<SEC-DOCUMENT>0001104659-23-062800.txt : 20230519
<SEC-HEADER>0001104659-23-062800.hdr.sgml : 20230519
<ACCEPTANCE-DATETIME>20230519184145
ACCESSION NUMBER:		0001104659-23-062800
CONFORMED SUBMISSION TYPE:	F-4MEF
PUBLIC DOCUMENT COUNT:		10
<REFERENCE-462B>333-271191
FILED AS OF DATE:		20230519
DATE AS OF CHANGE:		20230519
EFFECTIVENESS DATE:		20230519

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:		F-4MEF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272109
		FILM NUMBER:		23941957

	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>F-4MEF
<SEQUENCE>1
<FILENAME>tm2310506d19_f4mef.htm
<DESCRIPTION>F-4MEF
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<P STYLE="font: bold 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">As filed with the Securities and Exchange
Commission on May&nbsp;19, 2023.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-</P>

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

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

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





<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

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

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM F-4</P>

<P STYLE="font: bold 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">REGISTRATION STATEMENT<BR>
<I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></P>

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Baytex Energy Corp.</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Alberta</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">1381</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center">(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center">(Primary Standard Industrial<BR>
Classification Code Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: center">(IRS Employer<BR>
Identification Number)</TD></TR>
  </TABLE>
<P STYLE="font: bold 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&#8201;&mdash;&#8201;3<SUP>rd</SUP>
Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 0R3<BR>
(587) 952-3000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

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

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<P STYLE="font: bold 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">Baytex Energy USA, Inc.<BR>
5444 Westheimer Rd., Ste 1000<BR>
Houston, Texas 77056<BR>
(346) 202-2078</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">With copies to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">James R. Maclean<BR>
Baytex Energy Corp.<BR>
2800, 520&#8201;&mdash;&#8201;3rd Avenue S.W.<BR>
Calgary, Alberta, Canada, T2P 0R3<BR>
(587) 952-3000</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Michael S. Telle<BR>
Lande Spottswood<BR>
Vinson &amp; Elkins LLP<BR>
845 Texas Avenue, Ste. 4700<BR>
Houston, Texas 77002<BR>
(713) 758-2222</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Katherine J. Ryan<BR>
Ranger Oil Corporation<BR>
16285 Park Ten Place, Ste. 500<BR>
Houston, Texas 77084<BR>
(713) 722-6500</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Julian J. Seiguer, P.C.<BR>
Anne G. Peetz<BR>
Sean Wheeler, P.C.<BR>
Debbie Yee, P.C.<BR>
Kirkland &amp; Ellis LLP<BR>
609 Main Street, Ste. 47000<BR>
Houston, Texas 77002<BR>
(713) 836-3600</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Approximate date of commencement of proposed
sale of the securities to the public: <FONT STYLE="font-weight: normal">As soon as practicable after the effectiveness of this registration
statement and upon completion of the transaction described in the enclosed proxy statement/prospectus. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If this Form is filed to register additional securities
for an offering pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&#8195;<FONT STYLE="font-family: Wingdings">&#120;</FONT>  Registration No. 333-271191</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If this Form is a post-effective amendment filed
pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&#8195;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">If applicable, place an X in the box to designate the appropriate
rule provision relied upon in conducting this transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Exchange Act Rule&nbsp;13e-4(i) (<I>Cross-Border Issuer Tender
Offer</I>)&#8195;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Exchange Act Rule&nbsp;14d-1(d) (<I>Cross-Border Third Party
Tender Offer</I>)&#8195;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933. Emerging growth company&#8195;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities
Act&#8195;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Registration Statement shall become effective
upon filing with the Securities and Exchange Commission in accordance with Rule 462(b) under the Securities Act of 1933, as amended.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>EXPLANATORY NOTE</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"><FONT STYLE="background-color: white">Pursuant to its Registration
Statement on Form F-4 (Registration No. 333-271191), as amended, (the &ldquo;Prior Registration Statement&rdquo;), declared effective
on May 18, 2023, Baytex Energy Corp., a company incorporated under the laws of Alberta (the &ldquo;registrant&rdquo;), registered an aggregate
of </FONT>311,213,987 <FONT STYLE="background-color: white">of its common shares, without nominal or par value (&ldquo;Baytex common shares&rdquo;),
and paid an aggregate registration fee of $126,846.31. This Registration Statement is being filed with the Securities and Exchange Commission
pursuant to General Instruction H of Form F-4 and Rule&nbsp;</FONT>462(b)<FONT STYLE="background-color: white">&nbsp;of the&nbsp;</FONT>Securities
Act of 1933<FONT STYLE="background-color: white">, as amended, for the sole purpose of registering an additional 749,000 Baytex common
shares estimated to be issuable upon the completion of the merger described in the Prior Registration Statement.</FONT>&nbsp; The additional
securities that are being registered are in an amount and at a price that together represent no more than 20% of the maximum aggregate
offering price set forth in the Calculation of Filing Fee Tables set forth in Exhibit 107 as filed with the Prior Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>STATEMENT OF INCORPORATION BY REFERENCE</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">This Registration Statement incorporates by reference the contents
of the Prior Registration Statement, including all amendments, supplements and exhibits thereto and all information incorporated or deemed
to be incorporated by reference therein. Additional opinions and consents required to be filed with this Registration Statement are listed
on the Exhibit Index included with this Registration Statement.</P>

