex repurchased and cancelled a total of US$200.0 million of the 5.625% Notes and recorded early redemption expense
of $1.9 million. As at December 31, 2021, there was US$200.0 million of the 5.625% Notes outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 &quot;8.75% Senior Notes&quot;). 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; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Shareholders&rsquo;
Capital</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 year ended December 31, 2021, we issued 3.0 million common shares pursuant to
our share-based compensation program. As at February 24, 2022, we had 564.2 million common shares issued and outstanding and no
preferred shares issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Contractual
Obligations</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 December 31, 2021 and the expected timing for funding these obligations are noted in the table
below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>Total</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Less than <BR>
    1 year</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1-3 years</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">3-5 years</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Beyond 5 years</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Trade and other payables</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 9%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>190,692</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #231F20">190,692</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Financial derivatives</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>134,020</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">134,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit
    facilities - principal <SUP>(1) (2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>506,514</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">506,514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total
    long-term notes - principal <SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>885,920</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">253,120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">632,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Interest
    on long-term notes <SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>325,172</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">69,608</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">130,868</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">110,740</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">13,956</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Lease
    obligations <SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>8,014</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3,068</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3,989</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">902</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20">Processing agreements</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>6,090</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">530</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Transportation agreements</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>81,182</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">20,500</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">37,825</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">14,673</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">8,184</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: #231F20">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>2,137,604</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">418,641</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">933,206</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">126,845</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">658,912</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>The
                                         credit facilities mature 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="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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Principal
                                         amount of instruments.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&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-size: 8pt"><B>24</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>FOURTH QUARTER
OPERATING AND FINANCIAL RESULTS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Three Months Ended
    December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">($ thousands except for per boe)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>Canada</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>U.S.</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>Total</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Canada</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">U.S.</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Total daily production</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Light oil and condensate (bbl/d)</FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>16,388</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>18,598</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>34,986</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="color: #231F20">15,212</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="color: #231F20">14,356</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="color: #231F20">29,568</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Heavy oil (bbl/d)</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>23,482</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>23,482</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">21,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">21,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">NGL (bbl/d)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>1,713</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>6,271</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>7,984</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1,364</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">5,131</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">6,495</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Total liquids (bbl/d)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>41,583</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>24,869</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>66,452</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">38,301</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">19,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">57,788</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Natural gas
    (mcf/d)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>52,673</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>33,356</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>86,029</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">42,117</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">33,999</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">76,116</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Total production (boe/d)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>50,362</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>30,428</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>80,789</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">45,321</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">25,154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">70,475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Operating netback ($/boe)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Light
    oil and condensate ($/bbl) <SUP>(1)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>91.17</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>97.68</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>94.63</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">47.43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">52.73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">50.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Heavy
    oil, net of blending and other expense ($/bbl) <SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>67.76</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>67.76</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">27.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">27.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NGL
    ($/bbl) <SUP>(1)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>41.73</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>39.42</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>39.92</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">16.57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">19.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">18.63</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Natural
    gas ($/mcf) <SUP>(1)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>4.65</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>6.70</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>5.44</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2.50</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">3.26</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2.84</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Total
    sales, net of blending and other per boe <SUP>(2)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>67.54</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>75.17</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>70.42</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">32.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">38.41</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">34.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Royalties
    per boe <SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(8.15</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(22.28</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(13.47</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(2.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(11.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(5.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Operating
    expense per boe <SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(15.37</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(8.63</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(12.83</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(14.73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(7.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(12.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Transportation
    expense per boe <SUP>(3)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(1.76</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(1.10</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(1.60</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(1.03</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Operating
    netback per boe <SUP>(1)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>42.26</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>44.26</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>43.02</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">12.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">19.38</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">15.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Financial</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Petroleum and natural gas sales</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>341,966</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>210,437</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>552,403</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">144,741</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">88,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">233,636</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Royalties</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(37,770</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(62,382</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(100,152</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(12,092</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(25,715</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(37,807</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Revenue, net of royalties</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>304,196</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>148,055</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>452,251</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">132,649</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">63,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">195,829</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Operating</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(71,203</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(24,154</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(95,357</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(61,409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(18,339</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(79,748</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Transportation</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(8,169</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(8,169</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(6,692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(6,692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Blending
    and other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(29,021</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(29,021</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(10,891</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(10,891</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Operating
    netback <SUP>(2)</SUP></B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>195,803</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>123,901</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>319,704</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">53,657</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">44,841</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">98,498</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">General and administrative</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(11,481</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(9,314</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Cash interest</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(21,319</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(25,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Realized financial derivatives (loss) gain</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(70,544</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">17,105</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; padding-right: 6pt"><FONT STYLE="color: #231F20">Other</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(1,594</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">306</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1,081</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Adjusted
    funds flow <SUP>(4)</SUP></B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>195,803</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>123,901</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>214,766</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">53,657</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">45,147</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">82,176</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Net income</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>526,412</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>72,457</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>563,239</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">112,954</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">144,200</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">221,160</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Exploration and development expenditures</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>59,821</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>14,174</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>73,995</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">45,030</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">32,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">77,809</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Property acquisitions</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,443</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1,443</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 3pt"><FONT STYLE="color: #231F20">Proceeds from dispositions</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(6,857</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&mdash;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>(6,857</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(33</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(33</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Net
    debt <SUP>(4)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>1,409,717</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,847,601</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Calculated
                                         as light oil and condensate, NGL or natural gas sales divided by barrels of oil equivalent
                                         production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Calculated
                                         as royalties, operating or transportation expense divided by barrels of oil equivalent
                                         production volume 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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information</I></FONT><I><FONT STYLE="font-size: 9pt; color: #231F20">.</FONT></I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></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="width: 95%; text-align: right"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt"><B>25</B></FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Three Months Ended
    December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>2021</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">2020</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">Change</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="color: #231F20"><B>Benchmark Averages</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    oil (US$/bbl) <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>77.19</B></FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">42.66</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">34.53</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MEH
    oil (US$/bbl) <SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>78.89</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">43.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">35.84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">MEH oil differential to WTI (US$/bbl)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>1.70</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">0.39</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl) <SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>93.29</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">50.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">43.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">Edmonton par oil differential to WTI (US$/bbl)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(3.15</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(4.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">0.96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl) <SUP>(4)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>78.82</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">43.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">35.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="color: #231F20">WCS heavy oil differential to WTI (US$/bbl)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>(14.63</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(9.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">(5.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    natural gas price ($/mcf) <SUP>(5)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>4.94</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">2.77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">2.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX
    natural gas price (US$/mmbtu) <SUP>(6)</SUP></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>5.83</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">2.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #231F20">3.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="color: #231F20">CAD/USD average
    exchange rate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>1.2600</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229); border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">1.3031</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">(0.0431</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Edmonton
                                         par refers to the average posting price for the benchmark MSW crude 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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(5)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>AECO
                                         refers to the AECO arithmetic average month-ahead index price published by the Canadian
                                         Gas Price Reporter (&quot;CGPR&quot;).</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(6)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><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 0pt 0.5pt; text-align: justify"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Our
operating and financial results for Q4/2021 reflect the successful execution of our 2021 development programs and strong benchmark
commodity prices. We invested $74.0 million on exploration and development expenditures in Q4/2021 and delivered production of
80,789 boe/d. Free cash flow<SUP>(1)</SUP> was $137.1 million in Q4/2021 which reflects strong commodity prices and the disciplined
execution of our development programs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">In
Canada, production averaged 50,362 boe/d in Q4/2021 which was 5,041 boe/d higher than 45,321 boe/d reported for Q4/2020 as a result
of higher development activity in 2021 relative to 2020. Strong benchmark pricing resulted in our realized price of $67.54/boe
for Q4/2021 which was $35.44/boe higher than $32.10/boe for Q4/2020. In Q4/2021, the Edmonton Par benchmark was $93.29/bbl and
the WCS heavy oil price was $78.82/bbl compared to $50.24/bbl and $43.46/bbl for the same period of 2020, respectively. As a result
of higher production and benchmark pricing, we generated operating netback<SUP>(1)</SUP> of $195.8 million ($42.26/ boe) for Q4/2021
which was $142.1 million ($29.39/boe) higher than $53.7 million ($12.87/boe) reported for Q4/2020. Exploration and development
expenditures of $59.8 million in Q4/2021 includes drilling and completion costs associated with 57 (57.0 net) wells compared to
32 (32.0 net) wells in Q4/2020 when we spent $45.0 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">In
the U.S., production averaged 30,428 boe/d for Q4/2021 which is 5,274 boe/d higher than 25,154 boe/d reported for Q4/2020. The
increase in production was a result of higher completion activity on our lands in 2021 relative to 2020 when exploration and development
activities were limited. The increase in benchmark commodity prices resulted in our realized price of $75.17/boe which was $36.76/boe
higher than our realized price of $38.41/boe in Q4/2020. The MEH benchmark averaged US$78.89/bbl in Q4/2021 which was US$35.84/boe
higher than US$43.05/bbl during Q4/2020. Operating netback of $123.9 million ($44.26/boe) was $79.1 million ($24.88/boe) higher
than $44.8 million ($19.38/boe) for Q4/2020 due to higher benchmark prices and higher production in Q4/2021. Exploration and development
expenditures of $14.2 million in Q4/2021 includes costs associated with drilling 15 (4.4 net) wells and commencing production
from 14 (2.5 net) wells. Exploration and development expenditures were lower in Q4/2021 due to the timing of drilling and completion
activity relative to Q4/2020 when we spent $32.8 million and drilled 26 (7.1 net) wells and brought 9 (2.7 net) wells on production.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
generated adjusted funds flow<SUP>(2)</SUP> of $214.8 million in Q4/2021 which is $132.6 million higher than $82.2 million in
Q4/2020. The increase in adjusted funds flow in Q4/2021 is due to higher realized pricing driven by an increase in benchmark pricing
along with higher production. Production of 80,789 boe/d in Q4/2021 was higher than 70,475 boe/d for Q4/2020 as development activity
was limited during 2020 and was restarted late in 2020 and continued throughout 2021. Operating netback<SUP>(1)</SUP> of $43.02/boe
in Q4/2021 is $27.83/boe higher than $15.19/boe in Q4/2020 and reflects higher benchmark prices. The increase in our realized
price combined with the impact of higher production resulted in an $221.2 million increase in operating netback in Q4/2021 compared
to Q4/2020. We recorded realized financial derivatives losses of $70.5 million in Q4/2021 compared to gains of $17.1 million in
Q4/2020. G&amp;A expense of $11.5 million in Q4/2021 was higher than $9.3 million in Q4/2020 when director and employee compensation
was reduced by 10%. Interest expense of $21.3 million in Q4/2021 was $3.9 million lower than $25.2 million for Q4/2020 due to
a decrease in our net debt<SUP>(2)</SUP> and a decrease in our long-term notes outstanding following the redemption of US$200.0
million of our 5.625% Notes during 2021. Net debt decreased from $1.85 billion in Q4/2020 to $1.41 billion in Q4/2021 as free
cash flow generated in 2021 was used to reduce net debt.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

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<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 8pt"><B>26</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
recorded net income of $563.2 million in Q4/2021 compared to $221.2 million in Q4/2020. The increase in net income for Q4/2021
relative to Q4/2020 is primarily a result of the improvement in commodity benchmark prices. Net income for Q4/2021 includes $416.0
million of impairment reversals due to improvements in forecasted commodity prices while Q4/2020 includes $341.3 million of impairment
reversals.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>QUARTERLY FINANCIAL
INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><I>($
    thousands, except per common share amounts)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">Q4</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q3</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q2</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q1</FONT></TD><TD STYLE="text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q4</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q3</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q2</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">Q1</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Petroleum and natural gas sales</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">552,403</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">488,736</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">442,354</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">384,702</FONT></TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">233,636</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">252,538</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">152,689</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">336,614</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Net income (loss)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">563,239</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">32,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,052,999</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(35,352</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">221,160</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(23,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(138,463</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(2,498,217</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - basic</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">1.00</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.06</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.39</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(4.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - diluted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.98</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.06</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.39</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(4.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Adjusted
    funds flow <SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">214,766</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">198,397</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">175,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">156,582</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">82,176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">78,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">17,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">132,935</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - basic</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.38</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.28</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - diluted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.37</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.28</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Free
    cash flow <SUP>(2)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">137,133</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">101,215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">112,486</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">70,495</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,794</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">59,939</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">5,939</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(49,599</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - basic</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.24</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.13</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - diluted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.24</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.13</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Cash flows from operating activities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">240,567</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">178,961</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">171,876</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">120,980</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">51,017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">93,688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">25,824</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">182,567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - basic</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.43</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.22</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Per common share - diluted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">0.42</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.22</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">0.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Exploration and development</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">73,995</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">94,235</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">61,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">83,588</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">77,809</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">15,902</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">9,852</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">176,777</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Canada</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">59,821</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">75,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">30,387</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">42,503</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">45,030</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,882</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2,929</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">123,110</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">U.S.</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">14,174</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">18,736</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">31,098</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">41,085</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">32,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">12,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">6,923</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">53,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Property acquisitions</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">1,443</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">89</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">25</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Proceeds from dispositions</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">(6,857</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(701</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(228</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Net debt
    <SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">1,409,717</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,564,658</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,629,629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,758,894</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,847,601</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,906,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1,994,953</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2,051,617</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Total assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">4,834,643</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">4,453,971</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">4,438,162</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,338,408</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,408,096</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,156,414</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,267,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3,441,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Common shares outstanding</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">564,213</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">564,213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">564,182</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">564,111</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">561,227</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">561,163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">560,545</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">560,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Daily production</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Total production (boe/d)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">80,789</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">79,872</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">81,162</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">78,780</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">70,475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">77,814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">72,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">98,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Canada (boe/d)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">50,362</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">48,124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">47,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">52,039</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">45,321</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">49,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">37,691</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">62,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">U.S. (boe/d)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">30,428</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">31,748</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">33,957</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">26,741</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">25,154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">28,650</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">34,817</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">36,190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #231F20">Benchmark prices</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">WTI oil (US$/bbl)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">77.19</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">70.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">66.07</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">57.84</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">42.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">40.93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">27.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">46.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">WCS heavy ($/bbl)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">78.82</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">71.81</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">67.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">57.46</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">43.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">42.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">22.70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">34.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">Edmonton Light ($/bbl)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">93.29</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">83.78</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">77.28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">66.58</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">50.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">49.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">29.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">51.43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">CAD/USD avg exchange rate</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">1.2600</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.2601</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.2279</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.2663</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.3031</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.3316</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.3860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.3445</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">AECO gas ($/mcf)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">4.94</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.93</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.91</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #231F20">NYMEX gas (US$/mmbtu)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">5.83</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">4.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.69</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.98</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">1.95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Total
    sales, net of blending and other expense ($/boe) <SUP>(2)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">70.42</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">63.85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">57.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">51.84</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">34.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">33.79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">22.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">35.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Royalties
    ($/boe) <SUP>(3)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">(13.47</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(12.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(9.44</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(5.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(5.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(4.42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(6.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Operating
    expense ($/boe) <SUP>(3)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">(12.83</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.36</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(12.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(10.26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(11.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Transportation
    expense ($/boe) <SUP>(3)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">(1.10</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.24</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.89</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(0.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Operating
    netback ($/boe) <SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">43.02</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">39.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">33.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">29.80</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">15.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">17.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">5.96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">16.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Financial
    derivatives gain (loss) ($/boe) <SUP>(3)</SUP></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">(9.49</FONT></TD><TD STYLE="font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(7.34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(5.28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(2.93</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">(1.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">)</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">2.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #231F20">3.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Operating
    netback after financial</B></FONT><B> <FONT STYLE="font-size: 8pt; color: #231F20">derivatives ($/boe) <SUP>(2)</SUP></FONT></B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">33.53</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">31.67</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">28.64</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">26.87</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">17.83</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">15.69</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">8.02</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt; color: #231F20">19.05</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Calculated
                                         as Operating, transportation or financial derivatives gain (loss) expense divided by
                                         barrels of oil equivalent production volume for the applicable period.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></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="width: 95%; text-align: right"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="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: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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 declined from Q1/2020 to Q2/2020 due to the
sharp decline in crude oil prices in March 2020 when we shut-in production in Canada and moderated the pace of activity in the
U.S. Commodity prices began to recover in Q3/2020 and have strengthened throughout 2021 which supported increased development
activity and resulted in production of 80,789 boe/d for Q4/2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">North
American benchmark commodity prices were relatively strong leading in to Q1/2020 with the West Texas Intermediate (&quot;WTI&quot;)
benchmark price averaging US$57.53/bbl in January 2020. 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 during the second half of 2020 as OPEC+ agreed to reinstate production curtailments and
measures to control the spread of COVID-19 were relaxed. Commodity prices continued to strengthen in 2021 with WTI hitting multi-year
highs and averaging US$77.19/bbl in Q4/2021 as the outlook for demand improved with increasing global mobility and supply growth
was limited by OPEC+ production curtailments along with limited production growth from large independent producers. The impact
of increased commodity prices is reflected in our realized sales price of $70.42/boe for Q4/2021 which is our strongest realized
price for the previous eight quarters.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">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<SUP>(1)</SUP> improved throughout 2021, to $214.8 million in Q4/2021, due to
strong price realizations and ongoing efforts to control operating and transportation costs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Net
debt can fluctuate 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<SUP>(1)</SUP> has decreased
from $2.1 billion at Q1/2020 to $1.4 billion at Q4/2021 as free cash flow<SUP>(2) </SUP>of $439.4 million generated over the last
eight quarters has been directed towards debt repayment. Our net debt has also been reduced by a decrease in the CAD/USD exchange
rate used to translate our U.S. dollar denominated debt from 1.412 CAD/USD at Q1/2020 to 1.2656 CAD/USD at Q4/2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&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: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</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="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt; color: #231F20"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; color: #231F20"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>ENVIRONMENTAL
REGULATIONS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">As
a result of our involvement in the exploration and production of oil and natural gas we are subject to various emissions, carbon
and other environmental regulations. Refer to the Risk Factors section of this MD&amp;A for a full description of the risks associated
with these regulations and how they may impact our business in the future. In addition to the Risk Factors discussed in this MD&amp;A,
additional information related to our emissions and sustainability initiatives is available on our website.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B><I>Reporting
Regulations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">Environmental
reporting for public enterprises continues to evolve and we may be subject to additional future disclosure requirements. The International
Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the objective to develop a global framework
for environmental sustainability disclosure. The Canadian Securities Administrators have also issued a proposed National Instrument
51-107 <I>Disclosure of Climate-related Matters</I> which sets forth additional reporting requirements for Canadian Public Companies.
We continue to monitor developments on these reporting requirements and have not yet quantified the cost to comply with these
regulations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>OFF BALANCE
SHEET TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">We
do not have any financial arrangements that are excluded from the consolidated financial statements as at December 31, 2021, nor
are any such arrangements outstanding as of the date of this MD&amp;A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20"><B>CRITICAL ACCOUNTING
ESTIMATES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">The
preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates
and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses.
These judgments, estimates and assumptions are based on all relevant information, including considerations related to environmental
regulation and related matters, available to the Company at the time of financial statement preparation. Actual results can differ
from those estimates as the effect of future events cannot be determined with certainty. The key areas of judgment or estimation
uncertainty that have a significant risk of causing material adjustment to the reported amounts of assets, liabilities, revenues,
and expenses are discussed below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt; color: #231F20">&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-size: 8pt"><B>28</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 8pt">Baytex
                                         Energy Corp. 2021 Annual Report</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Reserves</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company uses estimates of oil, natural gas and natural gas liquids (&quot;NGL&quot;) reserves in the calculation of depletion,
evaluating the recoverability of deferred income tax assets and in the determination of fair value estimates for non-financial
assets. The process to estimate reserves is complex and requires significant judgment. Estimates of the Company's reserves are
evaluated annually by independent reserves evaluators and represent the estimated recoverable quantities of oil, natural gas and
NGL and the related net cash flows. This evaluation of reserves is prepared in accordance with the reserves definition contained
in National Instrument 51-101 &quot;Standards of Disclosure for Oil and Gas Activities&quot; and the Canadian Oil and Gas Evaluation
Handbook.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimates
of economically recoverable oil, natural gas and NGL and their future net cash flows are based on a number of factors and assumptions.
Changes to estimates and assumptions such as forward price forecasts, production rates, ultimate reserve recovery, timing and
amount of capital expenditures, production costs, marketability of oil and natural gas, royalty rates and other geological, economic
and technical factors could have a significant impact on reported reserves. Changes in the Company's reserves estimates can have
a significant impact on the carrying values of the Company's oil and gas properties, the calculation of depletion, the timing
of cash flows for asset retirement obligations, asset impairments and estimates of fair value determined in accounting for business
combinations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Cash-generating
Units (&quot;CGUs&quot;)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's oil and gas properties are aggregated into CGUs which are the smallest identifiable group of assets that generates cash
flows that are largely independent of the cash flows from other assets or groups of assets. The aggregation of assets in CGUs
requires management judgment and is based on geographical proximity, shared infrastructure and similar exposure to market risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Identification
of Impairment and Impairment Reversal Indicators</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Judgment
is required to assess when indicators of impairment or impairment reversal exist and when a calculation of the recoverable amount
is required. The CGUs comprising oil and gas properties are reviewed at each reporting date to assess whether there is any indication
of impairment or impairment reversal. The assessment for each CGU considers significant changes in reservoir performance including
forecasted production volumes, forecasted royalty, operating, capital and abandonment and reclamation costs, forecasted oil and
gas prices and the resulting cash flows from proved plus probable oil and gas reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Measurement
of Recoverable Amount</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If
indicators of impairment or impairment reversal are determined to exist, the recoverable amount of an asset or CGU is calculated
based on the higher of value-in-use (&quot;VIU&quot;) and fair value less cost of disposal (&quot;FVLCD&quot;). These calculations
require the use of estimates and assumptions including cash flows associated with proved plus probable oil and gas reserves, the
discount rate used to present value future cash flows, and assumptions regarding the timing and amount of capital expenditures
and future abandonment and reclamation obligations. Any changes to these estimates and assumptions could impact the calculation
of the recoverable amount and the carrying value of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Exploration
and Evaluation (&quot;E&amp;E&quot;) Assets</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Costs
associated with acquiring oil and natural gas licenses and exploratory drilling are accumulated as E&amp;E assets pending determination
of technical feasibility and commercial viability. The determination of technical feasibility and commercial viability of E&amp;E
assets for the purposes of reclassifying such assets to oil and gas properties is subject to management judgment. Management uses
the establishment of commercial reserves as the basis for determining technical feasibility and commercial viability. Upon determination
of commercial reserves, E&amp;E assets are tested for impairment and reclassified to oil and natural gas properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Asset
Retirement Obligations</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's provision for asset retirement obligations is based on estimated costs to abandon and reclaim the wells and the facilities,
the estimated time period during which these costs will be incurred in the future, and discount and inflation rates. The provision
for asset retirement obligations represents management's best estimate of the present value of the future abandonment and reclamation
costs required under current regulatory requirements. Actual abandonment and reclamation costs could be materially different from
estimated amounts.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Income
Taxes</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate are subject to change
and there are differing interpretations requiring management judgment. Deferred tax assets are recognized when it is considered
probable that deductible temporary differences will be recovered in future periods, which requires management judgment. Deferred
tax liabilities are recognized when it is considered probable that temporary differences will be payable to tax authorities in
future periods, which requires management judgment. Income tax filings are subject to audit and re-assessment and changes in facts,
circumstances and interpretations of the standards may result in a material change to the Company's provision for income taxes.
Estimates of future income taxes are subject to measurement uncertainty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NYSE
LISTING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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-day trading period. Baytex did not regain compliance and its common shares were
delisted from the NYSE on December 3, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex's
common shares remain registered with the U.S. Securities and Exchange Commission. Given that Baytex remains listed on the TSX
and the average daily trading volume of Baytex&rsquo;s common shares in the U.S. is greater than 5% of Baytex&rsquo;s worldwide
average daily trading volume over the 12-month period following the delisting, Baytex is not eligible to deregister its common
shares and must continue to follow the reporting guidelines of the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPECIFIED
FINANCIAL MEASURES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
this MD&amp;A, we refer to certain specified financial measures (such as free cash flow, operating netback, total sales, net of
blending and other expense, heavy oil sales, net of blending and other expense, and average royalty rate) which do not have any
standardized meaning prescribed by IFRS. While these measures 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. This MD&amp;A
also contains the terms &quot;adjusted funds flow&quot;, &quot;net debt&quot; and &quot;net debt to adjusted funds flow ratio&quot;
which are capital management measures. We believe that inclusion of these specified financial measures provides useful information
to financial statement users when evaluating the financial results of Baytex.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-GAAP
Financial Measures</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Total
sales, net of blending and other expense</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
sales, net of blending and other expense represents the revenues realized from produced volumes during a period. Total sales,
net of blending and other expense is comprised of total petroleum and natural gas sales adjusted for blending and other expense.
We believe including the blending and other expense associated with purchased volumes is useful when analyzing our realized pricing
for produced volumes against benchmark commodity prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Operating
netback</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
netback and operating netback after financial derivatives are used to assess our operating performance and our ability to generate
cash margin on a unit of production basis. Operating netback is comprised of petroleum and natural gas sales, less blending expense,
royalties, operating expense and transportation expense. Realized financial derivatives gains and losses are added to operating
netback to provide a more complete picture of our financial performance as our financial derivatives are used to provide price
certainty on a portion of our production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>30</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table reconciles operating netback and operating netback after realized financial derivatives to petroleum and natural
gas sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">($
    thousands)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Petroleum
                                         and natural gas sales&nbsp;</FONT></P></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD><TD STYLE="width: 12%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt"><B>1,868,195</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">975,477</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Blending
    and other expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(85,689</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(48,381</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Total sales, net of blending
    and other expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">1,782,506</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">927,096</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Royalties</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(339,156</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(163,735</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Operating expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(343,002</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(331,345</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Transportation
    expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(32,261</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(28,437</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Operating netback</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">1,068,087</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">403,579</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Realized
    financial derivatives (gain) loss<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(184,241</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">47,836</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Operating
    netback after realized financial derivatives</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">883,846</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">451,415</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Realized
                                         financial derivatives gain or loss is a component of financial derivatives gain or loss;
                                         see Note 17 Financial Instruments and Risk Management in the Consolidated Financial Statements
                                         for the year ended December 31, 2021 for further information.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Free
cash flow</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
use free cash flow to evaluate our financial performance and to assess the cash available for debt repayment, common share repurchases,
dividends and acquisition opportunities. Free cash flow is comprised of cash flows from operating activities adjusted for changes
in non-cash working capital, additions to exploration and evaluation assets, additions to oil and gas properties and payments
on lease obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Free
cash flow is reconciled to cash flows from operating activities in the following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">($
    thousands)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Cash flows from operating
    activities</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">712,384</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">353,096</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Change in non-cash working capital</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">26,582</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(48,758</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Additions to exploration and
    evaluation assets</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(3,298</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(4,490</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Additions to oil and gas properties</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(310,005</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(275,850</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Payments
    on lease obligations</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">(4,334</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">(5,925</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Free
    cash flow</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">421,329</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">18,073</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-GAAP
Financial Ratios</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Heavy
oil, net of blending and other expense per bbl</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heavy
oil, net of blending and other expense per bbl represents the realized price for produced heavy oil volumes during a period. Heavy
oil, net of blending and other expense is a non-GAAP financial ratio that is divided by barrels of heavy oil production volume
for the applicable period to calculate the ratio. We use heavy oil, net of blending and other expense per bbl to analyze our realized
heavy oil price for produced volumes against the WCS benchmark price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Total
sales, net of blending and other expense per boe</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated
as total sales, net of blending and other expense (a non-GAAP financial measure) divided by barrels of oil equivalent production
volume for the applicable period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Average
royalty rate</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
royalty rate is used to evaluate the performance of our operations from period to period and is comprised of royalties divided
by total sales, net of blending and other expense (a non-GAAP financial measure). 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>31</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Operating
netback per boe</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
netback per boe is operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent production volume for
the applicable period and is used to assess our operating performance on a unit of production basis. Realized financial derivative
gains and losses per boe are added to operating netback per boe to arrive at operating netback after financial derivatives per
boe. Realized financial derivatives gains and losses are added to operating netback to provide a more complete picture of our
financial performance as our financial derivatives are used to provide price certainty on a portion of our production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
Management Measures</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Net
debt</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
use net debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net debt projections
to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net debt is comprised
our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade and other payables,
cash, and trade and other receivables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">The
following table summarizes our calculation of net debt.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); white-space: nowrap">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt">Credit facilities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">505,171</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">649,221</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Unamortized debt issuance costs - Credit facilities<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,343</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,952</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Long-term notes</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">874,527</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,132,868</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Unamortized debt issuance costs - Long-term notes<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">11,393</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,082</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Trade and other payables</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">190,692</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">155,955</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Trade and other receivables</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(173,409</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(107,477</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net debt</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,409,717</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,847,601</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Unamortized
                                         debt issuance costs were obtained from Note 7 Credit Facilities and Note 8 Long-term
                                         Notes from the Consolidated Financial Statements for the year ended December 31, 2021.
                                         These amounts represent the remaining balance of costs that were paid by Baytex at the
                                         inception of the contract.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Adjusted
funds flow</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow is used to monitor operating performance and the our ability to generate funds for exploration and development expenditures
and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for
changes in non-cash working capital and asset retirements obligations settled during the applicable period. We also use a net
debt to adjusted funds flow ratio calculated on a twelve-month trailing basis to monitor our existing capital structure and future
liquidity requirements. Net debt to adjusted funds flow is comprised of net debt divided by adjusted funds flow.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt">Cash flows from operating activities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">712,384</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">353,096</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Change in non-cash working capital</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">26,582</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(48,758</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Asset retirement obligations settled</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">6,662</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">7,168</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Adjusted funds flow</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">745,628</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">311,506</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net debt to adjusted funds flow</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1.9</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">5.9</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CONTROLS
AND PROCEDURES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Disclosure
Controls and Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
of December 31, 2021, an evaluation was conducted to determine the effectiveness of our &ldquo;disclosure controls and procedures&rdquo;
(as defined in the United States by Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the &ldquo;Exchange
Act&rdquo;) and in Canada by National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings (&quot;NI
52-109&quot;)) under the supervision of and with the participation of management, including the President and Chief Executive
Officer and the Executive Vice President and Chief Financial Officer of Baytex (collectively the &quot;certifying officers&quot;).
Based on that evaluation, the certifying officers concluded that our disclosure controls and procedures are effective to ensure
that the information required to be disclosed in the reports that we file or submit under the Exchange Act or under Canadian securities
legislation is (i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">recorded,
processed, summarized and reported within the time periods specified in the applicable rules and forms and (ii) accumulated and
communicated to our management, including the certifying officers, to allow timely decisions regarding the required disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">It
should be noted that while the certifying officers believe that our disclosure control and procedures provide a reasonable level
of assurance that they are effective, they do not expect that our disclosure controls and procedures will prevent all errors and
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute assurance that the
objectives of the control system are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internal
Control Over Financial Reporting</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management
is responsible for establishing and maintaining adequate internal control over the Company's financial reporting. Internal control
over our financial reporting is a process designed under the supervision of and with the participation of management, including
the certifying officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatements and even those systems
determined to be effective can provide only reasonable assurance with respect to the financial statement preparation and presentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management
has assessed the effectiveness of our &quot;internal control over financial reporting&quot; as defined in Rules 13a-15(f) and
15d-15(f) of the Exchange Act and as defined by NI 52-109. The assessment was based on the framework in Internal Control - Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management concluded that our
internal control over financial reporting was effective as of December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
effectiveness of our internal control over financial reporting as of December 31, 2021 has been audited by KPMG LLP, an independent
registered public accounting firm, as stated in their Report of Independent Registered Public Accounting Firm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Changes
in Internal Control over Financial Reporting</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">No
changes were made to our internal control over financial reporting during the year ended December 31, 2021 that have materially
affected, or are reasonably likely to materially affect, the internal controls over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SELECTED
ANNUAL INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes key annual financial and operating information over the three most recently completed financial years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands, except per common share amounts)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; color: #231F20; text-align: left; padding-left: 3pt">Revenues, net of royalties</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,529,039</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">811,742</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">1,485,678</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Adjusted funds flow <SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">745,628</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">311,506</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">902,426</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Per common share - basic</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1.32</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">0.56</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1.62</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Per common share - diluted</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1.30</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">0.56</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1.62</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Net income (loss)</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,613,600</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(2,438,964</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(12,459</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Per common share - basic</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">2.86</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(4.35</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(0.02</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Per common share - diluted</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">2.82</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(4.35</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">(0.02</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Total assets</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">4,834,643</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">3,408,096</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">5,914,083</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Credit facilities - principal</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">506,514</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">651,173</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">506,471</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Long term notes - principal</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">885,920</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1,147,950</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">1,337,200</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total sales, net of blending and other expense ($/boe) <SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">60.93</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">31.75</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">$</TD><TD STYLE="color: #231F20; text-align: right">48.72</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Total production (boe/d)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">80,156</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">79,781</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">97,680</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Capital
                                         management measure. Refer to the Specified Financial Measures section in this MD&amp;A
                                         for further information.</I></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this MD&amp;A for further information.</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FORWARD-LOOKING
STATEMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>In
the interest of providing our shareholders and potential investors with information regarding Baytex, including management's assessment
of the Company&rsquo;s future plans and operations, certain statements in this document are &quot;forward-looking statements&quot;
within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot;
within the meaning of applicable Canadian securities legislation (collectively, &quot;forward-looking statements&quot;). In some
cases, forward- looking statements can be identified by terminology such as &quot;anticipate&quot;, &quot;believe&quot;, &quot;continue&quot;,
 &quot;could&quot;, &quot;estimate&quot;, &quot;expect&quot;, &quot;forecast&quot;, &quot;intend&quot;, &quot;may&quot;, &quot;objective&quot;,
 &quot;ongoing&quot;, &quot;outlook&quot;, &quot;potential&quot;, &quot;plan&quot;, &quot;project&quot;, &quot;should&quot;, &quot;target&quot;,
 &quot;would&quot;, &quot;will&quot; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Specifically,
this document contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives;
for 2022, our capital budget, expected average daily production, expected royalty rate and operating expense, transportation expense,
general and administrative expense, cash interest expense, lease expenditures and asset retirement obligations settled; the existence,
operation and strategy of our risk management program; the reassessment of our tax filings by the Canada Revenue Agency; 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 we may issue or repurchase debt or equity securities from time to time or
sell assets; our intent to fund certain financial obligations with cash flow from operations and the expected timing of the financial
obligations; our plans with respect to asset retirement obligation activities; and the circumstances in which we may be eligible
to deregister our common shares under the Securities Exchange Act of 1934. In addition, information and statements relating to
reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions,
that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the
future.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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); restrictions or costs imposed by climate change initiatives and the physical risks of climate
change; risks associated with our ability to develop our properties and add reserves; the impact of an energy transition on demand
for petroleum productions; changes in income tax or other laws or government incentive programs; availability and cost of gathering,
processing and pipeline systems; retaining or replacing our leadership and key personnel; the availability and cost of capital
or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs
to develop and operate our properties; public perception and its influence on the regulatory regime; current or future control,
legislation or regulations; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids; regulations
regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange
rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks;
additional risks associated with our thermal heavy oil projects; our ability to compete with other organizations in the oil and
gas industry; risks associated with our use of information technology systems; results of litigation; that our credit facilities
may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks
of counterparty default; the impact of Indigenous claims; risks associated with expansion into new activities; 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's Discussion
and Analysis for the year ended December 31, 2021, to be filed with Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission not later than March 31, 2022 and in our other public filings.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RISK
FACTORS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are focused on long-term strategic planning and have identified key risks, uncertainties and opportunities associated with our
business that can impact the financial and operational results. Listed below is a description of these risks and uncertainties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Risks
Relating to Our Business and Operations</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Volatility
of oil and natural gas prices and price differentials</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
financial condition is substantially dependent on, and highly sensitive to, the prevailing prices of crude oil and natural gas.
Low prices for crude oil and natural gas produced by us could have a material adverse effect on our operations, financial condition
and the value and amount of our reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prices
for crude oil and natural gas fluctuate in response to changes in the supply of, and demand for, crude oil and natural gas, market
uncertainty and a variety of additional factors beyond our control. Crude oil prices are primarily determined by international
supply and demand. Factors which affect crude oil prices include the actions of OPEC, OPEC+, the condition of the Canadian, United
States, European and Asian economies, the impact of pandemics/epidemics (including Covid-19), government regulation, political
stability in the Middle East and elsewhere, the supply of crude oil in North America and internationally, the ability to secure
adequate transportation for products, the availability of alternate fuel sources and weather conditions. Natural gas prices realized
by us are affected primarily in North America by supply and demand, weather conditions, industrial demand, prices of alternate
sources of energy and developments related to the market for liquefied natural gas. All of these factors are beyond our control
and can result in a high degree of price volatility. Fluctuations in currency exchange rates further compound this volatility
when commodity prices, which are generally set in U.S. dollars, are stated in Canadian dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
financial performance also depends on revenues from the sale of commodities which differ in quality and location from underlying
commodity prices quoted on financial exchanges. Of particular importance are the price differentials between our light/ medium
oil and heavy oil (in particular the light/heavy differential) and quoted market prices. Not only are these discounts influenced
by regional supply and demand factors, they are also influenced by other factors such as transportation costs, capacity and interruptions,
refining demand, storage capacity, the availability and cost of diluents used to blend and transport product and the quality of
the oil produced, all of which are beyond our control. In addition, there is not sufficient pipeline capacity for Canadian crude
oil to access the American refinery complex or tidewater to access world markets and the availability of additional transport
capacity via rail is more expensive and variable, therefore, the price for Canadian crude oil is very sensitive to pipeline and
refinery outages, which contributes to this volatility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases
to or prolonged periods of low commodity prices, particularly for oil, may negatively impact our ability to meet guidance targets,
maintain our business and meet all of our financial obligations as they come due. It could also result in the shut-in of currently
producing wells without an equivalent decrease in expenses due to fixed costs, a delay or cancellation of existing or future drilling,
development or construction programs, un-utilized long-term transportation commitments and a reduction in the value and amount
of our reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
conduct assessments of the carrying value of our assets in accordance with IFRS. If crude oil and natural gas forecast prices
change, the carrying value of our assets could be subject to revision and our net earnings could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restrictions
and/or costs associated with regulatory initiatives to combat climate change and the physical risks of climate change may have
a material adverse affect on our business</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Regulatory
and Policy Initiatives</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
exploration and production facilities and other operational activities emit GHGs. As such, it is highly likely that GHG emissions
regulation (including carbon taxes) enacted in jurisdictions where we operate will impact us. In addition, certain of our assets
have a higher GHG emissions intensity than others and may be disproportionately impacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Negative
consequences which could result from new GHG emissions regulation include, but are not limited to: increased operating costs,
additional taxes, increased construction and development costs, additional monitoring and compliance costs, a requirement to redesign
or retrofit current facilities, permitting delays, additional costs associated with the purchase of emission credits or allowances
and reduced demand for crude oil. Additionally, if GHG emissions regulation differs by region or type of production, all or part
of our production could be subject to costs which are disproportionately higher than those of other producers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
direct or indirect costs of compliance with GHG emissions regulation may have a material adverse affect on our business, financial
condition, results of operations and prospects. At this time, it is not possible to predict whether compliance costs will have
a material adverse affect our financial condition, results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Although
we provide for the necessary amounts in our annual capital budget to fund our currently estimated obligations, there can be no
assurance that we will be able to satisfy our actual future obligations associated with GHG emissions from such funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Physical
Risk</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Climate
change has been linked to extreme weather conditions. Extreme hot and cold weather, heavy snowfall, heavy rain fall, hurricanes
and wildfires may restrict our ability to access our properties, cause operational difficulties including damage to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">machinery
and facilities. Extreme weather also increases the risk of personnel injury as a result of dangerous working conditions. Certain
of our assets are located where they are exposed to forest fires, floods, heavy rains, hurricanes and other extreme weather conditions
which can lead to significant downtime, damage to such assets and/or increased costs of construction and maintenance. Moreover,
extreme weather conditions may lead to disruptions in our ability to transport produced oil and natural gas as well as goods and
services in our supply chain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
success is highly dependent on our ability to develop existing properties and add to our oil and natural gas reserves</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
oil and natural gas reserves are a depleting resource and decline as such reserves are produced, as a result, our long-term commercial
success depends on our ability to find, acquire, develop and commercially produce oil and natural gas reserves. Future oil and
natural gas exploration may involve unprofitable efforts, not only from unsuccessful wells, but also from wells that are productive
but do not produce sufficient hydrocarbons to return a profit. Completion of a well does not assure a profit on the investment.
Drilling hazards or environmental liabilities or damages could greatly increase the cost of operations, and various field operating
conditions may adversely affect the production from successful wells. These conditions include delays or failure in obtaining
governmental approvals or consents, shut-ins of connected wells resulting from extreme weather conditions, insufficient storage
or transportation capacity or other geological and mechanical conditions. While diligent well supervision and effective maintenance
operations can contribute to maximizing production rates over time, production delays and declines from normal field operating
conditions cannot be eliminated and can be expected to adversely affect revenue and cash flow from operating activities to varying
degrees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
is no assurance we will be successful in developing our reserves or acquiring additional reserves at acceptable costs. Without
these reserves additions, our reserves will deplete and as a consequence production from and the average reserve life of our properties
will decline, which may adversely affect our business, financial condition, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">An
energy transition that lessens demand for petroleum products may have an adverse affect on our business</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
transition away from the use of petroleum products, which may include conservation measures, alternative fuel requirements, increasing
consumer demand for alternatives to oil and natural gas and technological advances in fuel economy and renewable energy, could
reduce demand for oil and natural gas. Certain jurisdictions have implemented policies or incentives to decrease the use of fossil
fuels and encourage the use of renewable fuel alternatives, which may lessen demand for petroleum products and put downward pressure
on commodity prices. In addition, advancements in energy efficient products have a similar effect on the demand for oil and gas
products. We cannot predict the impact of changing demand for oil and natural gas products, and any major changes may have a material
adverse effect on our business and financial condition by decreasing our cash flow from operating activities and the value of
our assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
tax laws or other laws or government incentive programs or regulations relating to our industry may in the future be changed or
interpreted in a manner that adversely affects us and our Shareholders</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
tax laws and government incentive programs relating to the oil and gas industry may change in a manner that adversely affects
our financial condition, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
addition, tax authorities having jurisdiction over us or our Shareholders may disagree with the manner in which we calculate our
income for tax purposes or could change their administrative practices to our detriment or the detriment of our Shareholders.
We file all required income tax returns and believe that we are in full compliance with the applicable tax legislation. However,
such returns are subject to audit and reassessment by the applicable taxation authority. Any such reassessment may have an impact
on current and future taxes payable. At present, the Canadian tax authorities have reassessed the returns of certain of our subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
amount of oil and natural gas that we can produce and sell is subject to the availability and cost of gathering, processing and
pipeline systems</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
deliver our products through gathering, processing and pipeline systems which we do not own and purchasers of our products rely
on third party infrastructure to deliver our products to market. The lack of access to capacity in any of the gathering, processing
and pipeline systems could result in our inability to realize the full economic potential of our production or in a reduction
of the price offered for our production. Alternately, a substantial decrease in the use of such systems can increase the cost
we incur to use them. In addition, many of the pipeline systems that we use are controlled by a single company and rates are set
through a regulatory process, as a result we are subject to the outcome of those regulatory processes. Any significant change
in market factors, regulatory decisions or other conditions affecting these infrastructure systems and facilities, as well as
any delays in constructing new infrastructure systems and facilities, could harm our business and, in turn, our financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Access
to the pipeline capacity for the export of crude oil from Canada has, at times, been inadequate for the amount of Canadian production
being exported. This has resulted in significantly lower prices being realized by Canadian producers compared with the WTI price
and the Brent price for crude oil. In addition, the pro-rationing of capacity on inter-provincial pipeline systems continues to
affect the ability to export oil and natural gas from Canada. There can be no certainty that current investment in pipelines will
provide sufficient long-term take-away capacity or that currently operating systems will remain in service. There is also no certainty</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">that
short-term operational constraints on pipeline systems, arising from pipeline interruption and/or increased supply of crude oil,
will not occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
is no certainty that crude-by-rail transportation and other alternative types of transportation for our production will be sufficient
to address any gaps caused by operational constraints on pipeline systems. In addition, our crude-by-rail shipments may be impacted
by service delays, inclement weather, derailment or blockades and could adversely impact our crude oil sales volumes or the price
received for our product. Crude oil produced and sold by us may be involved in a derailment or incident that results in legal
liability or reputational harm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
portion of our production may be processed through facilities controlled by third parties. From time to time these facilities
may discontinue or decrease operations either as a result of normal servicing requirements or as a result of unexpected events.
A discontinuance or decrease of operations could materially adversely affect our ability to process our production and to deliver
the same for sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Failure
to retain or replace our leadership and key personnel may have an adverse affect on our business</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
success is dependent upon our management, our leadership capabilities and the quality and competency of our talent. If we are
unable to retain key personnel and critical talent or to attract and retain new talent with the necessary leadership, professional
and technical competencies, it could have a material adverse effect on our financial condition, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Availability
and cost of capital or borrowing to maintain and/or fund future development and acquisitions</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
business of exploring for, developing or acquiring reserves is capital intensive. If external sources of capital (including, but
not limited to, debt and equity financing) become limited or unavailable on commercially reasonable terms, our ability to make
the necessary capital investments to maintain or expand our oil and natural gas reserves may be impaired. Unpredictable financial
markets and the associated credit impacts may impede our ability to secure and maintain cost effective financing and limit our
ability to achieve timely access to capital on acceptable terms and conditions. If external sources of capital become limited
or unavailable, our ability to make capital investments, continue our business plan, meet all of our financial obligations as
they come due and maintain existing properties may be impaired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
ability to obtain additional capital is dependent on, among other things, a general interest in energy industry investments and,
in particular, interest in our securities along with our ability to maintain our credit ratings. If we are unable to maintain
our indebtedness and financial ratios at levels acceptable to our credit rating agencies, or should our business prospects deteriorate,
our credit ratings could be downgraded. Additionally, from time to time, our securities may not meet the investment criteria or
characteristics of a particular institutional or other investor, including institutional investors who are not willing or able
to hold securities of oil and gas companies for reasons unrelated to financial or operational performance. This may include changes
to market-based factors or investor strategies, including ESG, or responsible investing criteria/rankings (for example, ESG, social
impact or environmental scores), the implementation of new financial market regulations and fossil fuel divestment initiatives
undertaken by governments, pension funds and/or other institutional investors. These events would adversely affect the value of
our outstanding securities and existing debt and our ability to obtain new financing, and may increase our borrowing costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From
time to time we may enter into transactions which may be financed in whole or in part with debt or equity. The level of our indebtedness
from time to time, could impair our ability to obtain additional financing on a timely basis to take advantage of business opportunities
that may arise. Additionally, from time to time, we may issue securities from treasury in order to reduce debt, complete acquisitions
and/or optimize our capital structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are not the operator of our drilling locations in our Eagle Ford acreage and, therefore, we will not be able to control the timing
of development, associated costs or the rate of production of that acreage</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marathon
Oil is the operator of our Eagle Ford acreage and we are reliant upon Marathon Oil to operate successfully. Marathon Oil will
make decisions based on its own best interest and the collective best interest of all of the working interest owners of this acreage,
which may not be in our best interest. We have a limited ability to exercise influence over the operational decisions of Marathon
Oil, including the setting of capital expenditure budgets and determination of drilling locations and schedules. The success and
timing of development activities, operated by Marathon Oil, will depend on a number of factors that will largely be outside of
our control, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         timing and amount of capital expenditures;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marathon
                                         Oil's expertise and financial resources;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">approval
                                         of other participants in drilling wells;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">selection
                                         of technology; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         rate of production of reserves.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
the extent that the capital expenditure requirements related to our Eagle Ford acreage exceeds our budgeted amounts, it may reduce
the amount of capital we have available to invest in our other assets. We have the ability to elect whether or not to participate
in well locations proposed by Marathon Oil on an individual basis. If we elect to not participate in a well location, we</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">forgo
any revenue from such well until Marathon Oil has recouped, from our working interest share of production from such well, 300%
to 500% of our working interest share of the cost of such well.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
may participate in larger projects and may have more concentrated risk in certain areas of our operations</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have a variety of exploration, development and construction projects underway at any given time. Project delays may result in
delayed revenue receipts and cost overruns may result in projects being uneconomic. Our ability to complete projects is dependent
on general business, community relationships and market conditions as well as other factors beyond our control, including the
availability of skilled labour and manpower, the availability and proximity of pipeline capacity and rail terminals, weather,
environmental and regulatory matters, ability to access lands, availability of drilling and other equipment and supplies, and
availability of processing capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
financial performance is significantly affected by the cost of developing and operating our assets</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
development and operating costs are affected by a number of factors including, but not limited to: price inflation, access to
skilled and unskilled labour, availability of equipment, scheduling delays, trucking and fuel costs, failure to maintain quality
construction standards, the cost of new technologies and supply chain disruptions. Labour costs, natural gas, electricity, water,
diluent and chemicals are examples of some of the operating and other costs that are susceptible to significant fluctuation. Increases
to development and operating costs could have a material adverse effect on our financial condition, results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Public
perception and its influence on the regulatory regime</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Concern
over the impact of oil and gas development on the environment and climate change has received considerable attention in the media
and recent public commentary, and the social value proposition of resource development is being challenged. Additionally, certain
pipeline leaks, rail car derailments, major weather events and induced seismicity events have gained media, environmental and
other stakeholder attention. Future laws and regulation may be impacted by such incidents, which could have a material adverse
effect on our financial condition, results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
or future controls, legislation or regulations applicable to the oil and gas industry could adversely affect us</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Operations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
oil and gas industry is subject to extensive controls and regulations governing its operations (including land tenure, exploration,
development, production, refining, transportation, and marketing) imposed by legislation enacted by various levels of government.