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

<P STYLE="font: bold 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">EXHIBIT INDEX</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Exhibit <BR>
Number</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold; text-align: center">Exhibit Description</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Burnet, Duckworth &amp; Palmer LLP, counsel to Baytex Energy Corp., as to the validity of the Baytex common shares.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of KPMG LLP with respect to Baytex Energy Corp.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of McDaniel &amp; Associates Consultants Ltd. with respect to Baytex Energy Corp.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-3.htm" STYLE="-sec-extract: exhibit">23.3</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-3.htm" STYLE="-sec-extract: exhibit">Consent of Grant Thornton LLP with respect to Ranger Oil Corporation.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-4.htm" STYLE="-sec-extract: exhibit">23.4</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex23-4.htm" STYLE="-sec-extract: exhibit">Consent of DeGolyer and MacNaughton with respect to Ranger Oil Corporation.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex5-1.htm" STYLE="-sec-extract: exhibit">23.5</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Burnet, Duckworth &amp; Palmer LLP (included in Exhibit&nbsp;5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1279495/000110465923043176/tm2310506-1_f4.htm" STYLE="-sec-extract: exhibit">24.1*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1279495/000110465923043176/tm2310506-1_f4.htm#tSIG" STYLE="-sec-extract: exhibit">Power of Attorney of Officers and Directors.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex99-2.htm" STYLE="-sec-extract: exhibit">Consent of BofA Securities, Inc.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><A HREF="tm2310506d19_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Table</A></TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with the
registrant&rsquo;s Registration Statement on Form F-4 (Registration No. 333-271191), as amended, which was initially filed with the <FONT STYLE="background-color: white">Securities
and Exchange Commission on April 7, 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"></FONT></P>

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

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

<P STYLE="font: bold 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-indent: 20pt">Pursuant to the requirements of the Securities Act,
the registrant has duly caused this Registration Statement on Form F-4 to be signed on its behalf by the undersigned, thereunto duly authorized,
in Calgary, Alberta, Canada, on May 19, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; font-weight: bold">BAYTEX ENERGY CORP.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 12pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 12pt">/s/ Chad L. Kalmakoff</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 1pt">Name:</TD>
    <TD STYLE="width: 40%; padding-top: 1pt">Chad L. Kalmakoff</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt">Title:</TD>
    <TD STYLE="padding-top: 1pt">Chief Financial Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 39%; font-weight: bold; text-align: center">Signature</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 36%; font-weight: bold; text-align: center">Title</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 21%; font-weight: bold; text-align: center">Date</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eric T. Greager</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">President, Chief Executive Officer and Director (Principal Executive Officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chad Kalmakoff</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Chief Financial Officer (Principal Financial and Accounting Officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mark R. Bly</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trudy M. Curran</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Don G. Hrap</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Angela S. Lekatsas</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jennifer A. Maki</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">David L. Pearce</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Steve D.L. Reynish</P></TD>
    <TD>
    <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: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May 19, 2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">*By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">/s/ Chad L. Kalmakoff</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 6%">Name:</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 40%">Chad L. Kalmakoff</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Title:</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Attorney-in-fact</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&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"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE
OF THE REGISTRANT</P>