All such controls, regulations and legislation are subject to revocation, amendment or administrative change, some of which have
historically been material and in some cases materially adverse. The exercise of discretion by government authorities under existing
controls, legislation or regulations, the implementation of new controls, legislation or regulations or the modification of existing
controls, legislation or regulations affecting the oil and gas industry could reduce demand for crude oil and natural gas, increase
our costs, or delay or restrict our operations, all of which could have a material adverse effect on our financial condition,
results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Environment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All
phases of our operations are subject to environmental and health and safety regulation pursuant to a variety of federal, provincial,
state and municipal laws and regulations (collectively, &quot;<B>environmental regulations</B>&quot;) governing occupational health
and safety, the spill, release or emission of substances into the environment or otherwise relating to environmental protection.
Environmental regulations require that wells, facility sites and other properties associated with our operations be constructed,
operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities. In addition, certain types
of operations require the submission and approval of environmental impact assessments or permit applications. Environmental regulations
impose restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment
and disposal of hazardous substances and waste and in connection with spills, releases and emissions of various substances to
the environment. The jurisdictions where we operate have developed liability management programs designed to prevent taxpayers
from incurring costs associated with suspension, abandonment, remediation and reclamation of wells, facilities and pipelines in
the event that a licensee or permit holder becomes defunct. Changes to the requirements of liability management programs may result
in significant increases to the security that must be posted, the timing of our abandonment and reclamation operations and the
costs associated with such operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Compliance
with environmental regulations can require significant expenditures, including expenditures for clean-up costs and damages arising
out of contaminated properties. Failure to comply with environmental regulations may result in the imposition of administrative,
civil and criminal penalties or issuance of clean up orders in respect of us or our properties, some of which may be material.
We may also be exposed to civil liability for environmental matters or for the conduct of third parties regardless of negligence
or fault. Although it is not expected that the costs of complying with environmental regulations will have a material adverse
effect on our financial condition or results of operations, no assurance can be made that the costs of complying with environmental
regulations in the future will not have such an effect. The implementation of new environmental regulations or the modification
of existing environmental regulations could reduce demand for crude oil and natural gas, result in stricter standards</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">and
enforcement, larger penalties and liability and increased capital expenditures and operating costs, which could have a material
adverse effect on our financial condition, results of operations or prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Foreign
Investment and Competition Act Legislation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
addition to regulatory requirements mentioned above, our business and financial condition could be influenced by federal legislation
affecting, in particular, foreign investment, through legislation such as the <I>Competition Act </I>(Canada) and the <I>Investment
Canada Act</I> (Canada) and the <I>Hart-Scott-Rodino Antitrust Improvements Act</I> in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New
regulations on hydraulic fracturing may lead to operational delays, increased costs and/or decreased production volumes</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hydraulic
fracturing involves the injection of water, sand and small amounts of additives under pressure into rock formations to stimulate
the production of oil and natural gas. Specifically, hydraulic fracturing enables the production of commercial quantities of oil
and natural gas from reservoirs that were previously unproductive. Hydraulic fracturing has featured prominently in recent political,
media and activist commentary on the subject of water usage, induced seismicity events and environmental damage. Any new laws,
regulations or permitting requirements regarding hydraulic fracturing could lead to operational delays, increased operating costs,
third party or governmental claims, and could increase our costs of compliance and doing business as well as delay the development
of oil and natural gas resources from shale formations, which are not commercial without the use of hydraulic fracturing. Restrictions
on hydraulic fracturing could also reduce the amount of oil and natural gas that we are ultimately able to produce from our reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Water
use restrictions and/or limited access to water or other fluids may impact the Corporation's ability to fracture its wells or
carry out waterflood operations</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
undertake or intend to undertake certain hydraulic fracturing, SAGD, CCS and waterflooding programs. To undertake such operations
we need to have access to sufficient volumes of water, or other liquids. There is no certainty that we will have access to the
required volumes of water. In addition, in certain areas there may be restrictions on water use for activities such as hydraulic
fracturing, SAGD, CCS and waterflooding. If we are unable to access such water it may not be able to undertake hydraulic fracturing,
SAGD, CCS or waterflooding activities, which may reduce the amount of oil and natural gas that we are ultimately able to produce
from our reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regulations
regarding the disposal of fluids used in our operations may increase our costs of compliance or subject it to regulatory penalties
or litigation</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
safe disposal of hydraulic fracturing fluids (including the additives) and water recovered from oil and natural gas wells is subject
to ongoing regulatory review by the federal, provincial and state governments, including its effect on fresh water supplies and
the ability of such water to be recycled, amongst other things. While it is difficult to predict the impact of any regulations
that may be enacted in response to such review, the implementation of stricter regulations may increase the our costs of compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
hedging activities may negatively impact our income and our financial condition</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
response to fluctuations in commodity prices, foreign exchange and interest rates, we may utilize various derivative financial
instruments and physical sales contracts to manage our exposure under a hedging program. The terms of these arrangements may limit
the benefit to us of favourable changes in these factors, including receiving less than the market price for our production, and
for certain assets will result in us paying royalties at a reference price which is higher than the hedged price. We may also
suffer financial loss due to hedging arrangements if we are unable to produce oil or natural gas to fulfill our delivery obligations.
There is also increased exposure to counterparty credit risk. To the extent that our current hedging agreements are beneficial
to us, these benefits will only be realized for the period and for the commodity quantities in those contracts. In addition, there
is no certainty that we will be able to obtain additional hedges at prices that have an equivalent benefit to us, which may adversely
impact our revenues in future periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variations
in interest rates and foreign exchange rates could adversely affect our financial condition</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
is a risk that interest rates will increase given the current historical low level of interest rates. An increase in interest
rates could result in a significant increase in the amount we pay to service debt and could have an adverse effect on our financial
condition, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">World
oil prices are quoted in United States dollars and the price received by Canadian producers is therefore affected by the Canada/U.S.
foreign exchange rate that may fluctuate over time. A material increase in the value of the Canadian dollar may negatively impact
our revenues. A substantial portion of our operations and production are in the United States and, as such, we are exposed to
foreign currency risk on both revenues and costs to the extent the value of the Canadian dollar decreases relative to the U.S.
dollar. In addition, we are exposed to foreign currency risk as a large portion of our indebtedness is denominated in U.S. dollars
and the interest payable thereon is payable in U.S. dollars. Future Canada/U.S. foreign exchange rates could also impact the future
value of our reserves as determined by our independent evaluator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>39</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
decline in the value of the Canadian dollar relative to the United States dollar provides a competitive advantage to United States
companies acquiring Canadian oil and gas properties and may make it more difficult for us to replace reserves through acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
are numerous uncertainties inherent in estimating quantities of recoverable oil and natural gas reserves, including many factors
beyond our control</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
reserves estimates included in the AIF are estimates only. There are numerous uncertainties inherent in estimating quantities
of reserves, including many factors beyond our control. In general, estimates of economically recoverable oil and natural gas
reserves and the future net revenues therefrom are based upon a number of factors and assumptions made as of the date on which
the reserves estimates were determined, such as geological and engineering estimates which have inherent uncertainties, the assumed
effects of regulation by governmental agencies, historical production from the properties, initial production rates, production
decline rates, the availability, proximity and capacity of oil and gas gathering systems, pipelines and processing facilities
and estimates of future commodity prices and capital costs, all of which may vary considerably from actual results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All
such estimates are, to some degree, uncertain and classifications of reserves are only attempts to define the degree of uncertainty
involved. For these reasons, estimates of the economically recoverable oil and natural gas reserves attributable to any particular
group of properties, the classification of such reserves based on risk of recovery and estimates of future net revenues expected
therefrom, prepared by different engineers or by the same engineers at different times, may vary substantially. Our reserves as
at December 31, 2021 are estimated using forecast prices and costs. If we realize lower prices for crude oil, natural gas liquids
and natural gas and they are substituted for the estimated price assumptions, the present value of estimated future net revenues
for our reserves and net asset value would be reduced and the reduction could be significant. Our actual production, revenues,
royalties, taxes and development, abandonment and operating expenditures with respect to our reserves will likely vary from such
estimates, and such variances could be material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimates
of reserves that may be developed and produced in the future are often based upon volumetric calculations and upon analogy to
similar types of reserves, rather than upon actual production history. Subsequent evaluation of the same reserves based upon production
history will result in variations in the previously estimated reserves and such variances could be material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquiring,
developing and exploring for oil and natural gas involves many physical hazards. We have not insured and cannot fully insure against
all risks related to our operations</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
crude oil and natural gas operations are subject to all of the risks normally incidental to the: (i) storing, transporting, processing,
refining and marketing of crude oil, natural gas and other related products; (ii) drilling and completion of crude oil and natural
gas wells; and (iii) operation and development of crude oil and natural gas properties, including, but not limited to: encountering
unexpected formations or pressures, premature declines of reservoir pressure or productivity, blowouts, fires, explosions, equipment
failures and other accidents, gaseous leaks, uncontrollable or unauthorized flows of crude oil, natural gas or well fluids, migration
of harmful substances, oil spills, corrosion, adverse weather conditions, pollution, acts of vandalism, theft and terrorism and
other adverse risks to the environment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Although
we maintain insurance in accordance with customary industry practice, we are not fully insured against all of these risks nor
are all such risks insurable and in certain circumstances we may elect not to obtain insurance to deal with specific risks due
to the high premiums associated with such insurance or other reasons. In addition, the nature of these risks is such that liabilities
could exceed policy limits, in which event we could incur significant costs that could have a material adverse effect on our business,
financial condition, results of operations and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
thermal heavy oil projects face additional risks compared to conventional oil and gas production</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
thermal heavy oil projects are capital intensive projects which rely on specialized production technologies. Certain current technologies
for the recovery of heavy oil, such as CSS and SAGD, are energy intensive, requiring significant consumption of natural gas and
other fuels in the production of steam that is used in the recovery process. The amount of steam required in the production process
varies and therefore impacts costs. The performance of the reservoir can also affect the timing and levels of production using
new technologies. A large increase in recovery costs could cause certain projects that rely on CSS, SAGD or other new technologies
to become uneconomic, which could have an adverse effect on our financial condition and our reserves. There are risks associated
with growth and other capital projects that rely largely or partly on new technologies and the incorporation of such technologies
into new or existing operations. The success of projects incorporating new technologies cannot be assured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Project
economics and our earnings may be reduced if increases in operating costs are incurred. Factors which could affect operating costs
include, without limitation: labour costs; the cost of catalysts and chemicals; the cost of natural gas and electricity; water
handling and availability; power outages; produced sand causing issues of erosion, hot spots and corrosion; reliability of facilities;
maintenance costs; the cost to transport sales products; and the cost to dispose of certain by-products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
may be unable to compete successfully with other organizations in the oil and natural gas industry, or obtain required vendor
services to compete</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
oil and natural gas industry is highly competitive. We compete for capital, acquisitions of reserves and/or resources, undeveloped
lands, skilled/qualified labour, access to drilling rigs, service rigs and other equipment and materials such as drilling rigs,
hydraulic fracturing pumping equipment and related skilled personnel, access to processing facilities, pipeline and refining capacity,
as well as many other services, and in many other respects, with a substantial number of other organizations, many of which may
have greater technical and financial resources than us. As a result, some of our competitors may have greater opportunities and
be able to access, services or vendors that we are not able to access, thereby limiting our ability to compete.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
information technology systems are subject to certain risks</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
utilize a number of information technology systems for the administration and management of our business and are subject to a
variety of information technology and system risks as a part of our normal course operations, including potential breakdown, invasion,
virus, cyber-attack, cyber-fraud, security breach, and destruction or interruption of the Corporation's information technology
systems by third parties or insiders. If our ability to access and use these systems is interrupted and cannot be quickly and
easily restored then such event could have a material adverse effect on us. Furthermore, although the Corporation has security
measures and controls in place to mitigate these risks, a breach of its security measures and/or a loss of information could occur
and result in a loss of material and confidential information and reputation, breach of privacy laws, and/or disruption to business
activities. The significance of any such event is difficult to quantify but may in certain circumstances be material and could
have a material adverse effect on the Corporation's business, financial condition and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adverse
results from litigation may have an adverse affect on our business</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
the normal course of our operations, we may become involved in, named as a party to, or be the subject of, various legal proceedings,
including regulatory proceedings, tax proceedings and legal actions. Potential litigation may develop in relation to personal
injuries, property damage, royalties, taxes, land and access rights, environmental issues, natural resource damages and contract
disputes. The outcome with respect to outstanding, pending or future proceedings cannot be predicted with certainty and may be
determined adversely to us and could have a material adverse effect on our assets, liabilities, business, financial condition
and results of operations. Even if we prevail in any such legal proceedings, the proceedings could be costly and time-consuming
and may divert the attention of management and key personnel from business operations, which could have an adverse affect on our
financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
Credit Facilities may not provide sufficient liquidity and a failure to renew our Credit Facilities at maturity could adversely
affect our financial condition</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
Credit Facilities and any replacement credit facilities may not provide sufficient liquidity. The amounts available under our
Credit Facilities may not be sufficient for future operations, or we may not be able to obtain additional financing on economic
terms, if at all. There can be no assurance that the amount of our Credit Facilities will be adequate for our future financial
obligations, including future capital expenditures, or that we will be able to obtain additional funds. In the event we are unable
to refinance our debt obligations, it may impact our ability to fund ongoing operations. In the event that the Credit Facilities
are not extended before April 2, 2024, indebtedness under the Credit Facilities will be repayable at that time. There is also
a risk that the Credit Facilities will not be renewed for the same amount or on the same terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Failure
to comply with the covenants in the agreements governing our debt, including our obligation to repay the Senior Notes at maturity,
could adversely affect our financial condition</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are required to comply with the covenants in our Credit Facilities and the Senior Notes. If we fail to comply with such covenants,
are unable to repay or refinance amounts owned at maturity or pay the debt service charges or otherwise commit an event of default,
such as bankruptcy, it could result in the seizure and/or sale of our assets by our creditors. The proceeds from any sale of our
assets would be applied to satisfy amounts owed to the secured creditors and then unsecured creditors. Only after the proceeds
of that sale were applied towards our debt would the remainder, if any, be available for the benefit of our Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are subject to risk of default by the counterparties to our contracts and our counterparties may deem us to be a default risk</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are subject to the risk that counterparties to our risk management contracts, marketing arrangements and operating agreements
and other suppliers of products and services may default on their obligations under such agreements or arrangements, including
as a result of liquidity requirements or insolvency. Furthermore, low oil and natural gas prices increase the risk of bad debts
related to our joint venture and industry partners. A failure by such counterparties to make payments or perform their operational
or other obligations to us may adversely affect our results of operations, cash flow from operating activities and financial position.
Conversely, our counterparties may deem us to be at risk of defaulting on our contractual obligations. These counterparties may
require that we provide additional credit assurances by prepaying anticipated expenses or posting letters of credit, which would
decrease our available liquidity and increase our costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>41</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indigenous
Claims</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indigenous
peoples have claimed Indigenous rights and title in portions of Western Canada. We are not aware that any claims have been made
in respect of our properties and assets. However, if a claim arose and was successful, such claim may have a material adverse
effect on our business, financial condition, results of operations and prospects. In addition, the process of addressing such
claims, regardless of the outcome, is expensive and time consuming and could result in delays in the construction of infrastructure
systems and facilities which could have a material adverse effect on our business and financial results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expansion
into New Activities</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
operations and the expertise of our management are currently focused primarily on oil and natural gas production, exploration
and development in the Provinces of Alberta and Saskatchewan and the State of Texas. In the future, we may acquire or move into
new industry related activities or new geographical areas and may acquire different energy-related assets; as a result, we may
face unexpected risks or, alternatively, our exposure to one or more existing risk factors may be significantly increased, which
may in turn result in our future operational and financial conditions being adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Risks
Related to Ownership of our Securities</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Changes
in market-based factors may adversely affect the trading price of the Common Shares</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
market price of our Common Shares is sensitive to a variety of market-based factors including, but not limited to, commodity prices,
interest rates, foreign exchange rates, the decision of certain indices to include our Common Shares and the comparability of
the Common Shares to other securities. Any changes in these market-based factors may adversely affect the trading price of the
Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward-Looking
Information rely upon assumptions which may not prove correct</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholders
and prospective investors are cautioned not to place undue reliance on our forward-looking information. By its nature, forward-looking
information involves numerous assumptions, known and unknown risks and uncertainties, of both a general and specific nature, that
could cause actual results to differ materially from those suggested by the forward-looking information or contribute to the possibility
that predictions, forecasts or projections will prove to be materially inaccurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain
Risks for United States and other non-resident Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
ability of investors resident in the United States to enforce civil remedies is limited</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
are a corporation incorporated under the laws of the Province of Alberta, Canada, our principal office is located in Calgary,
Alberta and a substantial portion of our assets are located outside the United States. Most of our directors and officers and
the representatives of the experts who provide services to us (such as our auditors and our independent qualified reserves evaluators),
and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors
in the United States to effect service of process within the United States upon such directors, officers and representatives of
experts who are not residents of the United States or to enforce against them judgments of the United States courts based upon
civil liability under the United States federal securities laws or the securities laws of any state within the United States.
There is doubt as to the enforceability in Canada against us or any of our directors, officers or representatives of experts who
are not residents of the United States, in original actions or in actions for enforcement of judgments of United States courts
of liabilities based solely upon the United States federal securities laws or securities laws of any state within the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian
and United States practices differ in reporting reserves and production and our estimates may not be comparable to those of companies
in the United States</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
report our production and reserves quantities in accordance with Canadian practices and specifically in accordance with NI 51-101.
These practices are different from the practices used to report production and to estimate reserves in reports and other materials
filed with the SEC by companies in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
incorporate additional information with respect to production and reserves which is either not required to be included or prohibited
under rules of the SEC and practices in the United States. We follow the Canadian practice of reporting gross production and reserve
volumes (before deduction of Crown and other royalties). We also follow the Canadian practice of using forecast prices and costs
when we estimate our reserves, whereas the SEC rules require that a 12-month average price, calculated as the unweighted arithmetic
average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period,
be utilized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Probable
reserves have a lower certainty of recovery than proved reserves. The SEC requires oil and gas issuers in their filings with the
SEC to disclose only proved reserves but permits the optional disclosure of probable reserves. The SEC definitions of proved reserves
and probable reserves are different than NI 51-101; therefore, our disclosure of proved, probable and proved plus probable reserves
may not be comparable to United States standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
a consequence of the foregoing, our reserves estimates and production volumes may not be comparable to those made by companies
utilizing United States reporting and disclosure standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There
is additional taxation applicable to non-residents</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
legislation in Canada may impose withholding or other taxes on the cash dividends, stock dividends or other property transferred
by us to non-resident shareholders. These taxes may be reduced pursuant to tax treaties between Canada and the non-resident shareholder's
jurisdiction of residence. Evidence of eligibility for a reduced withholding rate must be filed by the non- resident shareholder
in prescribed form with their broker (or in the case of registered shareholders, with the transfer agent). In addition, the country
in which the non-resident shareholder is resident may impose additional taxes on such dividends. Any of these taxes may change
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>43</B></FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MANAGEMENT'S
ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
management of Baytex Energy Corp. (the &quot;Company&quot;) is responsible for establishing and maintaining adequate internal
control over financial reporting. Under the supervision of our President and Chief Executive Officer and our Executive Vice President
and Chief Financial Officer we have conducted an evaluation of the effectiveness of our internal control over financial reporting
based on the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (&quot;COSO&quot;). Based on our assessment, we have concluded that as of December 31, 2021, our internal control over
financial reporting was effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatements and even those systems
determined to be effective can provide only reasonable assurance with respect to the financial statement preparation and presentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
effectiveness of the Company's internal control over financial reporting as of December 31, 2021 has been audited by KPMG LLP,
the Company's Independent Registered Public Accounting Firm, who also audited the Company's consolidated financial statements
for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MANAGEMENT'S
RESPONSIBILITY FOR FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management,
in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting
Standards Board, has prepared the accompanying consolidated financial statements of the Company. Financial and operating information
presented throughout this Annual Report is consistent with that shown in the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management
is responsible for the integrity of the financial information. Internal control systems are designed and maintained to provide
reasonable assurance that assets are safeguarded from loss or unauthorized use and to produce reliable accounting records for
financial reporting purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KPMG
LLP were appointed by the Company's Board of Directors to express an audit opinion on the consolidated financial statements. Their
examination included such tests and procedures, as they considered necessary, to provide a reasonable assurance that the consolidated
financial statements are presented fairly in accordance with IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal
control. The Board of Directors exercises this responsibility through the Audit Committee, with assistance from the Reserves Committee
regarding the annual review of our petroleum and natural gas reserves. The Audit Committee meets regularly with management and
the Independent Registered Public Accounting Firm to ensure that management's responsibilities are properly discharged, to review
the consolidated financial statements and recommend that the consolidated financial statements be presented to the Board of Directors
for approval. The Audit Committee also considers the independence of KPMG LLP and reviews their fees. The Independent Registered
Public Accounting Firm has access to the Audit Committee without the presence of management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I><U>/s/ Edward
    D. LaFehr</U></I></FONT></TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I><U>/s/ Rodney
    D. Gray</U></I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edward D. LaFehr</FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Rodney D. Gray</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I>President and Chief Executive
    Officer</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I>Executive Vice President and
    Chief Financial Officer</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Baytex Energy Corp.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Baytex Energy Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">February 24, 2022</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
the Shareholders and Board of Directors of Baytex Energy Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Opinion
on the Consolidated Financial Statements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have audited the accompanying consolidated statements of financial position of Baytex Energy Corp. (and subsidiaries) (the &ldquo;Company&rdquo;)
as of December 31, 2021 and 2020, the related consolidated statements of income (loss) and comprehensive income (loss), changes
in equity, and cash flows for the years then ended, and the related notes (collectively, the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2021 and 2020, and its financial performance and its cash flows for the years then ended, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB),
the Company&rsquo;s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal
Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and
our report dated February 24, 2022 expressed an unqualified opinion on the effectiveness of the Company&rsquo;s internal control
over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Basis
for Opinion</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">These
consolidated financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether
due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Critical
Audit Matters</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that
are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken
as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Assessment
of the recoverable amount of of oil and gas properties</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
discussed in note 6 to the consolidated financial statements, the Company recorded an impairment reversal of $1,537 million related
to the Company&rsquo;s Conventional, Peace River, Lloydminster, Viking and Eagle Ford cash generating units (CGUs). The Company
identified indicators of impairment reversal as of December 31, 2021 for each of the CGUs and therefore determined the recoverable
amount as of December 31, 2021 of each of the CGUs. The determination of recoverable amount of a CGU involves numerous estimates,
including cash flows associated with estimated proved and probable oil and gas reserves of the CGU (&ldquo;CGU reserves&rdquo;)
and the discount rate. The estimation of proved and probable oil and gas reserves involves the expertise of independent reserves
evaluators, who take into consideration assumptions related to forecasted production volumes, royalty, operating and capital costs
and commodity prices (collectively &ldquo;reserve assumptions&rdquo;). The Company engages independent reserves evaluators to
estimate CGU reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
identified the assessment of the recoverable amount of each of the Company&rsquo;s CGUs as a critical audit matter. Minor changes
in reserve assumptions and discount rates could have had a significant impact on the estimate of recoverable amounts and the resulting
impairment reversal of the CGUs. A high degree of auditor judgment was required to evaluate the Company&rsquo;s estimates of CGU
reserves, and related reserve assumptions, and the discount rates, which were inputs into the calculation of recoverable amounts.