<P STYLE="font: bold 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-indent: 20pt">Pursuant to the requirements of Section&nbsp;6(a)
of the Securities Act, as amended, the registrant has caused this Registration Statement on Form F-4 to be signed on its behalf by the
undersigned, solely in his capacity as the duly authorized representative in the United States of Baytex Energy Corp., a company incorporated
under the <I>Business Corporations Act</I> (Alberta), in the State of Delaware, on May 19, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Authorized U.S. Representative</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">BAYTEX ENERGY USA, INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gregory Zimmerman</P>


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 41%">Gregory Zimmerman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2310506d19_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white; text-indent: 92.25pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt 0"><IMG SRC="tm2310506d19_ex5-1img001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">May 19, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Baytex Energy Corp.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Centennial Place, East
Tower&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">2800, 520 &ndash; 3rd Avenue
SW&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Calgary, Alberta T2P 0R3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Dear Sirs/Mesdames:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>Re: Registration Statement
on Form&nbsp;F-4&nbsp;of Baytex Energy Corp.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are acting as Canadian
counsel to Baytex Energy Corp. (&quot;<B>Baytex</B>&quot; or the &quot;<B>Company</B>&quot;), a corporation existing under the laws of
the Province of Alberta, in connection with the Registration Statement on Form&nbsp;F-4 dated May 19, 2023&nbsp;(the &quot;<B>Registration
Statement</B>&quot;), filed by the Company with the Securities and Exchange Commission (the &quot;<B>Commission</B>&quot;) under the&nbsp;<I>Securities
Act of 1933</I>, as amended, and the rules and regulations thereunder (the &quot;<B>Securities Act</B>&quot;), which incorporates by reference
the registration statement on Form F-4 (<FONT STYLE="background-color: white">Registration No. 333-27119) (the &quot;<B>Prior Registration
Statement</B>&quot;)</FONT>, declared effective on May 18, 2023. The Prior Registration Statement and the Registration Statement relate
to, among other things, the proposed issuance by the Company of common shares (the &quot;<B>Baytex Shares</B>&quot;) to holders of shares
of common stock of Ranger Oil Corporation (&quot;<B>Ranger</B>&quot;) (the &quot;<B>Ranger Shareholders</B>&quot;) pursuant to the Agreement
and Plan of Merger, dated February 27, 2023 by and between Baytex and Ranger (as amended from time to time, the &quot;<B>Merger Agreement</B>&quot;).
The Merger Agreement, among other things, provides for the combination of Ranger and the Company through the merger of Ranger with Nebula
Merger Sub, LLC, an indirect wholly owned subsidiary of Baytex, with Ranger continuing its existence as the surviving corporation (the
&quot;<B>Merger</B>&quot;). The Merger and the other transactions contemplated by the Merger Agreement, are referred to herein as the
&quot;<B>Transactions</B>&quot;. This opinion is being delivered in connection with the Registration Statement, in which this opinion
appears as an exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>I.</B></TD><TD STYLE="text-align: justify"><B>Scope of Review</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the purpose of the
opinions hereinafter expressed, in our capacity as Canadian counsel for the Company as aforesaid, we have examined originals or copies,
certified or otherwise identified to our satisfaction, of such public records, certificates, documents and other materials as we have
considered relevant, necessary or advisable, including the <I>Business Corporations Act</I> (Alberta) and the following documents (collectively,
the &quot;<B>Relevant Document</B>s&quot;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Prior Registration Statement dated May 18, 2023 and the Registration Statement dated May 19, 2023
(including the exhibits thereto);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the Merger Agreement attached as Exhibit 2.1 to the Prior Registration Statement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the Articles of Incorporation of Baytex incorporated by reference as Exhibit 3.1 to the Prior Registration
Statement and the Articles of Arrangement of Baytex dated December 31, 2010 and the Articles of Arrangement of Baytex dated August 22,
2018, each as contained in the minute book of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">resolutions of the directors of the Company approving, among other things, the Merger Agreement, the performance
of the Company's obligations under the Merger Agreement and the issuance of Baytex Shares pursuant to the terms of the Merger Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the form of resolution of the holders of Baytex Shares that was considered at the annual and special meeting
of the shareholders of Baytex held on May 15, 2023 (the &quot;<B>Baytex Meeting</B>&quot;) approving the issuance of the Baytex Shares
pursuant to the terms of the Merger Agreement (the &quot;<B>Share Issuance Resolution</B>&quot;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">the Report of Voting Results of Baytex filed
                                            on SEDAR at <U>www.sedar.com</U> pursuant to National Instrument 51-102 (the &quot;<B>Report
                                            of Voting Results</B>&quot;) on May 15, 2023 in connection with the Baytex Meeting and the
                                            Share Issuance Resolution;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">the letter from the Toronto Stock Exchange (the &quot;<B>TSX</B>&quot;) dated April 19, 2023 conditionally
approving the issuance of the Baytex Shares pursuant to the Transactions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">a Certificate of Status issued under the laws of the Province of Alberta for the Company on May 19, 2023.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2310506d19_ex5-1img002.jpg" ALT=""></P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Other
</FONT>than our review of the Relevant Documents, we have not undertaken any special or independent investigation to determine the existence