Additionally, the evaluation of these estimates required involvement of valuation professionals with specialized skills and knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>45</B></FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 47 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the
operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Company&rsquo;s determination of the recoverable amount of each of the CGUs, including
                                         the discount rate</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Company&rsquo;s determination of reserve assumptions of the CGU reserves and resulting
                                         cash flows.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
evaluated the competence, capabilities and objectivity of the independent reserves evaluators engaged by the Company. We evaluated
the methodology used by the independent reserves evaluators to estimate the CGU reserves for compliance with regulatory standards.
We compared the current year actual CGU production volumes, royalty, operating and capital costs to those estimates used in the
prior year estimate of proved reserves by CGU to assess the Company&rsquo;s ability to accurately forecast. We assessed the forecasted
commodity prices used in the estimate of the CGU reserves by comparing them to those published by other reserve engineering companies.
We assessed the forecasted production volumes and forecasted royalty, operating and capital costs assumptions used in the current
year estimate of the CGU reserves by comparing them to historical results. We involved valuation professionals with specialized
skills and knowledge, who assisted in:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">evaluating
                                         the Company&rsquo;s determination of discount rates by comparing the discount rate against
                                         publicly available market data for comparable assets and assessing the resulting discount
                                         rate</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">evaluating
                                         the Company&rsquo;s estimate of aggregate recoverable amount of all CGUs by comparing
                                         the implied enterprise value to publicly available market data.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Impact
of estimated oil and gas reserves on depletion expense related to oil and gas properties</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
discussed in note 3 to the consolidated financial statements, the Company depletes its oil and gas properties using the unit-
of-production method by depletable area. Under such method, capitalized costs are depleted over estimated proved and probable
oil and gas reserves by depletable area (&ldquo;area reserves&rdquo;). As discussed in note 6 to the consolidated financial statements,
the Company recorded depletion expense related to oil and gas properties of $459 million for the year ended December 31, 2021.
The estimation of area reserves requires the expertise of independent reserves evaluators who take into consideration reserve
assumptions. The Company engages independent reserves evaluators to estimate area reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
identified the assessment of the impact of estimated area reserves on depletion expense related to oil and gas properties as a
critical audit matter. Changes in assumptions used to estimate area reserves could have had a significant impact on the calculation
of depletion expense of the depletable area. A high degree of auditor judgment was required in evaluating the area reserves, and
related reserve assumptions, which were used in the calculation of depletion expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the
operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Company&rsquo;s calculation of depletion expense</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Company&rsquo;s determination of reserve assumptions and resulting area reserves.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
assessed the calculation of depletion expense for compliance with International Financial Reporting Standards as issued by the
International Accounting Standards Board. We evaluated the competence, capabilities and objectivity of the independent reserves
evaluators engaged by the Company. We evaluated the methodology used by the independent reserves evaluators to estimate area reserves
for compliance with regulatory standards. We compared current year actual area production volumes, royalty, operating and capital
costs to those estimates used in the prior year estimate of proved reserves by area to assess the Company&rsquo;s ability to accurately
forecast. We assessed the forecasted commodity prices used in the estimate of area reserves by comparing them to those published
by other reserves engineering companies. We assessed the forecasted production volumes and forecasted royalty, operating and capital
costs assumptions used in the estimate of area reserves by comparing them to historical results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I><U>/s/
KPMG LLP</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chartered
Professional Accountants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have served as the Company&rsquo;s auditor since 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Calgary,
Canada&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February
24, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
the Shareholders and Board of Directors of Baytex Energy Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Opinion
on Internal Control Over Financial Reporting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have audited Baytex Energy Corp.&rsquo;s (and subsidiaries&rsquo;) (the &ldquo;Company&rdquo;) internal control over financial
reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control
- Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB),
the consolidated statements of financial position of the Company as of December 31, 2021 and 2020, the related consolidated statements
of income (loss) and comprehensive income (loss), changes in equity, and cash flows for the years then ended, and the related
notes (collectively, the consolidated financial statements), and our report dated February 24, 2022 expressed an unqualified opinion
on those consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Basis
for Opinion</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company&rsquo;s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in the accompanying Management&rsquo;s Annual Report
on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&rsquo;s internal control
over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Definition
and Limitations of Internal Control Over Financial Reporting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
company&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company&rsquo;s internal control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s
assets that could have a material effect on the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I><U>/s/
KPMG LLP</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chartered
Professional Accountants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Calgary,
Canada</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">February 24, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Consolidated
Statements of Financial Position</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><I>(thousands
of Canadian dollars)</I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>As
    at</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">Notes</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>December 31, 2021</B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 8pt">December
    31, 2020</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ASSETS</B>&nbsp;</FONT></P></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Current assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Trade and other
    receivables</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">173,409</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 13%; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">107,477</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Financial
    derivatives</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">8,654</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">5,057</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">182,063</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">112,534</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Non-current assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Exploration and evaluation
    assets</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">172,824</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">191,865</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Oil and gas properties</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">4,464,371</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">3,077,548</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Other plant and equipment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">7,121</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">7,996</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Lease assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">8,264</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">11,098</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Deferred income tax asset</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">7,055</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">4,834,643</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">3,408,096</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LIABILITIES</B>&nbsp;</FONT></P></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Current liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Trade and other payables</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">190,692</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">155,955</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Financial derivatives</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">134,020</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">26,792</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Lease obligations</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">2,938</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">4,289</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asset
    retirement obligations</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">11,080</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">11,820</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">338,730</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">198,856</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Non-current liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Credit facilities</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">505,171</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">649,221</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Long-term notes</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">874,527</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">1,132,868</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Lease obligations</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">4,827</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">6,787</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in"><FONT STYLE="font-size: 8pt">Asset retirement obligations</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">732,603</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">748,563</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.2in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Deferred
    income tax liability</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">167,456</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">93,588</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">2,623,314</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">2,829,883</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHAREHOLDERS&rsquo;
                                         EQUITY</B>&nbsp;</FONT></P></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Shareholders' capital</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">5,736,593</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">5,729,418</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Contributed surplus</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">13,559</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">14,345</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Accumulated other comprehensive
    income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">632,103</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">618,976</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Deficit</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">(4,170,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">(5,784,526</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">2,211,329</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">578,213</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">4,834,643</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">3,408,096</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commitments
(note 19)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I><U>/s/ Mark
    R. Bly</U></I></FONT></TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I><U>/s/ Jennifer
    A. Mak</U>i</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Mark R. Bly</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jennifer A. Maki</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I>Director, Baytex Energy Corp.</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I>Director, Baytex Energy Corp.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Consolidated
Statements of Income (Loss) and Comprehensive Income (Loss)</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Years
    Ended December 31</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20;   text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><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: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenue,
                                         net of royalties</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Petroleum
                                         and natural gas sales&nbsp;</FONT></P></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="width: 13%; font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,868,195</B></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 13%; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">975,477</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(339,156</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(163,735</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,529,039</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">811,742</FONT></TD><TD STYLE="color: #231F20; 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="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expenses</B>&nbsp;</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>343,002</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">331,345</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>32,261</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,437</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Blending
    and other</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>85,689</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,381</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40,804</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,268</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exploration
    and evaluation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,212</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,011</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depletion
    and depreciation</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>464,580</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">486,380</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment
    (impairment reversal)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">5,
                                         6</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,542,414</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,360,220</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based
    compensation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,130</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,469</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financing
    and interest</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>111,159</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,441</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    derivatives loss (gain)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>287,872</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,336</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    exchange (gain) loss</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,868</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,688</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gain
    on dispositions</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,666</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(901</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    income</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,562</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,304</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(165,801</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,411,099</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><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 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,694,840</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,599,357</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    tax expense (recovery)&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current
                                         income tax expense&nbsp;</FONT></P></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,272</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">574</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income tax expense (recovery)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>79,968</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,967</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>81,240</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,393</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income (loss)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,613,600</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,438,964</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
                                         comprehensive income (loss)&nbsp;</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
                                         currency translation adjustment&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,127</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,752</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Comprehensive
    income (loss)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,626,727</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,376,212</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; color: #231F20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income (loss) per common share&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 15pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basic&nbsp;</FONT></P></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.86</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.35</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diluted</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.82</B></FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.35</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Weighted
    average common shares&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basic&nbsp;</FONT></P></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>563,674</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,657</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diluted</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>571,610</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,657</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49</B></FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Consolidated
Statements of Changes in Equity</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(thousands
of Canadian dollars)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; padding-left: 5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">Notes</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: rgb(35,31,32); text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">Shareholders&rsquo;</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">capital</FONT></P></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: rgb(35,31,32); text-align: left; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="color: rgb(35,31,32)">Contributed</FONT></P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="color: rgb(35,31,32)">surplus</FONT></P></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: rgb(35,31,32); text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">Accumulated</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">other</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">comprehensive</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: rgb(35,31,32)">income</FONT></P></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: rgb(35,31,32); text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">Deficit</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: rgb(35,31,32); text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>Total
    equity</B></FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; color: rgb(35,31,32); text-align: left; padding-left: 3pt"><FONT STYLE="color: rgb(35,31,32)"><B>Balance
    at December 31, 2019</B></FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="width: 10%; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">5,718,835</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="width: 10%; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">17,712</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"></TD><TD STYLE="width: 1%; color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="width: 10%; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">556,224</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="width: 10%; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(3,345,562</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>$</B></FONT></TD><TD STYLE="width: 10%; color: rgb(35,31,32); text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>2,947,209</B></FONT></TD><TD STYLE="width: 1%; color: rgb(35,31,32); text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Vesting of share
    awards</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">10</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">10,583</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(10,583</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&mdash;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Share-based compensation</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">11</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">7,216</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>7,216</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Comprehensive
    income (loss)</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">62,752</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(2,438,964</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="color: rgb(35,31,32);   border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>(2,376,212</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32);   text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: rgb(35,31,32)"><B>Balance
    at December 31, 2020</B></FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">5,729,418</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">14,345</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">618,976</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(5,784,526</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="color: rgb(35,31,32);   border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);  text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>578,213</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Vesting of share
    awards</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">10</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">7,175</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(7,175</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&mdash;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Share-based compensation</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">11</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">6,389</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>6,389</B></FONT></TD><TD STYLE="color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="color: rgb(35,31,32)">Comprehensive
    income</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">13,127</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">1,613,600</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32);   border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>1,626,727</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32);   text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="color: rgb(35,31,32)"><B>Balance
    at December 31, 2021</B></FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">5,736,593</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">13,559</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">632,103</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">(4,170,926</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">)</FONT></TD><TD STYLE="color: rgb(35,31,32);   border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)"><B>2,211,329</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: rgb(35,31,32);   text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: rgb(35,31,32); padding-left: 3pt"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: center"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: rgb(35,31,32)"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: right"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: rgb(35,31,32); text-align: left"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>50</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Baytex
Energy Corp.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Consolidated
Statements of Cash Flows</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><I>(thousands
of Canadian dollars)</I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Years
    Ended December 31</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><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: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CASH
                                         PROVIDED BY (USED IN):</B>&nbsp;</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    activities</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="width: 55%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income (loss)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,613,600</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,438,964</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments
    for:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based
    compensation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,389</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,216</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized
    foreign exchange (gain) loss</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,905</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,232</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exploration
    and evaluation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,212</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,011</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depletion
    and depreciation</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">464,580</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">486,380</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment
    (impairment reversal)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">5,
                                         6</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,542,414</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,360,220</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-cash
    financing, accretion and early redemption expense</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,090</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,907</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-cash
    other income</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,857</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,128</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized
    financial derivatives loss</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,631</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,500</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gain
    on dispositions</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,666</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(901</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income tax expense (recovery)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,968</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,967</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    retirement obligations settled</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,662</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,168</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Change
    in non-cash working capital</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,582</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,758</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    flows from operating activities</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">712,384</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">353,096</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financing
                                         activities&nbsp;</B></FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Decrease)
    increase in credit facilities</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(145,321</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">143,248</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    on lease obligations</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,334</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,925</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net proceeds
    from issuance of long-term notes</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">652,150</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Redemption
    of long-term notes</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(251,969</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(833,672</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    flows used in financing activities</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(401,624</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(44,199</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Investing
                                         activities&nbsp;</B></FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additions
    to exploration and evaluation assets</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,298</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,490</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additions
    to oil and gas properties</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(310,005</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(275,850</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additions
    to other plant and equipment</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(907</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,280</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Property
    acquisitions</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,557</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from dispositions</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,804</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Change
    in non-cash working capital</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,797</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,031</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    flows used in investing activities</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(310,760</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(314,469</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Change
                                         in cash&nbsp;</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,572</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash,
    beginning of year</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,572</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash,
    end of year</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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: #231F20; text-align: left; padding-left: 3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Supplementary
                                         information&nbsp;</B></FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    paid</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,114</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102,358</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    taxes paid</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,155</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="text-align: left; color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to the consolidated financial statements. &nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>51</B></FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the years ended December 31, 2021 and 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(all
tabular amounts in thousands of Canadian dollars, except per common share amounts)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>REPORTING
                                         ENTITY</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
Energy Corp. (the &ldquo;Company&rdquo; or &ldquo;Baytex&rdquo;) is an energy company engaged in the acquisition, development
and production of oil and natural gas in the Western Canadian Sedimentary Basin and in Texas, United States. The Company&rsquo;s
common shares are traded on the Toronto 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>BASIS
                                         OF PRESENTATION</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&quot;IFRS&quot;)
as issued by the International Accounting Standards Board (the &quot;IASB&quot;). The significant accounting policies set forth
below were consistently applied to all periods presented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
consolidated financial statements were approved by the Board of Directors of Baytex on February 24, 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
consolidated financial statements have been prepared on a historical cost basis, with the exception of certain fair value measurements
noted in the accounting policies set forth below. 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 (&quot;U.S.&quot;) dollars. All
financial information is rounded to the nearest thousand, except per share amounts or where otherwise indicated.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
Environment and Estimation Uncertainty</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
the year ended December 31, 2021, the global economy continued to show signs of recovery from the impacts of the COVID-19 pandemic.
Global spot prices for crude oil have recovered and now exceed pre-pandemic levels as optimism for demand recovery improves with
limited production growth from independent producers and ongoing OPEC+ production curtailments. While we have benefited from these
improvements in crude oil prices there is a degree of uncertainty related to COVID-19 that has been considered in our estimates
for the period ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Environmental
Reporting Regulations</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Environmental
reporting for public enterprises continues to evolve and we may be subject to additional future disclosure requirements. The International
Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the objective to develop a global framework
for environmental sustainability disclosure. The Canadian Securities Administrators have also issued a proposed National Instrument
51-107 <I>Disclosure of Climate-related Matters </I>which sets forth additional reporting requirements for Canadian Public Companies.
We continue to monitor developments on these reporting requirements and have not yet quantified the cost to comply with these
regulations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Measurement
Uncertainty and Judgments</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates
and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses.
These judgments, estimates and assumptions are based on all relevant information available, including considerations related to
environmental regulation and related matters, to the Company at the time of financial statement preparation. Actual results can
differ from those estimates as the effect of future events cannot be determined with certainty. The key areas of judgment or estimation
uncertainty that have a significant risk of causing material adjustment to the reported amounts of assets, liabilities, revenues,
and expenses are discussed below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Reserves</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company uses estimates of oil, natural gas and natural gas liquids (&quot;NGL&quot;) reserves in the calculation of depletion,
evaluating the recoverability of deferred income tax assets and in the determination of fair value estimates for non-financial
assets. The process to estimate reserves is complex and requires significant judgment. Estimates of the Company's reserves are</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>52</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">evaluated
annually by independent reserves evaluators and represent the estimated recoverable quantities of oil, natural gas and NGL and
the related net cash flows. This evaluation of reserves is prepared in accordance with the reserves definition contained in National
Instrument 51-101 &quot;Standards of Disclosure for Oil and Gas Activities&quot; and the Canadian Oil and Gas Evaluation Handbook.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimates
of economically recoverable oil, natural gas and NGL and their future net cash flows are based on a number of factors and assumptions.
Changes to estimates and assumptions such as forward price forecasts, production rates, ultimate reserve recovery, timing and
amount of capital expenditures, production costs, marketability of oil and natural gas, royalty rates and other geological, economic
and technical factors could have a significant impact on reported reserves. Changes in the Company's reserves estimates can have
a significant impact on the carrying values of the Company's oil and gas properties, the calculation of depletion, the valuation
of deferred income tax assets, the timing of cash flows for asset retirement obligations, asset impairments and estimates of fair
value determined in accounting for business combinations.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Cash-generating
Units (&quot;CGUs&quot;)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's oil and gas properties are aggregated into CGUs which are the smallest identifiable group of assets that generates cash
flows that are largely independent of the cash flows from other assets or groups of assets. The aggregation of assets in CGUs
requires management judgment and is based on geographical proximity, shared infrastructure and similar exposure to market risk.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Identification
of Impairment and Impairment Reversal Indicators</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Judgment
is required to assess when indicators of impairment or impairment reversal exist and when a calculation of the recoverable amount
is required. The CGUs comprising oil and gas properties are reviewed at each reporting date to assess whether there is any indication
of impairment or impairment reversal. The assessment for each CGU considers significant changes in reservoir performance including
forecasted production volumes, forecasted royalty, operating, capital and abandonment and reclamation costs, forecasted oil and
gas prices and the resulting cash flows from proved plus probable oil and gas reserves.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Measurement
of Recoverable Amount</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If
indicators of impairment or impairment reversal are determined to exist, the recoverable amount of an asset or CGU is calculated
based on the higher of value-in-use (&quot;VIU&quot;) and fair value less cost of disposal (&quot;FVLCD&quot;). These calculations
require the use of estimates and assumptions including cash flows associated with proved plus probable oil and gas reserves, the
discount rate used to present value future cash flows and assumptions regarding the timing and amount of capital expenditures
and future abandonment and reclamation obligations. Any changes to these estimates and assumptions could impact the calculation
of the recoverable amount and the carrying value of assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Exploration
and Evaluation (&quot;E&amp;E&quot;) Assets</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Costs
associated with acquiring oil and natural gas licenses and exploratory drilling are accumulated as E&amp;E assets pending determination
of technical feasibility and commercial viability. The determination of technical feasibility and commercial viability of E&amp;E
assets for the purposes of reclassifying such assets to oil and gas properties is subject to management judgment. Management uses
the establishment of commercial reserves as the basis for determining technical feasibility and commercial viability. Upon determination
of commercial reserves, E&amp;E assets are tested for impairment and reclassified to oil and natural gas properties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Asset
Retirement Obligations</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's provision for asset retirement obligations is based on estimated costs to abandon and reclaim the wells and the facilities,
the estimated time period during which these costs will be incurred in the future, and discount and inflation rates. The provision
for asset retirement obligations represents management's best estimate of the present value of the future abandonment and reclamation
costs required under current regulatory requirements. Actual abandonment and reclamation costs could be materially different from
estimated amounts.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Income
Taxes</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate are subject to change
and there are differing interpretations requiring management judgment. Deferred tax assets are recognized when it is considered
probable that deductible temporary differences will be recovered in future periods, which requires management judgment. Deferred
tax liabilities are recognized when it is considered probable that temporary differences will be payable to tax authorities in
future periods, which requires management judgment. Income tax filings are subject to audit and re-assessment and changes in facts,
circumstances and interpretations of the standards may result in a material change to the Company's provision for income taxes.