or absence of any facts or circumstances relating to the Company. No inference as to our knowledge as to such facts and circumstances
should be drawn merely from our representation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>II.</B></TD><TD STYLE="text-align: justify"><B>Assumptions</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In giving this opinion,
we have assumed:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents
submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as duplicates, certified,
conformed, telecopied or photostatic copies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the Registration Statement will become effective, will comply with all applicable laws, and will be duly
authorized, executed and delivered by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the proxy statement of Ranger included in the Prior Registration Statement (the &quot;<B>Proxy Statement</B>&quot;)
will be delivered by Ranger in accordance with applicable securities laws to the Ranger Shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the meeting of Ranger Shareholders (the &quot;<B>Ranger Shareholders' Meeting</B>&quot;) will be held
as set forth in the Proxy Statement, the Prior Registration Statement and the Registration Statement and at such Ranger Shareholders'
Meeting the requisite approval of the Ranger Shareholders of the Ranger Merger Proposal (as defined in the Prior Registration Statement)
is duly obtained;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the Report of Voting Results accurately reflects the outcome of the votes cast at the Baytex Meeting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">there are no amendments to the Merger Agreement after the date hereof, other than that certain joinder
agreement to be entered into with Nebula Merger Sub, LLC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">all required consideration (in whatever form) for the Baytex Shares is paid in money or in property (other
than a promissory note or promise to pay) or past service that is not less in value than the fair value equivalent of the money that Baytex
would have received if the Baytex Shares had been issued for money; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(h)</TD><TD STYLE="text-align: justify">all required filings will be made with the TSX, the New York
Stock Exchange and all relevant securities regulatory authorities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>III.</B></TD><TD STYLE="text-align: justify"><B>Reliance</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">With respect to the accuracy
of factual matters material to this opinion, we have relied upon resolutions, certificates or comparable documents and oral or written
statements and representations of public officials and of officers and other representatives of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Where our opinion expressed
herein refers to the Baytex Shares having been issued as being &quot;fully-paid and non-assessable&quot;, such opinion indicates that
the holder of such Baytex Shares will not, after the issuance to them of such Baytex Shares be liable to contribute any further amounts
to the Company in order to complete payment for the Baytex Shares or to satisfy claims of creditors of the Company. No opinion is expressed
as to actual receipt by Baytex of the consideration for the issuance of such Baytex or as to the adequacy of any consideration received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>IV.</B></TD><TD STYLE="text-align: justify"><B>Applicable Laws</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are qualified to practice
law in the province of Alberta and we do not express any opinion on any laws other than the laws of the province of Alberta and the laws
of Canada applicable therein, in each case in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>V.</B></TD><TD STYLE="text-align: justify"><B>Opinion</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Based upon and relying
on the foregoing, and subject to the assumptions and qualifications expressed herein, we are of the opinion that, when: (a) the Ranger
Merger Proposal has been approved by the requisite majority of Ranger Shareholders; (b) the certificate of merger relating to the Transactions
is filed with and accepted by the Office of the Secretary of State of the State of Delaware; (c) the articles of merger relating to the
Transactions are filed with and accepted by the Virginia State Corporation Commission; (d) the Registration Statement relating to the
Baytex Shares has become effective under the Securities Act; and (e) the Baytex Shares have been issued and delivered in accordance with
the terms and conditions of the Merger Agreement, such Baytex Shares will be outstanding as validly issued, fully paid and&nbsp;non-assessable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>VI.</B></TD><TD STYLE="text-align: justify"><B>Consent and Qualifications</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the references to our firm under the heading &ldquo;Legal Matters&rdquo; in the prospectus
included in the Prior Registration Statement. By the giving of such consent, we do not admit that we are experts with respect to any part
of the Registration Statement or the Prior Registration Statement, or otherwise, within the meaning of the rules and regulations of the
Commission. This opinion is rendered solely in connection with the Registration Statement and is expressly limited to the matters set
forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Registration
Statement, the Prior Registration Statement, or the Baytex Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions are given as at the date hereof and
we disclaim any obligation or responsibility to: (a)&nbsp;update this opinion; (b)&nbsp;take into account or inform the addressees or
any other person of any changes in law, facts or other developments subsequent to this date that do or may affect the opinion we express;
or (c)&nbsp;advise the addressees or any other person of any other change in any matter addressed in this opinion. Our opinions do not
take into account any proposed rules, policies or legislative changes that may come into force following the date hereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Yours truly,</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Burnet, Duckworth &amp; Palmer LLP</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Burnet, Duckworth &amp; Palmer LLP</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


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



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

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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2310506d19_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</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">The Board of Directors of Baytex Energy Corp.</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">We consent to the use of our report dated February&nbsp;23, 2023, on
the consolidated financial statements of Baytex Energy Corp., which comprise the consolidated statements of financial position as of December&nbsp;31,
2022 and 2021, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for the years
then ended, and the related notes, and our report dated February&nbsp;23, 2023 on the effectiveness of internal control over financial
reporting as of December&nbsp;31, 2022, which are incorporated by reference herein and to the reference to our firm under the heading
&ldquo;Experts&rdquo; in the proxy statement/prospectus included in the Registration Statement on Form&nbsp;F-4 dated May&nbsp;19, 2023
of Baytex Energy Corp.</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">/s/ KPMG LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chartered Professional Accountants</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">May&nbsp;19, 2023&nbsp;</P>

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

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

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

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

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

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

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

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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2310506d19_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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                           <P STYLE="margin: 0pt"></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: right"><B>Exhibit 23.2</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">CONSENT OF INDEPENDENT ENGINEERS</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">As independent engineers, we hereby consent to the incorporation by
reference of our report dated February 2, 2023, prepared for Baytex Energy Corp., which is incorporated by reference into the Registration
Statement on Form F-4 of Baytex Energy Corp.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">MCDANIEL &amp; ASSOCIATES CONSULTANTS LTD.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Brian R. Hamm</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Brian R. Hamm</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">President &amp; CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 19, 2023</P>