Estimates of future income taxes are subject to measurement uncertainty.</FONT></P>

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    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>53</B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SIGNIFICANT
ACCOUNTING POLICIES</B></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>Consolidation</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Subsidiaries are
entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating
policies to obtain benefits from its activities. Significant subsidiaries included in the Company's accounts include Baytex
Energy USA, Inc., Baytex Energy Ltd. and Baytex Energy Limited Partnership. Intercompany transactions are eliminated in
preparation of the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Many
of the Company's exploration, development and production activities are conducted through joint arrangements. The consolidated
financial statements include the Company's proportionate share of the assets, liabilities, revenues and expenses generated by
joint arrangements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Business
Combinations</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Business
combinations are accounted for using the acquisition method of accounting when the acquired assets meet the definition of a business
under IFRS. The cost of an acquisition is measured as cash paid and the fair value of assets given, equity instruments issued
and liabilities incurred or assumed at the date of exchange. The acquired identifiable assets and liabilities assumed are measured
at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair value of the net identifiable
assets acquired is recognized as goodwill. If the cost of acquisition is below the fair values of the identifiable net assets
acquired, the difference is recognized as a bargain purchase gain in net income or loss. Associated transaction costs are expensed
when incurred.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenue
Recognition</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenue
from the sale of light oil and condensate, heavy oil, natural gas liquids, and natural gas is recognized based on the consideration
specified in contracts with customers. Baytex recognizes revenue by unit of production and when control of the product transfers
to the customer and collection is reasonably assured. This is generally at the point in time when the customer obtains legal title
to the product which is when it is physically transferred to the pipeline or other transportation method agreed upon.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
nature of the Company's performance obligations, including roles of third parties and partners, are evaluated to determine if
the Company acts as a principal. Baytex recognizes revenue on a gross basis when it acts as the principal and has primary responsibility
for the transaction. Revenue is recognized on a net basis when Baytex acts in the capacity of an agent rather than as a principal.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
transaction price for variable price contracts in the Canadian and U.S. operating segments is based on a representative commodity
price index, and may include adjustments for quality, location, delivery method, or other factors depending on the agreed upon
terms of the contract. The amount of revenue recorded can vary depending on the grade, quality and quantities of oil or natural
gas transferred to customers. Market conditions, which impact the Company's ability to negotiate certain components of the transaction
price, can also cause the amount of revenue recorded to fluctuate from period to period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tariffs,
tolls and fees charged to other entities for the use of pipelines and facilities owned by Baytex are evaluated by management to
determine if these originate from contracts with customers or from incidental or collaborative arrangements. Tariffs, tolls and
fees charged to other entities that are from contracts with customers are recognized in revenue when the related services are
provided.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">E&amp;E
Assets</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pre-license
costs, including certain geological, geophysical and seismic expenditures, are incurred before the legal rights to explore a specific
area have been obtained. These costs are charged to exploration expense in the period in which they are incurred.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Once
the legal right to explore has been acquired, costs directly associated with an exploration program are capitalized as an intangible
asset until results of the exploration program have been evaluated. Costs capitalized as E&amp;E assets include costs of license
acquisition, technical services and studies, seismic acquisition, exploration drilling and testing of initial production results.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">E&amp;E
costs are subject to technical, commercial and management review to confirm the continued intent to develop or otherwise extract
the underlying reserves. The technical feasibility and commercial viability of extracting petroleum and natural gas resources
is dependent on the existence of economically recoverable reserves for the project. If the asset is determined not to be technically
feasible or commercially viable the accumulated E&amp;E costs associated with the exploration project are charged to E&amp;E expense
in the period the determination is made.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>54</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Upon
determination of technical feasibility and commercial viability, as evidenced by the classification of commercial reserves and
management's intention to develop the E&amp;E asset, the accumulated costs associated with the exploration project are tested
for impairment and transferred to oil and gas properties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oil
and Gas Properties</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oil
and gas properties are initially recorded at cost and include the costs to acquire, develop, complete geological and geophysical
surveys, drill wells, and construct and install infrastructure including wellhead equipment and processing facilities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oil
and gas properties includes costs related to planned major inspection, overhaul and turnaround activities to maintain items of
oil and gas properties and benefit future years of operations. Replacements outside of a major inspection, overhaul or turnaround
are recognized as oil and gas properties when it is probable the economic benefits of the replacement will be realized by the
Company in the future. The carrying amount of any replaced or disposed item of oil and gas properties is derecognized. Repair
and maintenance costs incurred for servicing an item of oil and gas properties is recorded as operating expense as incurred.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion
and Depreciation</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
costs associated with oil and gas properties are depleted on a unit-of-production basis by depletable area over proved plus probable
reserves once commercial production has commenced. Future development costs required to bring those reserves into production are
included in the depletable base. For purposes of the depletion calculation, petroleum and natural gas reserves are converted to
a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates
to one barrel of oil equivalent.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
and Impairment Reversals</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Non-financial
Assets</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company reviews its non-financial assets, other than E&amp;E assets, for indicators of impairment and impairment reversal at the
end of each reporting period. The recoverable amount of the asset is estimated if indicators of impairment or impairment reversal
exist. E&amp;E assets are assessed for impairment when they are reclassified to oil and gas properties or when facts and circumstances
suggest that the carrying amount exceeds the recoverable amount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">When
reviewing for indicators of impairment or impairment reversal, and testing for impairment or impairment reversal when indicators
have been identified, assets are grouped together at a CGU level. The recoverable amount of an asset or CGU is the higher of its
FVLCD and its VIU. The determination of recoverable amount includes estimates of proved and probable oil and gas reserves and
the associated cash flows. Factors that impact these cash flows include CGU production volumes, royalty obligations, operating
costs, capital costs, forecast commodity prices, along with inflation and discount rates used to estimate present value. FVLCD
is determined as the amount that would be obtained from the sale of an asset or CGU in an arm's length transaction between willing
parties. In determining FVLCD, recent market transactions are considered if available. In the absence of such transactions, an
appropriate valuation model is used. VIU is assessed using the present value of the estimated future cash flows of the asset or
CGU. The estimated future cash flows are adjusted for risks specific to the asset or CGU and are discounted using a discount rate
that reflects current market assessments of the time value of money.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Where
the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is written down to its recoverable
amount. The impairment reduces the carrying amount of any goodwill allocated to the CGU first, with any remaining impairment being
allocated to the individual assets in the CGU on a pro-rata basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairments
may be reversed for all CGUs and individual assets, other than goodwill, when there is indication that a previously recognized
impairment may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. An impairment
may be reversed only to the extent that the asset&rsquo;s revised carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation and depletion, had no impairment been recognized. Impairment recognized in relation
to goodwill is not reversed for subsequent increases in its recoverable amount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairments
and impairment reversals are recorded in net income or loss in the period the impairment or impairment reversal occurs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset
Retirement Obligations</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company recognizes asset retirement obligations when it has a legal or constructive obligation as a result of past events, it
is probable that an outflow of economic resources will be required to settle the obligation and a reliable estimate can be made
of the amount of the obligation. The Company&rsquo;s asset retirement obligations are based on its net ownership in wells and
facilities. Management estimates the costs to abandon and reclaim the wells and the facilities using existing technology and the
estimated time period during which these costs will be incurred in the future.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>55</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset
retirement obligations are recognized for future asset retirement costs associated with the abandonment and reclamation of the
Company's E&amp;E assets and oil and gas properties. Asset retirement obligations are measured at the present value of management's
best estimate of the future cash flows required to settle the present obligation, discounted using the risk-free interest rate.
The present value of the liability is capitalized as part of the cost of the related asset and depleted over its useful life.
The asset retirement obligation is accreted until the date of expected settlement of the retirement obligation and is recognized
within finance expense in the statements of income or loss. Changes in the future cash flow estimates resulting from revisions
to the estimated timing or amount of undiscounted cash flows or the discount rates are recognized as changes in the asset retirement
obligation provision and related asset at each reporting date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
Currency Translation</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Foreign
Transactions</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transactions
completed in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the time of the transactions. Foreign currency assets and liabilities are translated to functional currency at the period-end
exchange rate. Revenue and expenses are translated to functional currency using the average exchange rate for the period. Realized
and unrealized gains and losses resulting from the settlement or translation of foreign currency transactions are included in
net income or loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Foreign
Operations</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
functional currency of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates.
Certain subsidiaries of the Company operate and transact primarily in currencies other than the Canadian dollar. Management judgement
is required in the designation of a subsidiary's functional currency which is based on the currency of the primary economic environment
in which the subsidiary operates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
financial statements of each entity are translated into Canadian dollars during the preparation of the Company's consolidated
financial statements. The assets and liabilities of a foreign operation are translated to Canadian dollars at the period-end exchange
rate. Revenues and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period.
Foreign exchange differences are recognized in other comprehensive income or loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If
the Company or any of its entities disposes of its entire interest in a foreign operation, or loses control, joint control, or
significant influence over a foreign operation, the accumulated foreign currency translation gains or losses related to the foreign
operation are recognized in net income or loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
Instruments</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
assets are initially classified into three categories: measured at amortized cost; fair value through other comprehensive income
(&ldquo;FVOCI&rdquo;); or fair value through profit or loss (&ldquo;FVTPL&rdquo;). Financial assets are categorized based on the
Company&rsquo;s objective for the asset and the contractual cash flows. A financial asset is classified as amortized cost if the
asset is held with the objective to collect contractual cash flows that are solely payments of principal and interest on principal
amounts outstanding. A financial asset is classified as FVOCI if the asset is held with the objective to both collect contractual
cash flows and sell the financial asset. All other financial assets are measured at FVTPL. Financial assets are assessed for impairment
using an expected credit loss model.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
measurement categories for each class of financial asset and financial liability is set forth in the following table.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 47%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Financial
    Instrument</FONT></TD>
    <TD STYLE="width: 53%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Classification</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Trade
    and other receivables</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Financial
    derivatives</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fair
    value through profit or loss</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Trade
    and other payables</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit
    facilities</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Long-term
    notes</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">An
embedded derivative is a component of a contract that modifies the cash flows of the contract. These hybrid contracts consist
of a host contract and an embedded derivative. The embedded derivative is separated from the host contract and accounted for as
a derivative unless the economic characteristics and risks of the embedded derivative are closely related to the host contract.
The embedded derivatives are measured at FVTPL.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>56</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Debt
issuance costs related to the amendment of our credit facilities or the issuance of long term notes are capitalized and amortized
as financing costs over the term of the credit facilities or long term notes. For a financial asset or a financial liability carried
at amortized cost, transaction costs directly attributable to acquiring or issuing the asset or liability are added to, or deducted
from, the fair value on initial recognition and amortized through net income or loss over the term of the financial instrument.
Transaction costs that are directly attributable to the acquisition or issue of a financial asset or a financial liability classified
as FVTPL are expensed at inception of the contract.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company formally documents its risk management objectives and strategies to manage exposures to fluctuations in commodity prices,
interest rates and foreign currency exchange rates. The risk management policy permits the use of certain derivative financial
instruments, including swaps and collars, to manage these fluctuations. All transactions of this nature entered into by the Company
are related to underlying financial instruments or future petroleum and natural gas production. These instruments are classified
as FVTPL. The Company does not use financial derivatives for trading or speculative purposes. The Company has not designated its
financial derivative contracts as effective accounting hedges, and therefore has not applied hedge accounting. As a result, the
Company applies the fair value method of accounting for all derivative instruments by recording an asset or liability on the statements
of financial position and recognizing changes in the fair value of the instrument in the statements of income or loss for the
current period. The fair values of these instruments are based on quoted market prices or, in their absence, third-party market
indications and forecasts. Attributable transaction costs are recognized in net income or loss when incurred.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company has accounted for its physical delivery sales contracts, which were entered into and continue to be held for the purpose
of receipt or delivery of non-financial items in accordance with its expected purchase, sale or usage requirements as executory
contracts. As such, these contracts are not considered to be derivative financial instruments and have not been recorded at fair
value on the statements of financial position. Settlements on these physical delivery sales contracts are recognized in revenue
in the period the product is delivered to the sales point.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
of financial assets is determined by calculating the expected credit loss (&quot;ECL&quot;). The Company measures an ECL allowance
for trade and other receivables. The Company determines the ECL which is the probability of default events related to the financial
asset by using historical realized bad debts and forward looking information. The carrying amounts of financial assets are reduced
by the amount of the ECL through an allowance account and losses are recognized in the statement of income or loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Fair
Value of Financial Instruments</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs
used to value the instruments:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
                                         1: Values based on unadjusted quoted prices in active markets that are accessible at
                                         the measurement date for identical assets or liabilities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
                                         2: Values based on quoted prices in markets that are not active or model inputs that
                                         are observable either directly or indirectly for substantially the full term of the asset
                                         or liability.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
                                         3: Values based on prices or valuation techniques that require inputs that are both unobservable
                                         and significant to the overall fair value measurement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
Taxes</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20; text-align: justify"><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; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
and deferred income taxes are recognized in net income or loss, except when they relate to items that are recognized directly
in equity, in which case the current and deferred taxes are also recognized directly in equity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
income taxes for the current and prior periods are measured at the amount expected to be recoverable from or payable to the taxation
authorities based on the income tax rates enacted at the end of the reporting period. The Company recognizes the financial statement
impact of a tax filing position when it is probable that the position will be sustained upon audit. The liability is measured
based on an assessment of possible outcomes and their associated probabilities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded
for the effect of any temporary differences between the carrying amounts of assets and liabilities in the consolidated financial
statements and the corresponding tax basis used in the computation of taxable income. Deferred income tax liabilities are generally
recognized for all taxable temporary differences. Deferred income tax assets are recognized for all temporary differences deductible
to the extent future recovery is probable. The carrying amount of deferred income tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or
part of the asset to be recovered. Deferred income taxes are calculated using enacted or substantively enacted tax rates. Deferred
income tax balances are adjusted for any changes in the enacted or substantively enacted tax rates and the adjustment is recognized
in the period that the rate change occurs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>57</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Share-based
Compensation Plans</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company has a full-value award plan (the &quot;Share Award Incentive Plan&quot;) pursuant to which restricted awards and performance
awards (collectively, &quot;Share Awards&quot;) may be granted to the directors, officers and employees of the Company and its
subsidiaries. The maximum number of common shares issuable under the Share Award Incentive Plan (and any other long- term incentive
plans of the Company) shall not at any time exceed 3.8% of the then-issued and outstanding common shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Share
Awards vest in equal tranches on the first, second and third anniversaries of the grant date. Each restricted award entitles the
holder to be issued the number of common shares designated in the restricted award (plus dividend equivalents). Each performance
award entitles the holder to be issued the number of common shares designated in the performance award (plus dividend equivalents)
multiplied by a payout multiplier. Expenses related to the Share Award Incentive Plan are determined based on the fair value of
the Share Awards on the grant date which is based on quoted market prices for the Company's common shares. Both restricted and
performance awards are expensed over the vesting period using the graded vesting method, with a corresponding increase to contributed
surplus. The payout multiplier is dependent on the performance of the Company relative to predefined corporate performance measures
for a particular period. In the case of both restricted and performance awards, the number of common shares to be issued on the
applicable issue date is adjusted to account for the payments of dividends from the grant date to the applicable issue date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company has a cash-settled incentive award plan (the &quot;Incentive Award Plan&quot;) pursuant to which incentive awards may
be granted to officers and employees of the Company and its subsidiaries. Each incentive award entitles the holder 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>58</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SEGMENTED
                                         FINANCIAL INFORMATION</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex's
reportable segments are determined based on the geographic location and nature of the underlying operations:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="font: 10pt 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Canada</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>U.S.</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corporate</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Years
    Ended December 31</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenue,
                                         net of royalties</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #231F20"></P></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="width: 28%; color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Petroleum
    and natural gas sales</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,128,137</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">571,741</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">740,058</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">403,736</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,868,195</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">975,477</FONT></TD><TD STYLE="width: 1%; color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(121,306</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46,064</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(217,850</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(117,671</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(339,156</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(163,735</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,006,831</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">525,677</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">522,208</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">286,065</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,529,039</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">811,742</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; font-weight: bold; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,658</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,050</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,344</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,295</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">343,002</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">331,345</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,261</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,437</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,261</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,437</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Blending
    and other</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,689</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,381</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,689</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,381</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    and administrative</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,804</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,268</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,804</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,268</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exploration
    and evaluation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,212</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,011</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,212</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,011</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depletion
    and depreciation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">303,135</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">309,420</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,806</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">169,439</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,639</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,521</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">464,580</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">486,380</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment
    (reversal) loss</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,100,000</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,737,000</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(442,414</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">623,220</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,542,414</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,360,220</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based
    compensation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,130</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,469</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,130</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,469</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financing
    and interest</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,159</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,441</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,159</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,441</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    derivatives loss (gain)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">287,872</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,336</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">287,872</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,336</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    exchange (gain) loss</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,868</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,688</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,868</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,688</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Gain)
    loss on dispositions</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,856</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(901</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,666</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(901</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    (income) expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,857</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,128</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,176</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,562</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,304</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(418,758</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,381,270</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(201,074</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">876,954</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">454,031</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152,875</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(165,801</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,411,099</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income (loss) before income taxes</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,425,589</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,855,593</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">723,282</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(590,889</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(454,031</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(152,875</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,694,840</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,599,357</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax expense (recovery)</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="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="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current
    income tax (recovery) expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(548</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">469</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,820</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,272</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">574</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    income tax expense (recovery)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,928</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(77,201</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,913</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(57,199</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79,873</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,567</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,968</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,967</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,380</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(76,732</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,733</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(57,094</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79,873</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,567</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,240</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,393</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income (loss)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,339,209</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,778,861</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">648,549</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(533,795</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(374,158</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(126,308</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,613,600</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,438,964</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additions
    to exploration and evaluation assets</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,298</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,490</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,298</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,490</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Additions
    to oil and gas properties</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,912</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,462</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,093</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310,005</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">275,850</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Property
    acquisitions</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,557</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,388</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,557</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from dispositions</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,211</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(182</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(593</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,804</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(182</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
    at</FONT></TD><TD COLSPAN="3" STYLE="color: #231F20; border-bottom: Black 1pt solid; border-top: Black 1pt solid; background-color: rgb(229,229,229); text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December
                  31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian
    assets</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,658,281</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,646,412</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.
    assets</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,152,323</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,737,533</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate
    assets</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,039</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,151</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    consolidated assets</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,834,643</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,408,096</FONT></TD><TD STYLE="color: #231F20; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>59</B></FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5.</B></FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>EXPLORATION
                                         AND EVALUATION ASSETS</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; color: #231F20; font-weight: bold; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance,
    beginning of year</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">191,865</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">320,210</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    expenditures</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,298</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,490</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    acquisitions</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Divestitures</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(166</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    swaps</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">408</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">468</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(113,058</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exploration
    and evaluation expense <SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,212</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,011</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfers
    to oil and gas properties (note 6)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,727</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,585</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency translation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(742</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,351</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance,
    end of year</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; border-top: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">172,824</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; border-top: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">191,865</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Exploration
                                         and evaluation expense balance consists of land expiries as at December 31, 2021.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, there were no indicators of impairment or impairment reversal for exploration and evaluation assets in any
of the Company's CGUs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 loss of $127.9 million was recorded at March 31, 2020.
The recoverable amount of each CGU was based on its &quot;FVLCD&quot; and was estimated with reference to arm's length transactions
in comparable locations and the discounted cash flows associated with the Company's future development plans. The following table
indicates the impairment loss booked for each CGU at March 31, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    at&nbsp; <BR>March 31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 82%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Conventional
    CGU</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,000</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Peace
    River CGU</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,000</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lloydminster
    CGU</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,000</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viking
    CGU</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,000</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eagle
    Ford CGU</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,861</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,861</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><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; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2020, the Company estimated the recoverable amount of the exploration and evaluation assets within each of its six
CGUs due to the ongoing volatility in future oil and natural gas prices. The recoverable amount supported the carrying amount
for the Conventional, Peace River, Lloydminster, and Duvernay CGUs and no impairment loss or impairment reversal was recorded.
The recoverable amount for the Viking and Eagle Ford CGUs exceeded their carrying amounts which resulted in an impairment reversal
of $14.8 million at December 31, 2020. The recoverable amount of each CGU was based on its FVLCD and was estimated with reference
to arm's length transaction in comparable locations and the discounted cash flows associated with the Company's future development
plans. The following table indicates the impairment reversal booked for the Viking and Eagle Ford CGUs at December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    reversal at <BR>
    December 31, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 82%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viking
    CGU</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 15%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eagle
    Ford CGU</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,803</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,803</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>60</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 62 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OIL
                                         AND GAS PROPERTIES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><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%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.12in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accumulated
    <BR>
    depletion</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    book value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance,
    December 31, 2019</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,128,297</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,740,408</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,387,889</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    expenditures</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,850</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,850</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfers
    from exploration and evaluation assets (note 5)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,585</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,585</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in asset retirement obligations (note 9)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,994</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,994</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    swaps</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,190</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">178</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,012</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,247,162</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,247,162</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency translation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(82,860</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,123</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,263</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(478,859</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(478,859</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance,
    December 31, 2020</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,423,676</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,346,128</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,077,548</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    expenditures</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">310,005</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">310,005</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    acquisitions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Divestitures</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(37,835</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,844</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,991</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property
    swaps</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,131</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,900</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(231</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfers
    from exploration and evaluation assets (note 5)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,727</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,727</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change
    in asset retirement obligations (note 9)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,222</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,222</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    reversal</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,542,414</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,542,414</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency translation</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31,977</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,765</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,788</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -0.12in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depletion</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(458,941</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(458,941</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balance,
    December 31, 2021</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,633,517</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,169,146</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,464,371</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
recorded total impairment reversals related to oil and gas properties of $1.5 billion for the year ended December 31, 2021 and
impairment losses related to oil and gas properties of $2.2 billion for the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021
Impairment Reversals</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, we identified indicators of impairment reversal for oil and gas properties in five CGUs due to the increase
in forecasted commodity prices in addition to changes in proved plus probable reserves. The recoverable amount for three CGUs
exceeded their carrying amounts which resulted in an impairment reversal of $416 million recorded at December 31, 2021. The recoverable
amount for 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, 2021. The after-tax discount rates applied to the cash flows
were between 12% and 19%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, the recoverable amount of the five CGUs tested were calculated using the following benchmark reference prices
for the years 2022 to 2031 adjusted for commodity differentials specific to the CGU. The prices and costs subsequent to 2031 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; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2030</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2031</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.9pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.83</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.78</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.76</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.09</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.45</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.84</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.26</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.70</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">75.18</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.68</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.42</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.17</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.54</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.87</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.23</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.61</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.02</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.46</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.69</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.33</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.28</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.27</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.62</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.01</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.41</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.85</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">75.32</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.82</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.35</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">86.82</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80.73</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.01</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">79.57</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">81.16</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">82.78</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">84.44</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">86.13</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">87.85</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">89.61</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.85</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.44</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.17</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.24</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.30</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.37</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.44</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.50</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.58</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.65</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.56</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.21</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.05</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.11</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.17</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.23</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.30</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.36</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.43</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.50</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.26</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>61</B></FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the recoverable amount and impairment reversal at December 31, 2021 and demonstrates the sensitivity
of the estimated recoverable amount of the five CGUs with respect to reasonably possible changes in key assumptions inherent in
the estimate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Impairment <BR> reversal</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in discount</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate of 1%</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in oil price</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of $2.50/bbl</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Change in gas <BR> price of $0.25/mcf</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 5.4pt">Conventional CGU</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">77,846</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">19,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">8,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Peace River CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">489,274</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">251,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">53,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Lloydminster CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">479,411</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">146,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">52,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Viking CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,320,094</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">38,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">85,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Eagle Ford CGU</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,008,478</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">97,200</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">138,800</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">31,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">4,375,103</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">416,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">156,200</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">332,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">47,300</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
June 30, 2021, we identified indicators of impairment reversal for oil and gas properties in each of our six CGUs due to the increase
in forecasted commodity prices. The recoverable amount for each of our six CGUs exceeded their carrying amounts which resulted
in an impairment reversal of $1.1 billion recorded at June 30, 2021. The recoverable amount for 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, 2020 and was adjusted by management for operations between December 31, 2020 and June 30, 2021. The after-tax
discount rates applied to the cash flows were between 10% and 16%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #231F20"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
June 30, 2021, the recoverable amount of the Company's CGUs were calculated using the following benchmark reference prices for
the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030 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; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2030</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.9pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.33</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.20</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.95</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.23</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">64.50</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.79</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.10</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.44</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.81</FONT></TD>
    <TD STYLE="padding-top: 1.9pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.22</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.84</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.73</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.70</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.91</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.15</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">64.42</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.70</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.02</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.36</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.17</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.53</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.80</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.10</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">66.39</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.71</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.05</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">70.42</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.82</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.26</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">83.20</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">78.27</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.06</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">73.05</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.51</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">76.00</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">77.52</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">79.07</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">80.66</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">82.27</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.42</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.19</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.92</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.96</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.02</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.08</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.14</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.21</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.27</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.34</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 1.8pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.46</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.13</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.72</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.71</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.76</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.82</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.88</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.94</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.99</FONT></TD>
    <TD STYLE="padding-top: 1.8pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.05</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.8pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.25</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><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; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the recoverable amount and impairment reversal at June 30, 2021 and demonstrates the sensitivity of
the estimated recoverable amount of the Company'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; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Impairment <BR> reversal</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in discount&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate of 1%</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in oil price&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of $2.50/bbl&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Change in gas <BR> price of $0.25/mcf</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; color: #231F20; text-align: left; padding-left: 5.4pt">Conventional CGU</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">57,891</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">15,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">1,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">1,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">8,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Peace River CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">238,714</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">154,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">40,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Lloydminster CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">340,730</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">154,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">52,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Duvernay CGU<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">115,157</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">45,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">44,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">44,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 5.4pt">Viking CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,338,985</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">356,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">47,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">89,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">Eagle Ford CGU</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,015,118</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">442,415</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">109,400</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">103,900</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">24,400</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">4,106,595</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,126,415</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">218,900</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">330,900</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">83,900</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         impairment reversal for the Duvernay CGU was limited to total accumulated impairments
                                         less subsequent depletion of $5.0 million.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>62</B></FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Baytex
    Energy Corp. 2021 Annual Report</FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020
Impairments</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2020, the Company estimated the recoverable amount of each of its six CGUs due to the volatility in commodity prices
during the year and a reduction in future development costs per well for the Viking and Eagle Ford CGUs. The recoverable amount
supported the carrying amount for the Conventional, Peace River, Lloydminster, and Duvernay CGUs and no impairment or impairment
reversal was recorded. The recoverable amount for the Viking and Eagle Ford CGUs exceeded their carrying amounts which resulted
in an impairment reversal of $341.3 million recorded at December 31, 2020. The recoverable amount for 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, 2020. The after-tax discount rates applied to the cash flows were between 10% and 17%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2020, the recoverable amount of the Company's CGUs were calculated using the following benchmark reference prices
for the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030
have been adjusted for inflation at an annual rate of 2%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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="width: 20%; border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">47.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">50.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">53.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">54.97</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">56.07</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">57.19</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">58.34</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.50</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.69</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.91</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS
    heavy oil ($/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">44.63</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">48.18</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">52.10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">54.10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">55.19</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">56.29</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">57.42</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">58.57</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.74</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.93</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS
    crude oil (US$/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">49.50</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">52.85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">55.87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">57.69</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">58.82</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.97</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.15</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">62.34</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.56</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">64.83</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">55.76</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.89</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.48</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.76</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">67.13</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.53</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.95</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.40</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.88</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.83</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.90</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.96</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.02</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.08</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.14</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.20</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.78</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.70</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.61</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.65</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.70</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.76</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.81</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.92</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.98</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.31</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible
changes in key assumptions inherent in the estimate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Impairment</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">reversal</P></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in discount</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate of 1%</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in oil price</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of $2.50/bbl</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Change in gas</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20">price of $0.25/mcf</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Conventional CGU</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">54,265</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">1,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">9,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Peace River CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">104,225</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">49,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Lloydminster CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">212,979</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">7,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">57,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Duvernay CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">70,491</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Viking CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,026,026</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">116,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">34,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">106,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Eagle Ford CGU</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,609,562</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">225,326</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">91,600</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">157,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">38,400</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">3,077,548</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">341,326</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">140,600</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">386,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">57,400</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
March 31, 2020, the recoverable amount of the Company's CGUs were calculated using the following benchmark reference prices for
the years 2020 to 2029 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2029 have
been adjusted for inflation at an annual rate of 2%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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="width: 20%; border-bottom: black 1pt solid; text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2020</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2021</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2022</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2023</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2024</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2025</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2026</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2027</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2028</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2029</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI crude
    oil (US$/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">29.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">40.45</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">49.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">53.28</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">55.66</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">56.87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">58.01</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.35</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS heavy
    oil ($/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">19.21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">34.65</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">46.34</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">51.25</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">54.28</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">55.72</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">56.96</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">58.22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.51</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">LLS crude
    oil (US$/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">32.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">43.80</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">52.55</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">56.68</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">60.35</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">61.52</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">62.72</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">63.94</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Edmonton
    par oil ($/bbl)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">29.22</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">46.85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">59.27</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">65.02</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">68.43</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">69.81</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">71.24</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">72.70</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">74.19</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">75.71</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Henry
    Hub gas (US$/mmbtu)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.58</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.79</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.86</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.93</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.00</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.07</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.13</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.19</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3.25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    gas ($/mmbtu)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.74</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.20</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.38</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.45</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.53</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.60</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.66</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.72</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.79</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2.85</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 5pt; padding-right: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Exchange
    rate (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.41</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.37</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.33</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.33</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.33</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.33</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1.33</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>63</B></FONT></TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible
changes in key assumptions inherent in the estimate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recoverable</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">amount</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Impairment</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Change in discount</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20">&nbsp;&nbsp;rate of 1%</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Change in oil price</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20">&nbsp;&nbsp;of $2.50/bbl</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Change in gas</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20">price of $0.25/mcf</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Conventional CGU</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">37,444</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">41,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,500</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">8,500</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Peace River CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">109,631</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">345,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">9,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">53,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Lloydminster CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">227,967</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">470,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">25,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">69,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Duvernay CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">61,197</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">9,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Viking CGU</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">962,134</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">915,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">57,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">123,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Eagle Ford CGU</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,576,423</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">812,488</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">120,750</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">141,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">32,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,974,796</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,588,488</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">220,750</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">400,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">49,000</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>CREDIT
FACILITIES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt; padding-top: 2pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); padding-top: 2pt">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 2pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; padding-top: 2pt">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; padding-top: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit facilities - U.S. dollar denominated<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">156,332</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">140,815</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Credit facilities - Canadian dollar denominated</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">350,182</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">510,358</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit facilities - principal<SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">506,514</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">651,173</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Unamortized debt issuance costs</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(1,343</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(1,952</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Credit facilities</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">505,171</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">649,221</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>U.S.
                                         dollar denominated credit facilities balance was US$123.5 million as at December 31,
                                         2021 (December 31, 2020 - US$110.4 million).</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         decrease in the principal amount of the credit facilities outstanding from December 31,
                                         2020 to December 31, 2021 is the result of net repayments of $145.3 million and an increase
                                         in the reported amount of U.S. denominated debt of $0.7 million due to foreign exchange.</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
has US$575 million of revolving credit facilities (the &quot;Revolving Facilities&quot;) and a $300 million non-revolving secured
term loan (the &quot;Term Loan&quot;) (collectively the &quot;Credit Facilities&quot;). The Credit Facilities mature on April
2, 2024 and 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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's wholly-owned subsidiary, Baytex Energy USA, Inc. The
$300 million Term Loan is secured by the assets of Baytex's wholly-owned subsidiary, Baytex Energy Limited Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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 Baytex'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 (&quot;LIBOR&quot;), plus applicable margins.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
LIBOR benchmark transition began on December 31, 2021. Certain tenors of the U.S. dollar LIBOR benchmark are no longer
published as of December 31, 2021 while some tenors will continue to be published through mid-2023. We expect the U.S. dollar
LIBOR benchmarks to be replaced with an alternative that will apply to our U.S. dollar borrowing at our option. We do not
expect this change to have a material impact to Baytex as U.S. dollar borrowings under the credit facilities can also bear
interest at the U.S. base loan rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
weighted average interest rate on the Credit Facilities was 2.1% for the year ended December 31, 2021 (2.4% for the year ended
December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, Baytex had $15.0 million of outstanding letters of credit under the Credit Facilities (December 31, 2020 -
$15.0 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, Baytex was in compliance with all of the covenants contained in the Credit Facilities and is forecasting compliance
with these covenants based on current forward commodity prices. The following table summarizes the financial covenants applicable
to the Revolving Facilities and Baytex's compliance therewith as at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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="width: 68%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>Covenant
    Description</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>Position
                                         as at</B></FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>December
                                         31, 2021</B></FONT></P></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>Covenant</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Senior Secured Debt<SUP>(1)
    </SUP>to Bank EBITDA<SUP>(2) </SUP>(Maximum Ratio)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>0.6:1.0</B></FONT></TD>
    <TD><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">3.5:1.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Interest Coverage<SUP>(3)
    </SUP>(Minimum Ratio)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>9.1:1.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">2.0:1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&quot;Senior
                                         Secured Debt&quot; is calculated in accordance with the credit facility agreements and
                                         is defined as the principal amount of the credit facilities and other secured obligations
                                         identified in the credit agreement. As at December 31, 2021, the Company's Senior Secured
                                         Debt totaled $521.5 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&quot;Bank
                                         EBITDA&quot; 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 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 year
                                         ended December 31, 2021 was $836.9 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&quot;Interest
                                         coverage&quot; is calculated in accordance with the credit agreement and is computed
                                         as the ratio of Bank EBITDA to financing and interest expenses, excluding certain non-cash
                                         transactions, and is calculated on a trailing twelve-month basis. Financing and interest
                                         expenses for the year ended December 31, 2021 was $91.8 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LONG-TERM
NOTES</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD COLSPAN="3" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229); text-align: right">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">5.625% notes (US$200,000 &ndash; principal) due June 1, 2024</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">253,120</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">510,200</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">8.75% notes (US$500,000 &ndash; principal) due April 1, 2027</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">632,800</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">637,750</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total long-term notes - principal<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">885,920</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">1,147,950</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Unamortized debt issuance costs</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(11,393</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(15,082</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Total long-term notes - net of unamortized debt issuance costs</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">874,527</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,132,868</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         decrease in the principal amount of long-term notes outstanding from December 31, 2020
                                         to December 31, 2021 is the result of principal repayments of $249.4 million and changes
                                         in the reported amount of U.S. denominated debt of $12.6 million.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
2021, Baytex repurchased and cancelled principal notes totaling US$200 million of the 5.625% Notes and recorded early redemption
expense of $1.9 million. As at December 31, 2021, there was a total of US$200.0 million of the 5.625% Notes that remained outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 &quot;8.75% Senior Notes&quot;). The 8.75% Senior Notes are redeemable
at Baytex'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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
long-term notes do not contain any significant financial maintenance covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65</B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>ASSET
RETIREMENT OBLIGATIONS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD COLSPAN="3" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt">Balance, beginning of year</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">760,383</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">667,974</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Liabilities incurred</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">14,845</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,189</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Liabilities settled</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(6,662</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(7,168</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Liabilities acquired from property acquisitions</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">249</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Liabilities divested</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(3,161</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(721</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Property swaps</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(4,113</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(525</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Accretion (note 15)</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">12,381</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">8,978</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Government grants<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(2,857</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(2,128</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Change in estimate</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(9,686</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(12,771</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Changes in discount rates and inflation rates<SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(17,381</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">92,576</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt; border-bottom: Black 1pt solid">Foreign currency translation</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(315</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(1,021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt">Balance, end of year</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">743,683</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">760,383</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Less current portion of asset retirement obligations</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">11,080</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">11,820</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Non-current portion of asset retirement obligations</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">732,603</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">748,563</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>During
                                         2021, Baytex recognized $2.9 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 ($2.1 million in 2020).</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         discount and inflation rates at December 31, 2021 were 1.7% and 1.8% respectively (December
                                         31, 2020 - 1.2% and 1.5%).</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, the undiscounted amount of estimated cash flows required to settle the asset retirement obligations is
$721.7 million (December 31, 2020 - $721.0 million). The discounted amount of estimated cash flow required to settle the
asset retirement obligations at December 31, 2021, calculated using an estimated inflation rate of 1.8% (December 31, 2020 -
1.5%) and a risk free discount rate of 1.7% (December 31, 2020 - 1.2%), is $743.7 million (December 31, 2020 - $760.4
million). These costs are expected to be incurred over the next 60 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SHAREHOLDERS'
CAPITAL</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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. As at December 31, 2021, no preferred shares have been issued by the Company and all common shares
issued were fully paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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's net assets in the event the Company
is wound-up or terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number
of <BR>
Common Shares <BR>
<I>(000s)</I></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Balance, December 31, 2019</B></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right">558,305</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right">5,718,835</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Vesting of share awards</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,922</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">10,583</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Balance, December 31, 2020</B></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right">561,227</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">5,729,418</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Vesting of share awards</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">2,986</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">7,175</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Balance, December 31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">564,213</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">5,736,593</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>SHARE-BASED
COMPENSATION PLAN</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the year ended December 31, 2021, the Company recorded total compensation expense related to the share awards of $11.1 million
($9.5 million for the year ended December 31, 2020) which includes $4.7 million of compensation expense related to the incentive
award plan, deferred share unit plan and the associated equity total return swaps ($2.3 million for the year ended December 31,
2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>66</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Share
Award Incentive Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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. At Baytex's option, these awards may be cash settled at vesting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
weighted average fair value of share awards granted during the year ended December 31, 2021 was $1.31 per restricted and performance
award ($1.48 for the year ended December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The number of share awards outstanding is detailed below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>(000s)</I>&nbsp;</FONT></P></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number of</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">restricted<BR>
 awards</FONT></P></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Number of</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">performance</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">awards</FONT></P></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total number of</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20">share awards</FONT></P></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt">Balance, December 31, 2019</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">3,801</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">3,135</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">6,936</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Granted</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">2,239</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">3,253</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">5,492</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Vested and converted to common shares</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(1,730</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(1,192</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(2,922</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt">Forfeited</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(188</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(1,108</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(1,296</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt">Balance, December 31, 2020</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">4,122</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">4,088</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right">8,210</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Granted</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,067</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">4,067</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Added by performance factor</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">669</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">669</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Vested and converted to common shares</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(1,861</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(1,152</TD><TD STYLE="color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(3,013</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt">Forfeited</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(168</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(291</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(459</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Balance, December 31, 2021</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">2,093</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">7,381</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">9,474</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Incentive
Award Plan</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
has an incentive award plan (the &quot;Incentive Award&quot; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
the year ended December 31, 2021, Baytex granted 5.0 million awards under the Incentive Award plan at a fair value of $1.33
per award (2.9 million awards at $1.50 per award for the year ended December 31, 2020). At December 31, 2021 there were 6.4
million awards outstanding under the Incentive Award plan (2.6 million awards outstanding at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred
Share Unit Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
has a deferred share unit plan (the &quot;DSU&quot; plan) whereby each Director of Baytex is entitled to receive a cash payment
equal to the value of one Baytex common share on the date on which they cease to be a member of the Board. The awards vest immediately
upon being granted and are expensed in full on the grant date. The units are recognized at fair value at each period end and are
included in trade and other payables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During
the year ended December 31, 2021, Baytex granted 0.9 million awards under the DSU plan at a fair value of $1.29 per award. At
December 31, 2021, there were 0.8 million awards outstanding under the DSU plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company uses equity total return swaps on the equivalent number of Baytex common shares in order to fix a portion of the aggregate
cost of the Incentive Award plan and the DSU plan at the fair value determined on the grant date. The carrying value of the financial
derivatives includes the fair value of the equity total return swap which was an asset of $6.5 million on December 31, 2021 (December
31, 2020 - liability of $1.1 million). At December 31, 2021, an asset of $10.7 million associated with the equity return swap
is included in accounts payable as it relates to the settlement of cash compensation payable (December 31, 2020 - a liability
of $1.2 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67</B></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NET
INCOME (LOSS) PER SHARE</B></FONT></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 per share amounts reflect the potential dilution that could occur
if share awards were converted to common shares. The treasury stock method is used to determine the dilutive effect of share awards
whereby the potential conversion of share awards 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 year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="20" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="9" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">2020</TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income</B>&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">Weighted <BR> average <BR> common <BR> shares <BR> (000's)</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="font-size: 10pt; color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-right: 3pt; font-size: 10pt; color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income <BR> per share</B></FONT></TD>
<TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
loss</FONT></TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
<TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Weighted <BR> average <BR> common <BR> shares <BR> (000's)</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&nbsp;</TD>
<TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-right: 3pt; font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
loss per<BR>
share</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Net income (loss) - basic</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD>
<TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,613,600</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">563,674</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD>
<TD STYLE="padding-right: 3pt; width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">2.86</TD>
<TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD>
<TD STYLE="width: 10%; color: #231F20; text-align: right">(2,438,964)</TD>
<TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; color: #231F20; text-align: right">560,657</TD>
<TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
<TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD>
<TD STYLE="padding-right: 3pt; width: 10%; color: #231F20; text-align: right">(4.35)</TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt">Dilutive effect of share awards</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">7,936</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&mdash;</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">&mdash;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; color: #231F20; text-align: right">&mdash;</TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net income (loss) - diluted</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,613,600</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">571,610</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD>
<TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">2.82</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(2,438,964)</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">560,657</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD>
<TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD>
<TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; color: #231F20; text-align: right">(4.35)</TD>
</TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the year ended December 31, 2021, no share awards were excluded from the calculation of diluted income per share as their effect
was dilutive. For the year ended December 31, 2020, all share awards were excluded from the calculation of diluted earnings per
share as their effect was anti-dilutive given the Company recorded a net loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PETROLEUM
                                         AND NATURAL GAS SALES</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Petroleum
and natural gas sales from contracts with customers for the Company's Canadian and U.S. operating segments is set forth in the
following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: #231F20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">Canada</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">U.S.</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Canada</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">U.S.</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; color: #231F20; text-align: left; padding-left: 3pt">Light oil and condensate</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">480,199</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">585,635</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 10%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,065,834</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">296,125</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">327,460</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231F20; text-align: right">623,585</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Heavy oil</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">560,696</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">560,696</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">236,235</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">236,235</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">NGL</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">18,904</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">75,611</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">94,515</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">6,037</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">34,845</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">40,882</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Natural gas sales</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">68,338</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">78,812</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">147,150</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">33,344</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">41,431</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">74,775</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Total petroleum and natural gas sales</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,128,137</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">740,058</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,868,195</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">571,741</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">403,736</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">975,477</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Included
in accounts receivable at December 31, 2021 is $154.0 million of accrued receivables related to delivered volumes (December 31,
2020 - $81.3 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<TD STYLE="width: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">INCOME
                                         TAXES</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
provision for income taxes has been computed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt">Net income (loss) before income taxes</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,694,840</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">(2,599,357</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Expected income taxes at the statutory rate of 25.12% (2020 &ndash; 25.42%)</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">425,744</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(660,757</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">(Increase) decrease in income tax recovery resulting from:</TD><TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Share-based compensation</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,605</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,834</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Effect of foreign exchange</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(841</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,017</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Effect of change in income tax rates</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(65</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">10,969</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Effect of rate adjustments for foreign jurisdictions</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(21,746</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">22,375</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Effect of change in deferred tax benefit not recognized</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(325,295</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">444,117</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt">Effect of U.S. tax change</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&mdash;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">19,807</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt; border-bottom: Black 1pt solid">Adjustments and assessments</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,838</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">245</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Income tax expense (recovery)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">81,240</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(160,393</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
December 31, 2021, a deferred tax asset of $145.6 million remains unrecognized due to uncertainty surrounding future commodity
prices and future capital gains (December 31, 2020 - $469.7 million). These deferred income tax assets relate to capital losses
of $237.4 million and non-capital losses of $461.1 million, which expire from 2033 to 2039.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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'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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
continuity of the net deferred income tax liability is detailed in the following tables:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">As
                                         at&nbsp;</FONT></P></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">January
                                         1, 2021&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Recognized
                                         in</FONT></P>
                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Net
                                         Income&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Foreign
    <BR>
    Currency <BR>
    Translation <BR>
    Adjustment</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(229,229,229)"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>2021</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Taxable
    temporary differences:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Petroleum
    and natural gas properties</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(502,625</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$&nbsp;</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(257,800</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(154</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(760,579</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Financial
    derivatives</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Other</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(22,377</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">624</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">137</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(21,616</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Deductible
    temporary differences:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Asset
    retirement obligations</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">187,840</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(2,436</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(68</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">185,336</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Financial
    derivatives</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">5,410</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">26,082</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">31,492</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Non-capital
    losses</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">241,514</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">104,479</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(3,109</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">342,884</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Finance
    costs</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">3,705</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">49,083</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">2,239</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">55,027</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Net
    deferred income tax liability<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(86,533</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(79,968</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(955</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(167,456</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Non-capital
                                         loss carry-forwards at December 31, 2021 totaled $2.0 billion and expire from 2033 to
                                         2039.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>69</B></FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">As
    at</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">January
    1, 2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Recognized in<BR>
Net
    Loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Foreign
    <BR>
Currency <BR>
Translation&nbsp;<BR>
Adjustment</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">December 31, <BR>
2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Taxable
    temporary differences:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Petroleum
    and natural gas properties</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(881,994</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">378,321</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">1,048</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(502,625</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Financial
    derivatives</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Other</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(2,403</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(18,839</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(1,135</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(22,377</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Deductible
    temporary differences:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Asset
    retirement obligations</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">164,523</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">23,432</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(115</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">187,840</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Financial
    derivatives</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">802</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">4,608</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">5,410</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Non-capital
    losses</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">386,717</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(141,468</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(3,735</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">241,514</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Finance
    costs</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">97,047</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(85,087</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(8,255</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">3,705</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Net
    deferred income tax liability<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(235,308</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">160,967</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">(12,192</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>(86,533</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Non-capital
                                         loss carry-forwards at December 31, 2020 totaled $2.2 billion and expire from 2034 to
                                         2040.</I></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINANCING
                                         AND INTEREST</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Interest
    on credit facilities</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">13,300</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">15,256</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Interest
    on long-term notes</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">78,546</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">90,830</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Interest
                                         on lease obligations&nbsp;</FONT></P></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><B>223</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">448</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Cash
    interest</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">92,069</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">106,534</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Amortization
    of debt issue costs</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">4,858</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">6,617</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Accretion
    of asset retirement obligations (note 9)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">12,381</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">8,978</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Early
    redemption expense (note 8)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">1,851</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">3,312</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Financing
    and interest</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">111,159</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">125,441</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FOREIGN
                                         EXCHANGE</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Unrealized foreign exchange loss - intercompany notes<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">12,000</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">31,617</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Unrealized foreign exchange gain - long-term notes &amp; credit facilities</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(13,905</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(22,385</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Realized foreign exchange gain</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(963</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(544</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Foreign exchange (gain) loss</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(2,868</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">8,688</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>During
                                         2020, a series of intercompany notes totaling US$751.0 million were issued from a Canadian
                                         subsidiary to a U.S. subsidiary. During 2021, US$150.0 million of these notes were redeemed
                                         and cancelled. At December 31, 2021, US$601.0 million of this series of intercompany
                                         notes remained outstanding. These notes are eliminated upon consolidation within the
                                         Statement of Financial Position and are revalued at the relevant foreign exchange rate
                                         at each period end. Foreign exchange gains or losses incurred within the Canadian subsidiary
                                         are recognized in unrealized foreign exchange gain or loss whereas those within the U.S.
                                         subsidiary are recognized in other comprehensive income.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FINANCIAL
                                         INSTRUMENTS AND RISK MANAGEMENT</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company'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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>70</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">The
carrying value and fair value of the Company's financial instruments carried on the consolidated statements of financial position
are classified into the following categories:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: Black; text-align: center; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>December
    31, 2021</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">December
    31, 2020</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Carrying
    value</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Fair
    value</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Carrying
    value</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fair
    value</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fair
                                         Value</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Measurement</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Hierarchy</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Financial
    Assets</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-style: italic; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">FVTPL</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Financial
    Derivatives</FONT></TD><TD STYLE="width: 1%; color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 12%; color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>8,654</B></FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="width: 12%; color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>8,654</B></FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="width: 12%; color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,057</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="width: 12%; color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,057</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Level
    2</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>8,654</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>8,654</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,057</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,057</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-style: italic; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Trade
    and other receivables</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>173,409</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>173,409</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">107,477</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">107,477</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>173,409</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>173,409</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">107,477</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">107,477</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Financial
    Liabilities</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-style: italic; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">FVTPL</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Financial
    Derivatives</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(134,020</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(134,020</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(26,792</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(26,792</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Level
    2</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(134,020</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(134,020</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(26,792</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(26,792</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-style: italic; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Amortized
    cost</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Trade
    and other payables</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(190,692</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(190,692</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(155,955</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(155,955</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit
    Facilities</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(505,171</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(506,514</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(649,221</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(651,173</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Long-term
    notes</FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(874,527</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(917,889</B></FONT></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(1,132,868</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(761,129</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Level
    1</FONT></TD>
    <TD><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Total</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(1,570,390</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>$</B></FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>(1,615,095</B></FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>)</B></FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(1,938,044</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$</FONT></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">(1,568,257</FONT></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">)</FONT></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">There
were no transfers between Level 1 and Level 2 during the years ended December 31, 2021 or 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Foreign
Currency Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Baytex
is exposed to fluctuations in foreign exchange rates as a result of the U.S. dollar portion of its credit facilities, long-term
notes, intercompany notes, crude oil sales based on U.S. dollar benchmark prices and commodity financial derivative contracts
that are settled in U.S. dollars. The Company's net income or loss, comprehensive income or loss and cash flow will therefore
be impacted by fluctuations in foreign exchange rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">A
$0.01 increase or decrease in the CAD/USD foreign exchange rate on the revaluation of outstanding U.S. dollar denominated assets
and liabilities would impact net income or loss before income taxes by approximately $2.3 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></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-bottom: Black 1pt solid; text-align: left; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Assets</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Liabilities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 38%; padding-left: 5pt; padding-right: 5pt; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right; width: 16%; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>December
    31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 15%; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">December
    31, 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right; width: 16%; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>December
    31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 15%; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">December
    31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 5pt; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">U.S.
    dollar denominated</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>US$602,503</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$759,508</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #E5E5E5; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>US$829,934</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$934,731</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Interest
Rate Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">The
Company's interest rate risk arises from borrowing at floating rates under the Credit Facilities (note 7). Based on the principal
outstanding on the Credit Facilities as at December 31, 2021, a change of 100 basis points in interest rates would impact net
income or loss before income taxes by approximately $5.1 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>71</B></FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commodity
Price Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
utilizes financial derivative contracts or physical delivery contracts to manage the risk associated with changes in commodity
prices. The use of derivatives is governed by a Risk Management Policy approved by the Board of Directors of Baytex which sets
out limits on the use of derivatives. Baytex does not use financial derivatives for speculative purposes. Baytex's financial derivative
contracts are subject to master netting agreements that create a legally enforceable right to offset by the counterparty the related
financial assets and financial liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">When
assessing the potential impact of crude oil price changes on the crude oil financial derivative contracts outstanding as at December
31, 2021, a US$1.00/bbl change in the underlying benchmark crude oil prices would impact net income or loss before income taxes
by approximately $10.4 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">When
assessing the potential impact of natural gas price changes on the financial derivative contracts outstanding as at December 31,
2021, a US$0.25 change in the underlying benchmark natural gas prices would impact net income or loss before income taxes by approximately
$3.7 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>72</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Financial
Derivative Contracts</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
had the following commodity financial derivative contracts outstanding as at February 24, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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="width: 15%; border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Period</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Volume</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Price/Unit<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Index</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Oil</B></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">12,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI less
    US$12.40/bbl</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WCS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">4,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI less
    US$4.43/bbl</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Feb 2022
    to Jun 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI less
    US$3.00/bbl</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Basis
    swap<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Mar 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI less
    US$2.88/bbl</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">MSW</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">10,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$53.50/bbl</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,500
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$40.00/US$50.00/US$58.10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$46.00/US$56.00/US$66.72</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$47.00/US$57.00/US$67.00</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$50.00/US$60.00/US$70.00</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$53.00/US$63.50/US$72.90</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2023
    to Dec 2023</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,000
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$55.00/US$66.00/US$84.00</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2023
    to Dec 2023</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    bbl/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$60.00/US$75.00/US$91.54</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">WTI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Natural
    Gas</B></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">5,000
    GJ/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$2.53/GJ</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    7A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">14,250
    GJ/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">$2.84/GJ</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">AECO
    5A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Fixed
    - Sell</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,000
    mmbtu/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.94/mmbtu</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.25/US$2.75/US$3.06</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">1,500
    mmbtu/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.60/US$2.91/US$3.56</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.60/US$3.00/US$3.83</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan 2022
    to Dec 2022</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$2.65/US$2.90/US$3.40</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">3-way
    option<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Jan
    2022 to Dec 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">2,500
    mmbtu/d</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">US$3.00/US$3.75/US$4.40</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">NYMEX</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Producer
                                         3-way option consists of a sold call, a bought put and a sold put. To illustrate, in
                                         a US$50.00/US$60.00/US$70.00 contract, Baytex receives WTI plus US$10.00/bbl when WTI
                                         is at or below US$50.00/bbl; Baytex receives US$60.00/bbl when WTI is between US$50.00/bbl
                                         and US$60.00/bbl; Baytex receives the market price when WTI is between US$60.00/bbl and
                                         US$70.00/bbl; and Baytex receives US$70.00/bbl when WTI is above US$70.00/bbl.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Contracts
                                         entered subsequent to December 31, 2021.</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table sets forth the realized and unrealized gains and losses recorded on financial derivatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt">Realized financial derivatives loss (gain)</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">184,241</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">(47,836</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Unrealized financial derivatives loss</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">103,631</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">18,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Financial derivatives loss (gain)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">287,872</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(29,336</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidity
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
at December 31, 2021, Baytex had $506.5 million of principal amounts and $15.0 million of letters of credit outstanding on its
Credit Facilities (December 31, 2020 - $651.2 million and $15.0 million, respectively) which have total availability of $1.0 billion
(December 31, 2020 - $1.0 billion).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73</B></FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
timing of cash outflows relating to financial liabilities as at December 31, 2021 is outlined in the table below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(229,229,229)"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less
than</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1
year</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-3
years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3-5
years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beyond
5 years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Trade and other payables</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">190,692</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">190,692</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Financial derivatives</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">134,020</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">134,020</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Credit facilities<SUP>(1)(2)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">506,514</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">506,514</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Long-term notes<SUP>(1)(3)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">885,920</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">253,120</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">&mdash;</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">632,800</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Interest on long-term notes<SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">325,172</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">69,608</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">130,868</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">110,740</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">13,956</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Lease obligations<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">8,014</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">3,068</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">3,989</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">902</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">55</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">2,050,332</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">397,388</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">894,491</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">111,642</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right">646,811</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Principal
                                         amount of instruments.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                         credit facilities mature on April 2, 2024 and 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Principal
                                         amount of instruments. The US$500 million principal amount of 8.75% senior unsecured
                                         notes is due April 1, 2027 and the US$200 million principal amount of the 5.625% senior
                                         unsecured notes is due June 1, 2024 (note 8).</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 December 31,
2021, 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Most
of the Company'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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
majority of the Company's credit exposure on trade and other receivables at December 31, 2021 relates to accrued revenues. Accounts
receivable from purchasers of the Company'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 December 31, 2021 is $154.0 million (December 31, 2020 - $81.3 million) of accrued receivables
related to delivered volumes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 recording 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 December 31, 2021, allowance for doubtful accounts was $2.6 million (December 31, 2020 - $2.0 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 December 31, 2021, accounts receivable that Baytex has deemed
past due (more than 90 days) but not impaired was $1.8 million (December 31, 2020 - $1.6 million). Baytex has estimated the lifetime
expected credit loss as at and for the year ended December 31, 2021 to be nominal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's trade and other receivables, net of the allowance for doubtful accounts, were aged as follows at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt; padding-top: 2pt">Trade and Other Receivables Aging</TD><TD COLSPAN="3" STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; background-color: rgb(229,229,229); padding-top: 2pt">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229); padding-top: 2pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; padding-top: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid; padding-top: 2pt">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; padding-top: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Current (less than 30 days)</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">171,058</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">104,210</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">31-60 days</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">441</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,493</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">61-90 days</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">107</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">220</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Past due (more than 90 days)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,803</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,554</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">173,409</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">107,477</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SUPPLEMENTAL
INFORMATION </FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Changes in Non-Cash Working Capital Items</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: Black; text-align: center">Years Ended December 31</TD><TD STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><B>2021</B></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">2020</TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: Black; text-align: left; padding-left: 3pt">Trade and other receivables</TD><TD STYLE="width: 1%; color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="width: 13%; color: Black; text-align: right; background-color: rgb(229,229,229)"><B>(65,932</B></TD><TD STYLE="width: 1%; color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>)</B></TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 13%; color: Black; text-align: right">66,285</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Trade and other payables</TD><TD STYLE="color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><B>34,737</B></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(51,499</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><B>(31,195</B></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">14,786</TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Changes in non-cash working capital related to:</TD><TD STYLE="color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt">Operating activities</TD><TD STYLE="color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><B>(26,582</B></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>)</B></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">48,758</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt">Investing activities</TD><TD STYLE="color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><B>(2,797</B></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>)</B></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(32,031</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Foreign currency translation on non-cash working capital</TD><TD STYLE="color: Black; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229)"><B>&nbsp;</B></TD><TD STYLE="color: Black; text-align: right; background-color: rgb(229,229,229)"><B>(1,816</B></TD><TD STYLE="color: Black; text-align: left; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><B>)</B></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(1,941</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><B>$</B></TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><B>(31,195</B></TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,229,229)"><B>)</B></TD><TD STYLE="color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">14,786</TD><TD STYLE="color: Black; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
Statement Presentation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex's
consolidated statements of income or loss and comprehensive income or loss are prepared primarily according to the nature of expense,
with the exception of employee compensation costs which are included in both operating expense and general and administrative
expense line items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table details the amount of total employee compensation costs included in the operating expense and general and administrative
expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Operating</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">11,053</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">9,065</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">General and administrative</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">29,538</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">22,802</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Total employee compensation costs</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">40,591</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">31,867</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">COMMITMENTS</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
has a number of financial obligations that are incurred in the ordinary course of business. These obligations are of a recurring
nature and impact the Company&rsquo;s cash flow from operations in an ongoing manner. A significant portion of these obligations
will be funded by adjusted funds flow. These obligations as of December 31, 2021, and the expected timing of funding of these
obligations, are noted in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less
than</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1
year</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-3
years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3-5
years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beyond
                                                                                                               5 years</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; color: #231F20; text-align: left; padding-left: 3pt">Processing agreements</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">6,090</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">753</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">890</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">530</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">3,917</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Transportation agreements</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">81,182</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">20,500</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">37,825</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">14,673</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">8,184</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Total</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">87,272</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">21,253</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">38,715</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">15,203</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">12,101</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
also has ongoing obligations related to the abandonment and reclamation of well sites and facilities which have reached the end
of their economic lives. The present value of the future estimated abandonment and reclamation costs are included in the asset
retirement obligations presented in the statements of financial position. Programs to abandon and reclaim wellsites and facilities
are undertaken regularly in accordance with applicable legislative requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>75</B></FONT></TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RELATED
                                         PARTIES</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transactions
with key management personnel and directors are noted in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Short-term employee
    benefits</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">5,995</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 13%; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">4,295</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Share-based
    compensation</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">5,917</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">4,080</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 9pt">Total
    compensation for key management personnel</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">11,912</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 9pt">8,375</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPITAL
                                         MANAGEMENT</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company's capital management objective is to maintain financial flexibility and sufficient sources of liquidity to execute its
capital programs, while meeting short and long-term commitments. Baytex strives to actively manage its capital structure in response
to changes in economic conditions. At December 31, 2021, the Company's capital structure was comprised of shareholders' capital,
long-term notes, trade and other receivables, trade and other payables and the Credit Facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
order to manage its capital structure and liquidity, Baytex 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
capital intensive nature of Baytex's operations requires the maintenance of adequate sources of liquidity to fund ongoing exploration
and development. Baytex's capital resources consist primarily of Adjusted Funds Flow, available Credit Facilities and proceeds
received from the divestiture of oil and gas properties. The following capital management measures and ratios are used to monitor
current and projected sources of liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
Debt</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Company uses Net Debt to monitor it's current financial position and to evaluate existing sources of liquidity. Baytex also uses
Net Debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table reconciles Net Debt to amounts disclosed in the primary financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Credit facilities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">505,171</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">649,221</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Unamortized debt issuance costs - Credit Facilities (note 7)</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,343</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,952</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Long-term notes</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">874,527</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,132,868</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Unamortized debt issuance costs - Long-term notes (note 8)</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">11,393</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,082</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Trade and other payables</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">190,692</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">155,955</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Trade and other receivables</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(173,409</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(107,477</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net Debt</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,409,717</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,847,601</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
Funds Flow</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
Funds Flow is used to monitor operating performance and the Company's ability to generate funds for exploration and development
expenditures, debt repayment, settlement of abandonment obligations and potential future dividends. Baytex also uses a Net Debt
to Adjusted Funds Flow ratio calculated on a twelve-month trailing basis to monitor the Company's existing capital structure and
future liquidity requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
Funds Flow is reconciled to amounts disclosed in the primary financial statements in the following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Cash flows from operating activities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">712,384</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">353,096</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Change in non-cash working capital</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">26,582</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(48,758</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Asset retirement obligations settled</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">6,662</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">7,168</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Adjusted Funds Flow</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">745,628</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">$</TD><TD STYLE="color: #231F20; text-align: right">311,506</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net Debt to Adjusted Funds Flow</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1.9</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">5.9</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>76</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year-end
2021 Reserves</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex's
year-end 2021 proved and probable reserves were evaluated by McDaniel &amp; Associates Consultants Ltd. (&ldquo;McDaniel&rdquo;),
an independent qualified reserves evaluator. All of our oil and gas properties were evaluated in accordance with National Instrument
51-101 &ldquo;Standards of Disclosure for Oil and Gas Activities&rdquo; (&ldquo;NI 51-101&rdquo;) and the Canadian Oil and Gas
Evaluation Handbook (the &ldquo;COGE Handbook&rdquo;) using the average commodity price forecasts and inflation rates of McDaniel,
GLJ Petroleum Consultants (&ldquo;GLJ&rdquo;) and Sproule Associates Limited (&ldquo;Sproule&rdquo;) as of January 1, 2022. Complete
reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2021, which will be filed
on or before March 31, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reserves
Highlights</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proved
                                         developed producing (&quot;PDP&quot;) reserves increased by 7%, from 120 mmboe to 129
                                         mmboe. Proved reserves (&ldquo;1P&rdquo;) total 278 mmboe (271 mmboe at year-end 2020)
                                         and proved plus probable reserves (&ldquo;2P&rdquo;) total 451 mmboe (462 mmboe at year-end
                                         2020).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finding
                                         and development (&quot;F&amp;D&quot;) costs, including changes in future development
                                         costs (&ldquo;FDC&rdquo;), were $8.20/boe for PDP reserves, $17.67/boe for 1P reserves
                                         and $24.55/boe for 2P reserves.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Generated
                                         a PDP recycle ratio of 4.5x and a 1P recycle ratio of 2.1x based on 2021 operating netback<SUP>(2)
                                         </SUP>of $36.52/boe.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reserves
                                         on a 1P basis are comprised of 80% oil and NGL (36% light oil, 26% NGL&rsquo;s, 17% heavy
                                         oil and 2% bitumen) and 20% natural gas. PDP reserves represent 46% of 1P reserves (44%
                                         at year-end 2020) and 1P reserves represent 62% of 2P reserves (59% at year-end 2020).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baytex
                                         maintains a strong reserves life index of 4.4 years based on PDP reserves, 9.4 years
                                         based on 1P reserves and 15.3
years based on 2P reserves.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
                                         year-end, 2021, the present value of our reserves, discounted at 10% before tax, is estimated
                                         to be $5.1 billion ($3.3 billion at year-end 2020). The increase is largely attributable
                                         to a higher commodity price forecast being utilized by our reserves evaluator (consultant
                                         average of approximately US$70/bbl WTI).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
                                         net asset value at year-end 2021, discounted at 10% before tax, is $6.67 per share. This
                                         is based on the estimated reserves value plus a value for undeveloped acreage, net of
                                         long-term debt and working capital.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Spending
                                         includes government grants received for abandonment and reclamations of $2 million in
                                         2020, $3 million in 2021 and $15 million in 2022.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Specified
                                         financial measure that does not have any standardized meaning prescribed by IFRS and
                                         may not be comparable with the calculation of similar measures presented by other entities.
                                         Refer to the Specified Financial Measures section in this press release for further information.</FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>77</B></FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table sets forth our gross and net reserves volumes at December 31, 2021 by product type and reserves category. Please
note that the data in the table may not add due to rounding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Reserves
Summary</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="color: Black; text-align: right; padding-left: 5pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>Light
    and </B><BR>
    <B>Medium Oil</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Tight
                                         Oil</B></FONT></P></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Heavy&nbsp;</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Oil&nbsp;</B></FONT></P></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Bitumen</B></FONT></P></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Total
                                         Oil</B></FONT></P></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Natural
    </B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black"><B>Gas </B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black"><B>Liquids <SUP>(3)</SUP></B></FONT></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Conventional<BR>

    Natural Gas <SUP>(4)</SUP></B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shale
    </B><BR>
    <B>Gas</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Total
                                         <SUP>(5)</SUP></B></FONT></P></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Reserves
    Summary</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mbbls)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mmcf)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mmcf)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>(mboe)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Gross
    <SUP>(1)</SUP></B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved producing</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">18,564</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">26,623</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">23,735</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">641</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">69,564</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">31,853</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">65,234</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">99,778</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">128,919</FONT></TD><TD STYLE="width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved developed non-producing</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">664</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">314</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">765</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,743</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">852</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,973</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,448</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">3,333</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved
    undeveloped</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">26,781</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">26,278</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">21,503</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4,197</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">78,759</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">39,431</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">37,216</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">129,213</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">145,929</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Total proved</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">46,009</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">53,216</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">46,003</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4,838</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">150,067</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">72,137</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">104,423</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">231,439</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">278,181</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Total
    probable</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">23,296</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">21,485</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">29,705</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">45,874</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">120,360</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">27,751</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">62,394</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">84,928</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">172,665</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Proved
    plus probable</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">69,305</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">74,701</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">75,709</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">50,713</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">270,427</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">99,888</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">166,817</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">316,367</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">450,846</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Net
    (2)</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="color: Black; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="color: Black; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved producing</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">17,436</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">19,797</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20,775</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">575</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">58,583</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">23,735</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">58,749</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">74,461</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">104,519</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved developed non-producing</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">617</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">232</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">689</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,538</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">630</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,687</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,812</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,751</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Proved
    undeveloped</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">24,891</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">19,882</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">19,139</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">3,857</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">67,769</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">29,521</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">34,310</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">96,601</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">119,108</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Total proved</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">42,944</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">39,911</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">40,602</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4,432</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">127,890</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">53,885</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">94,745</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">172,874</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">226,378</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid; padding-left: 15pt"><FONT STYLE="font-size: 8pt">Total
    probable</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">21,399</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">16,404</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">25,547</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">37,186</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">100,535</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20,970</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">56,747</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">64,506</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">141,715</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-size: 8pt">Proved
    plus probable</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">64,343</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">56,315</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">66,149</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">41,618</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">228,425</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">74,856</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">151,492</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">237,381</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">368,093</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Notes:</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> &nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Gross&rdquo;
                                         reserves means the total working interest share of remaining recoverable reserves owned
                                         by Baytex before deductions of royalties payable to others.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Net&rdquo;
                                         reserves means Baytex's gross reserves less all royalties payable to others plus royalty
                                         interest reserves.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
                                         Gas Liquids includes condensate.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Conventional
                                         Natural Gas includes associated, non-associated and solution gas.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>78</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 80 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reserves
Reconciliation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table reconciles the year-over-year changes in our gross reserves volumes by product type and reserves category. Please
note that the data in the table may not add due to rounding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proved
Reserves &ndash; Gross Volumes <SUP>(1)</SUP> (Forecast Prices)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Light
                                         and </B><BR>
                                         <B>Medium Oil</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tight
                                         Oil</B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Heavy</B><BR>
                                         <B>Oil</B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Bitumen</B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         Oil</B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Natural</B><BR>
                                         <B>Gas</B><BR>
                                         <B>Liquids <SUP>(3)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Conventional</B><BR>
                                         <B>Natural Gas <SUP>(4) </SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mmcf)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shale</B><BR>
                                         <B>Gas</B><BR>
                                         <B>(mmcf)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         <SUP>(5)</SUP></B><BR>
                                         <B>(mboe)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">December
    31, 2020</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">52,067</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">53,316</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">35,412</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,737</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">146,532</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">72,475</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">87,894</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">226,334</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">271,378</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Extensions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,227</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,370</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,977</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,574</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,294</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,032</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,165</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26,234</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: #231F20">Technical
    Revisions <SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,059</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">520</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,949</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(394</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,984</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,379</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,649</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,599</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,372</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Acquisitions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,228</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,231</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,231</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dispositions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(20</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(260</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(282</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(19</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(313</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(35</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(360</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Economic
    Factors</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,509</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">612</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,160</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">130</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,411</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,159</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">20,547</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,995</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,326</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Production</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,734</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,581</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(635</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(19,414</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,392</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(18,088</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,619</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(29,257</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">December
    31, 2021</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">46,009</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">53,216</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">46,003</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,838</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">150,067</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">72,137</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">104,423</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">231,439</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">278,181</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Probable
Reserves &ndash; Gross Volumes <SUP>(1)</SUP> (Forecast Prices)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Light
                                         and </B><BR>
                                         <B>Medium Oil </B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tight
                                         Oil </B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Heavy
                                         </B><BR>
                                         <B>Oil </B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Bitumen
                                         </B><BR>
                                         <B>(mbbls)</B>&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         Oil </B><BR>
                                         <B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Natural</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gas</B><BR>
                                         <B>Liquids <SUP>(3)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mbbls)</B>&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Conventional
                                         </B><BR>
                                         <B>Natural Gas <SUP>(4)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mmcf)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shale
                                         </B><BR>
                                         <B>Gas</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mmcf)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         <SUP>(5)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mboe)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">December
    31, 2020</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">25,688</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24,642</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,544</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">46,093</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">126,967</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,760</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">86,778</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">96,852</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">190,332</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Extensions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,413</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,315</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(760</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(663</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,989</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9,810</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(10,055</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,963</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: #231F20">Technical
    Revisions <SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,357</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,018</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,721</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(216</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,312</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,634</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(70</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,403</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(10,359</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Acquisitions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">458</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">458</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">458</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dispositions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(225</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(235</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(258</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7,224</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,699</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Economic
    Factors</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">556</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">182</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,409</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,145</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(127</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7,280</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">543</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">895</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Production</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">December
    31, 2021</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">23,296</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,485</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">29,705</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">45,874</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">120,360</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">27,751</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">62,394</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">84,928</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">172,665</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proved
Plus Probable Reserves &ndash; Gross Volumes <SUP>(1)</SUP> (Forecast Prices)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Light
                                         and<BR>
 Medium Oil<BR>
 (mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tight
                                         Oil<BR>
 (mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Heavy<BR>

                                         Oil<BR>
 (mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Bitumen<BR>

                                         (mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         Oil<BR>
 (mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Natural<BR>

                                         Gas<BR>
 Liquids <SUP>(3)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mbbls)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Conventional<BR>

                                         Natural Gas <SUP>(4)</SUP></B></FONT><FONT STYLE="font-size: 7.5pt"><BR>
                                         <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<B>(mmcf)</B></FONT></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shale<BR>

                                         Gas<BR>
 (mmcf)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total
                                         <SUP>(5)</SUP></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(mboe)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">December
    31, 2020</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">77,755</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">77,958</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">65,956</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">51,830</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">273,499</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">105,235</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">174,671</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">323,186</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">461,710</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">Extensions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">5,640</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">2,054</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">8,217</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">15,911</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,304</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">6,222</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">6,110</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">19,271</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: #231F20">Technical
    Revisions <SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(11,416</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(498</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,228</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(610</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(11,296</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(3,013</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(1,719</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(804</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(14,730</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">Acquisitions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">3</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,686</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,689</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,689</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">Dispositions</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(7</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(26</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(485</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(517</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(278</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(7,536</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(45</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(2,058</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">Economic Factors</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">3,065</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">794</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">6,570</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">127</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">10,556</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">1,031</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">13,267</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">2,538</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">14,221</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">Production</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(5,734</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(5,581</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(7,464</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(635</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(19,414</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(4,392</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(18,088</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(14,619</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">(29,257</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-size: 7.5pt">December
    31, 2021</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">69,305</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">74,701</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">75,709</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">50,713</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">270,427</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">99,888</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">166,817</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">316,367</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 7.5pt">450,846</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Notes:</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> &nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Gross&rdquo;
                                         reserves means the total working interest share of remaining recoverable reserves owned
                                         by Baytex before deductions of royalties payable to others.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Negative
                                         revisions in light and medium oil are predominantly associated with our Viking asset
                                         and due to variations in performance versus previous forecasts and the removal of inventory
                                         locations with higher finding and development costs.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
                                         gas liquids include condensate.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Conventional
                                         natural gas includes associated, non-associated and solution gas.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>79</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Future
Development Costs</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table sets forth future development costs deducted in the estimation of the future net revenue attributable to the reserves
categories noted below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Future
                                         Development Costs ($ millions)</B>&nbsp;</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proved</B></FONT><FONT STYLE="font-size: 8pt"><BR>
                                         <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reserves</B></FONT></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #231F20; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proved
                                         Plus</B></FONT><FONT STYLE="font-size: 8pt"><BR>
                                         <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Probable Reserves</B></FONT></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">416</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">423</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">2023</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">506</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">540</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">2024</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">517</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">562</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">2025</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">489</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">581</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 8pt">2026</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">398</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">657</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Remainder</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">84</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">987</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Total
    FDC undiscounted</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">2,410</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-size: 8pt">3,750</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">F&amp;D
and FD&amp;A Costs &ndash; including future development costs</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Based
on the evaluation of our petroleum and natural gas reserves prepared by McDaniel, the efficiency of our capital program is summarized
in the following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt; border-bottom: Black 1pt solid">$ millions except for per boe amounts</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><B>2021</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><B>2020</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><B>2019</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid"><B>3 Year</B></TD><TD STYLE="color: Black; border-bottom: Black 1pt solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Proved plus Probable Reserves</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding &amp; Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">313.3</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">280.3</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">552.3</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">1,145.9</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Net change in Future Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">147.4</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(705.9</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">96.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(461.8</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">18.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(38.4</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">39.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">20.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">F&amp;D Costs ($/boe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">24.55</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">11.08</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">16.30</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">33.92</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding, Development &amp; Acquisition (&ldquo;FD&amp;A&rdquo;) Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures and net acquisitions</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">307.1</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">280.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">554.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,141.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Net change in Future Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">144.4</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(709.3</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">79.9</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(485.0</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">18.4</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(38.6</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">38.6</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">18.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt; border-bottom: Black 1pt solid">FD&amp;A Costs ($/boe)</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">24.55</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">11.12</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">16.42</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">35.59</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Proved Reserves</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding &amp; Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">313.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">280.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">552.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,145.9</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Net change in Future Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">308.6</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(464.4</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(90.4</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(246.2</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">35.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(13.1</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">35.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">57.9</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">F&amp;D Costs ($/boe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">17.67</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">14.06</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">12.92</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">15.55</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding, Development &amp; Acquisition Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures and net acquisitions</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">307.1</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">280.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">554.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,141.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Net change in Future Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">316.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(464.4</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(107.2</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">(254.7</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">36.1</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(13.1</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">34.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">57.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt; border-bottom: Black 1pt solid">FD&amp;A Costs ($/boe)</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">17.30</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">14.07</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">12.88</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">15.38</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Proved Developed Producing Reserves</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding &amp; Development Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">313.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">280.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">552.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,145.9</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">38.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">42.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">88.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">F&amp;D Costs ($/boe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">8.20</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">36.63</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">13.04</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">12.99</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-left: 3pt">Finding, Development &amp; Acquisition Costs</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Exploration and development expenditures and net acquisitions</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">307.1</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">280.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">554.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,141.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt">Gross Reserves additions (mmboe)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">38.1</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7.6</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">42.5</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">88.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 3pt; border-bottom: Black 1pt solid">FD&amp;A Costs ($/boe)</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">8.06</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">36.64</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">13.04</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">12.93</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>80</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 82 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reserves
Life Index</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table sets forth our reserves life index, which is calculated by dividing our proved and proved plus probable reserves
at year-end 2021 by annualized Q4/2021 production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; font: 9pt 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 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Reserves
                                         Life Index (years)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Q4/2021</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Production</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proved</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>Proved
                                         Plus</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><BR>
                                         <FONT STYLE="color: #231F20"><B>Probable</B></FONT></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; 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="width: 21%; color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude
    Oil and NGL (bbl/d)</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66,452</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.2</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.3</FONT></TD><TD STYLE="width: 1%; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natural
    Gas (mcf/d)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,029</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.7</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.4</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oil
    Equivalent (boe/d)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,789</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.4</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.3</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; color: #231F20; 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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><B>Forecast
Prices and Costs</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the forecast prices used in preparing the estimated reserves volumes and the net present values of
future net revenues at December 31, 2021. The estimated future net revenue to be derived from the production of the reserves is
based on the following average of the price forecasts of McDaniel, GLJ and Sproule as of January 1, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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="width: 12%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Year</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>WTI
                                         Crude Oil</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>US$/bbl</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Edmonton
                                         Light</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Crude
        Oil</B><BR>
        <B>$/bbl</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Western</B><BR>
                                         <B>Canadian Select</B><BR>
                                         <B>$/bbl</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Henry
                                         Hub</B><BR>
                                         <B>US$/MMbtu</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>AECO
                                         Spot</B><BR>
                                         <B>$/MMbtu</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Inflation
                                         Rate</B><BR>
                                         <B>%/Yr</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Exchange
                                         Rate</B><BR>
                                         <B>$US/$Cdn</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2021
    act.</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">67.95</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">80.25</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">68.80</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.90</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.55</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">1.4</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2022</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">72.83</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">86.82</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">74.42</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.56</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">&mdash;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2023</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">68.78</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">80.73</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">69.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.44</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2024</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">66.76</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">78.01</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">66.54</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.05</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2025</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">68.09</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">79.57</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">67.87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.24</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.11</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2026</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">69.45</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">81.16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">69.23</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.30</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2027</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">70.84</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">82.78</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">70.61</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.37</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.23</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2028</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">72.26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">84.44</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">72.02</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.44</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.30</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2029</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">73.70</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">86.13</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">73.46</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.50</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.36</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2030</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">75.18</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">87.85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">74.69</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.58</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.43</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2031</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">76.68</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">89.61</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">76.19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.65</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.50</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">0.797</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">Thereafter</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Black">Escalation rate of 2.0%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">2.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"> 0.797</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
Present Value of Reserves <SUP>(1)</SUP> (Forecast Prices and Costs)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table summarizes the McDaniel estimate of the net present value before income taxes of the future net revenue attributable
to our reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Reserves
    at December 31, 2021 ($ millions, discounted at)</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>0%</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>5%</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>10%</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><B>15%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Proved
    developed producing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">2,399</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">2,235</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,988</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,787</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Proved
    developed non-producing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">94</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">72</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">60</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Proved
    undeveloped</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">2,852</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,948</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,399</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,040</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Total
    proved</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">5,345</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">4,255</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">3,448</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">2,880</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Probable</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">4,596</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">2,554</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,636</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">1,149</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">Total
    Proved Plus Probable (before tax)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">9,941</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">6,809</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">5,084</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">4,029</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Note:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
abandonment, decommissioning and reclamation costs for all producing and non-producing wells and facilities.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>81</B></FONT></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
Asset Value (Forecast Prices and Costs)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
estimated net asset value is based on the estimated net present value of all future net revenue from our reserves, before income
taxes, as estimated by McDaniel at year-end, plus the estimated value of our undeveloped land holdings, less net debt. This calculation
can vary significantly depending on the oil and natural gas price assumptions. In addition, this calculation does not consider
 &quot;going concern&quot; value and assumes only the reserves identified in the reserves report with no further acquisitions or
incremental development.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
following table sets forth our net asset value as at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 72%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($
    millions, except per share amounts, discounted at)</FONT></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5%</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10%</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"></TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Net
    present value of proved plus probable reserves <SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,809</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,084</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,029</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Undeveloped
    land holdings <SUP>(2)</SUP></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Net
    Debt <SUP>(4)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,410</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,410</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,410</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Asset
    Value</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,488</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,763</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,708</FONT></TD><TD STYLE="color: #231F20; 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="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Net
    Asset Value per Share <SUP>(3)</SUP></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.73</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.67</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; 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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Notes:</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">  &nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
                                         abandonment, decommissioning and reclamation costs for all producing and non-producing
                                         wells and facilities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         value of undeveloped land holdings generally represents the estimated replacement cost
                                         of our undeveloped land.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on 564.2 million common shares outstanding as at December 31, 2021.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital
                                         management measure. Refer to the Specified Financial Measures section in this press release
                                         for further information.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additional
Information</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our
audited consolidated financial statements for the year ended December 31, 2021 and the related Management's Discussion and Analysis
of the operating and financial results can be accessed on our website at www.baytexenergy.com and will be available shortly through
SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Advisory
Regarding Forward-Looking Statements</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>In
the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's
assessment of Baytex's future plans and operations, certain statements in this press release are &quot;forward-looking statements&quot;
within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot;
within the meaning of applicable Canadian securities legislation (collectively, &quot;forward-looking statements&quot;). In some
cases, forward-looking statements can be identified by terminology such as &quot;believe&quot;, &quot;continue&quot;, &quot;&quot;estimate&quot;,
 &quot;expect&quot;, &quot;forecast&quot;, &quot;intend&quot;, &quot;may&quot;, &quot;objective&quot;, &quot;ongoing&quot;, &quot;outlook&quot;,
 &quot;potential&quot;, &quot;project&quot;, &quot;plan&quot;, &quot;should&quot;, &quot;target&quot;, &quot;would&quot;, &quot;will&quot;
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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Specifically,
this press release contains forward-looking statements relating to but not limited to: our business strategies, plans and
objectives; that we expect to generate more than $550 million of free cash flow in 2022 and reach our $1.2 billion net debt
target in Q2/2022; the next phase of our return of capital frame work, which includes allocating 25% of free cash flow to
share buy backs starting in Q2/2022; in 2022 that: we expect to benefit from our diversified oil weighted portfolio and a
commitment to allocate capital effectively and our program is designed to generate stable production while scaling up
development in the Clearwater; our guidance for 2022 exploration and development expenditures, production, royalty rate,
operating, transportation, general and administration and interest expense and leasing expenditures and asset retirement
obligations; we expect to allocate 25% of free cash flow to share buy backs starting in Q2/2022 with the remainder of our
free cash flow allocated to debt repayment until we achieve a net debt level of $800 million, our expected net debt to EBITDA
ratios at such net debt level at $US55 WTI and $US75 WTI and our expectation that we will achieve that net debt level by
mid-2023 at which point we will consider enhanced shareholder returns; in the Eagle Ford that we expect to bring 14 net wells
onstream in 2022; in the Viking that we expect to bring 145 nets wells onstream in 2022; in 2022, that we will drill ~9 net
Bluesky wells at Peace River and 37 net wells at Lloydminster; we have 125 sections that are highly prospective for
Clearwater development; we have a follow-up Clearwater well scheduled on our legacy Seal lands in H2/2022; we are drilling 10
wells in Q1/2022 on our Peavine lands and expect to bring 18 wells onstream in 2022; our Clearwater play holds the potential
for greater than 200 locations, has strong economics and the ability to grow organically while enhancing free cash flow; in
Duvernay that we are drilling a three well pad expected to be onstream in Q3/2022; that we use financial derivative
contracts and crude-by-rail to reduce adjusted funds flow volatility, the percentage of our expected production in 2022 of
Canadian light oil and heavy oil for which we have hedged the differential to WTI and the percentage of our 2022 and 2023 net
crude exposure that is hedged; that we are committed to monitoring GHG emissions, setting targets and pursuing
cost-effective</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>82</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>decarbonization
strategies; our 2025 GHG emissions intensity reduction target and our strategies to reach the target; our 2022 expected spending
on GHG mitigation; our commitment to abandon and reclaim 4,500 wells by 2040, the number of wells we expect to abandon and our
expected 2022 spending on abandonment and reclamation; future development costs, F&amp;D and FD&amp;A; our reserves life index;
forecast prices for oil and natural gas; forecast inflation and exchange rates; the net present value before income taxes of the
future net revenue attributable to our reserves; the value of our undeveloped land holdings and our estimated net asset value.
In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied
assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated,
and that they can be profitably produced in the future.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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, carbon 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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); restrictions or costs imposed by climate change initiatives and the physical risks of climate
change; risks associated with our ability to develop our properties and add reserves; the impact of an energy transition on demand
for petroleum productions; changes in income tax or other laws or government incentive programs; availability and cost of gathering,
processing and pipeline systems; retaining or replacing our leadership and key personnel; the availability and cost of capital
or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs
to develop and operate our properties; public perception and its influence on the regulatory regime; current or future control,
legislation or regulations; new regulations on hydraulic fracturing; restrictions on or access to water or other fluids; regulations
regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange
rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks;
additional risks associated with our thermal heavy oil projects; our ability to compete with other organizations in the oil and
gas industry; risks associated with our use of information technology systems; results of litigation; that our credit facilities
may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks
of counterparty default; the impact of Indigenous claims; risks associated with expansion into new activities; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>These
and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion
and Analysis for the year ended December 31, 2021, to be filed with Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission not later than March 31, 2022 and in our other public filings.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>All
amounts in this press release are stated in Canadian dollars unless otherwise specified.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Specified
Financial Measures</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>In
this press release, we refer to certain financial measures (such as free cash flow, operating netback, average royalty rate and
total sales, net of blending and other expense) which do not have any standardized meaning prescribed by IFRS. While free cash
flow 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. In addition, this press release contains the terms adjusted funds flow
and net debt, which are considered capital management measures.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-GAAP
Financial Measures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
sales, net of blending and other expense <I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Total sales, net of blending and other expense is not a measurement based on GAAP
in Canada and represents the revenues realized from produced volumes during a period. Total sales, net of blending and other expense
is comprised of total petroleum and natural gas sales adjusted for blending and other expense. We believe including the blending
and other expense associated with purchased volumes is useful when analyzing our realized pricing for produced volumes against
benchmark commodity prices.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
netback</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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. 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The
following table reconciles total sales, net of blending and other expense and operating netback to petroleum and natural gas sales.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Years
    Ended December 31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">($
    thousands)</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">2021</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">2020</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #231F20; text-align: left; padding-bottom: 1pt; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Petroleum
                                         and natural gas sales&nbsp;</FONT></P></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; padding-bottom: 1pt; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>$</B></FONT></TD><TD STYLE="width: 12%; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>1,868,195</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">$</FONT></TD><TD STYLE="width: 12%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">975,477</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Blending
    and other expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>(85,689</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>)</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">(48,381</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Total
    sales, net of blending and other expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>1,782,506</B></FONT></TD><TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">927,096</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Royalties</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>(339,156</B></FONT></TD><TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>)</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">(163,735</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Operating
    expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; text-align: right; background-color: rgb(229,229,229); font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>(343,002</B></FONT></TD><TD STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>)</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">(331,345</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Transportation
    expense</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>(32,261</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>)</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">(28,437</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">Operating
    netback</FONT></TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>1,068,087</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: left; background-color: rgb(229,229,229)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">403,579</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Free
cash flow</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Free
cash flow is not a measurement based on GAAP in Canada. We define free cash flow as cash flows from operating activities adjusted
for changes in non-cash working capital, additions to exploration and evaluation assets, additions to oil and gas properties and
payments on lease obligations. 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Free
cash flow is reconciled to cash flows from operating activities in the following table.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231F20; text-align: left; padding-left: 3pt">Cash flows from operating activities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 12%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">712,384</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231F20; text-align: right">353,096</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Change in non-cash working capital</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">26,582</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(48,758</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Additions to exploration and evaluation assets</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(3,298</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(4,490</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Additions to oil and gas properties</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(310,005</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(275,850</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Payments on lease obligations</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(4,334</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(5,925</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Free cash flow</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">421,329</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">18,073</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-GAAP
Financial Ratios</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
sales, net of blending and other expense per boe</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Total
sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated
as total sales, net of blending and other expense divided by barrels of oil equivalent production volume for the applicable period.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
royalty rate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Average
royalty rate is used to evaluate the performance of our operations from period to period and is comprised of royalties divided
by 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.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating
netback per boe</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Operating
netback per boe is equal to operating netback divided by barrels of oil equivalent sales volume for the applicable period and
is used to assess our operating performance on a unit of production basis.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital
Management Measures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>We
define net debt to be the sum of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance
costs, trade and other payables, cash and trade and other receivables. 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20"><I>The
following table summarizes our calculation of net debt.</I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Credit facilities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">505,171</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">649,221</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Unamortized debt issuance costs - Credit facilities<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,343</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,952</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Long-term notes</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">874,527</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">1,132,868</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231F20">Unamortized debt issuance costs - Long-term notes<SUP>(1)</SUP></FONT></TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">11,393</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,082</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Trade and other payables</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">190,692</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">155,955</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Trade and other receivables</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">(173,409</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">)</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">(107,477</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Net debt</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">1,409,717</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">1,847,601</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unamortized
                                         debt issuance costs were obtained from Note 7 Credit Facilities and Note 8 Long-term
                                         Notes from the Consolidated Financial Statements for the year ended December 31, 2021.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
funds flow</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Adjusted
funds flow 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Adjusted
funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #231F20; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-style: italic; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">($ thousands)</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #231F20; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; color: #231F20; text-align: left; padding-left: 3pt">Cash flows from operating activities</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="width: 13%; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">712,384</TD><TD STYLE="width: 1%; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="width: 13%; color: #231F20; text-align: right">353,096</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt">Change in non-cash working capital</TD><TD STYLE="color: #231F20; font-weight: bold; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">26,582</TD><TD STYLE="color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">(48,758</TD><TD STYLE="color: #231F20; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Asset retirement obligations settled</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">6,662</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">7,168</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt">Adjusted funds flow</TD><TD STYLE="color: #231F20; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: right; background-color: rgb(229,229,229)">745,628</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; font-weight: bold; text-align: left; background-color: rgb(229,229,229)">&nbsp;</TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right">311,506</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Advisory
Regarding Oil and Gas Information</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The
reserves information contained in this press release has been prepared in accordance with NI 51-101. Complete NI 51-101 reserves
disclosure will be included in our Annual Information Form for the year ended December 31, 2021, which will be filed on or before
March 31, 2022. Listed below are cautionary statements that are specifically required by NI 51-101:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The
                                         term barrels of oil equivalent (&ldquo;boe&rdquo;) may be misleading, particularly if
                                         used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to
                                         one boe (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable
                                         at the burner tip and does not represent a value equivalency at the wellhead. Given that
                                         the value ratio based on the current price of crude oil as compared to natural gas is
                                         significantly different from the energy equivalency of 6:1, utilizing a conversion on
                                         a 6:1 basis may be misleading as an indication of value.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>With
                                         respect to finding and development costs, the aggregate of the exploration and development
                                         costs incurred in the most recent financial year and the change during that year in estimated
                                         future development costs generally will not reflect total finding and development costs
                                         related to reserves additions for that year.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>This
                                         press release contains estimates of the net present value of our future net revenue from
                                         our reserves. Such amounts do not represent the fair market value of our reserves.</I></FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>85</B></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Throughout
this press 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 twelve months ended December 31, 2021. 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; color: Red"><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%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD><TD STYLE="color: #231F20; border-top: Black 1pt solid; padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="12" STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Three
    Months Ended December 31, 2021</B></FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="12" STYLE="color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Twelve
    Months Ended December 31, 2021</B></FONT></TD><TD STYLE="padding-bottom: 1pt; color: #231F20; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-left: 3pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Heavy
                                         Oil</B><BR>
                                         <B>(bbl/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Light
                                         and</B><BR>
                                         <B>Medium </B><BR>
                                         <B>Oil (bbl/d)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>NGL</B><BR>
                                         <B>(bbl/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Natural</B><BR>
                                         <B>Gas</B><BR>
                                         <B>(Mcf/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Oil</B><BR>
                                         <B>Equivalent</B><BR>
                                         <B>(boe/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Heavy
                                         Oil</B><BR>
                                         <B>(bbl/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Light
                                         and</B><BR>
                                         <B>Medium</B><BR>
                                         <B>Oil (bbl/d)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>NGL</B><BR>
                                         <B>(bbl/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Natural</B><BR>
                                         <B>Gas</B><BR>
                                         <B>(Mcf/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>Oil</B><BR>
                                         <B>Equivalent</B><BR>
                                         <B>(boe/d)</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Canada
    &ndash; Heavy</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; width: 13%; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Peace
    River</FONT></TD><TD STYLE="width: 1%; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,491</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">8</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">22</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,027</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">13,359</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,198</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">7</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">23</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,408</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="width: 7%; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">13,130</FONT></TD><TD STYLE="width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Lloydminster</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">10,566</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">12</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,677</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">10,858</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">10,202</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">6</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,448</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">10,449</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Peavine</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,425</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,425</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">788</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">788</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Canada
    - Light</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Viking</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">14,200</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">166</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,679</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">16,313</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">15,277</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">146</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">11,133</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">17,278</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Duvernay</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,475</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">733</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">2,766</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">2,668</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">1,047</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">598</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">2,178</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">2,008</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Remaining
    Properties</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">693</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">792</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">25,524</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">5,739</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">606</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">904</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">25,566</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">5,771</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; text-align: left; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)"><B>United
    States</B></FONT></TD><TD STYLE="color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Eagle
                                         Ford</FONT></P></TD><TD STYLE="font-size: 10pt; color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">18,598</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">6,271</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">33,356</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">30,428</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">18,846</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">5,573</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">37,874</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">30,731</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231F20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">Total</FONT></TD><TD STYLE="color: #231F20; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">23,482</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">34,986</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">7,984</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">86,029</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">80,789</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">22,188</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">35,789</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">7,244</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">89,606</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">80,156</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #231F20; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: rgb(35,31,32)">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>This
press release contains metrics commonly used in the oil and natural gas industry, such as &ldquo;finding and development costs&rdquo;,
 &ldquo;finding, development and acquisition costs&rdquo;, &ldquo;net asset value&rdquo;, and &ldquo;reserves life index.&rdquo;
These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and
therefore should not be used to make such comparisons. Such metrics have been included in this press release to provide readers
with additional measures to evaluate Baytex&rsquo;s performance, however, such measures are not reliable indicators of Baytex&rsquo;s
future performance and future performance may not compare to Baytex&rsquo;s performance in previous periods and therefore such
metrics should not be unduly relied upon.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Finding
and development costs are calculated on a per boe basis by dividing the aggregate of the change in future development costs from
the prior year for the particular reserve category and the costs incurred on exploration and development activities in the year
by the change in reserves from the prior year for the reserve category.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Finding,
development and acquisition costs are calculated on a per boe basis by dividing the aggregate of the change in future development
costs from the prior year for the particular reserve category and the costs incurred on development and exploration activities
and property acquisitions (net of dispositions) in the year by the change in reserves from the year for the reserve category</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Net
asset value has been calculated based on the estimated net present value of all future net revenue from our reserves, before income
taxes, as estimated by McDaniel effective December 31, 2021, plus the estimated value of our undeveloped land holdings, less net
debt.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Reserve
life index means the reserves for the particular reserve category divided by annualized 2021 fourth quarter production.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Notice
to United States Readers</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The
petroleum and natural gas reserves contained in this press release have generally been prepared in accordance with Canadian disclosure
standards, which are not comparable in all respects to United States or other foreign disclosure standards. For example, the United
States Securities and Exchange Commission (the &quot;SEC&quot;) requires oil and gas issuers, in their filings with the SEC, to
disclose only &quot;proved reserves&quot;, but permits the optional disclosure of &quot;probable reserves&quot; (each as defined
in SEC rules). Canadian securities laws require oil and gas issuers disclose their reserves in accordance with NI 51-101, which
requires disclosure of not only &quot;proved reserves&quot; but also &quot;probable reserves&quot;. Additionally, NI 51-101 defines
 &quot;proved reserves&quot; and &quot;probable reserves&quot; differently from the SEC rules. Accordingly, proved and probable
reserves disclosed in this press release may not be comparable to United States standards. Probable reserves are higher risk and
are generally believed to be less likely to be accurately estimated or recovered than proved reserves.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>In
addition, under Canadian disclosure requirements and industry practice, reserves and production are reported using gross volumes,
which are volumes prior to deduction of royalty and similar payments. The SEC rules require reserves and production to be presented
using net volumes, after deduction of applicable royalties and similar payments.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Moreover,
Baytex has determined and disclosed estimated future net revenue from its reserves using forecast prices and costs, whereas the
SEC rules require that reserves be estimated using a 12-month average price, calculated as the arithmetic average of the first-day-of-the-month
price for each month within the 12-month period prior to the end of the reporting period. As a consequence of the foregoing, Baytex's
reserve estimates and production volumes in this press release may not be comparable to those made by companies utilizing United
States reporting and disclosure standards.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy Corp. 2021 Annual
    Report</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>ABBREVIATIONS</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>AECO</I></FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">the natural gas
    storage facility located</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>IFRS</I></FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">International
    Financial Reporting</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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; color: black">at Suffield, Alberta</FONT></TD>
    <TD><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; color: black">Standards</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>bbl</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">barrel</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>LLS</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Louisiana Light Sweet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>bbl/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">barrel per day</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mbbl</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">thousand barrels</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>boe*</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">barrels of oil equivalent</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mboe*</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">thousand barrels of oil equivalent</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>boe/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">barrels of oil equivalent per day</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mcf</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">thousand cubic feet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>COSO</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Committee of Sponsoring</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mcf/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">thousand cubic feet per day</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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; color: black">Organizations of the Treadway</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mmBtu</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">million British Thermal Units</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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; color: black">Commission</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mmBtu/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">million British Thermal Units per
    day</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>GAAP</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">generally accepted accounting</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mmcf</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">million cubic feet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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; color: black">principles</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>mmcf/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">million cubic feet per day</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>GJ</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">gigajoule</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>NGL</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">natural gas liquids</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>GJ/d</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">gigajoule per day</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>NYMEX</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">New York Mercantile Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>IAS</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">International Accounting Standard</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>NYSE</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>IASB</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">International Accounting Standards</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>TSX</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Toronto Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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; color: black">Board</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>WCS</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">Western Canadian Select</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><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>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><I>WTI</I></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black">West Texas Intermediate</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 80%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><I>*</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)"><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></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #231F20">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Baytex Energy
    Corp. 2021 Annual Report</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>87</B></FONT></TD></TR>
</TABLE>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