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

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

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>tm2310506d19_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have issued our reports dated March 9, 2023
with respect to the consolidated financial statements and internal control over financial reporting of Ranger Oil Corporation incorporated
by reference from the Annual Report on Form 10-K for the year ended December 31, 2022 in the registration statement on Form F-4, as amended
(File No. 333-271191), which are incorporated by reference in this Registration Statement on Form F-4MEF. We consent to the incorporation
by reference of the aforementioned reports in this Registration Statement, and to the use of our name as it appears under the caption
&ldquo;Experts&rdquo; in the prospectus incorporated by reference in this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ GRANT THORNTON LLP</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">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 19, 2023</P>



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

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

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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>tm2310506d19_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.1pt 0pt 203.6pt; text-align: center"><B>DeGolyer and MacNaughton</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.1pt 0pt 203.6pt; text-align: center"><B></B>5001
Spring Valley Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.1pt 0pt 203.6pt; text-align: center">Suite 800 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.1pt 0pt 203.05pt; text-align: center">Dallas, Texas 75244</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 19, 2023</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">Ranger Oil Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16285 Park Ten Place, Suite 500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, Texas 77084</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">Ladies and Gentlemen:</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 5.9pt 0pt 5pt; text-align: left; text-indent: 30.3pt">We hereby consent
to the use of the name DeGolyer and MacNaughton, to references to DeGolyer and MacNaughton as independent reserves engineers, to the inclusion
of information taken from our report entitled &#8220;Report as of December 31, 2022 on Reserves and Revenue of Certain Properties with
interests attributable to Ranger Oil Corporation&#8221; in Part I and in the &#8220;Notes to Consolidated Financial Statements&#8221;
portion of the Annual Report on Form 10-K of Ranger Oil Corporation for the year ended December 31, 2022 (the &#8220;Annual Report&#8221;),
filed on March 9, 2023, and to the incorporation by reference of our report of third party dated February 2, 2023, in the &#8220;Exhibits
and Financial Statement Schedules&#8221; portion of the Annual Report, in each case in the form of and context in which they appear in
the Registration Statement on the Form F-4 (including any amendments thereto, the &#8220;Registration Statement&#8221;), of Baytex Energy
Corporation and the related prospectus that is a part thereof. We further consent to the reference to our firm under the heading &#8220;EXPERTS&#8221;
in the Registration Statement and related prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ DeGolyer and MacNaughton</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DeGOLYER and MacNAUGHTON</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Texas Registered Engineering Firm
    F-716</FONT></TD></TR>
  </TABLE>


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

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>tm2310506d19_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.2</B></P>

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

<P STYLE="margin: 0pt">May 19, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ranger Oil Corporation<BR>
16285 Park Ten Place, Suite 500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">Houston, TX 77084</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Board of Directors:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We hereby consent to the inclusion of our
opinion letter, dated February 27, 2023, to the Board of Directors of Ranger Oil Corporation (&#8220;Ranger&#8221;) as Annex B to, and
to the reference thereto under the headings &#8220;<I>Summary&#8212;Opinion of Ranger&#8217;s Financial Advisor</I>&#8221; and &#8220;<I>The
Merger&#8212;Opinion of Ranger&#8217;s Financial Advisor</I>&#8221; in, the joint proxy statement/prospectus relating to the proposed
merger involving Ranger and Baytex Energy Corp. (&#8220;Baytex&#8221;), which joint proxy statement/prospectus forms a part of Baytex&#8217;s
Registration Statement on Form&nbsp;F-4&nbsp;(the &#8220;Registration Statement&#8221;) to which this consent is filed as an exhibit.
In giving the foregoing consent, we do not admit (1) that we come within the category of persons whose consent is required under Section
7 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or the rules and regulations of the Securities and Exchange
Commission (the &#8220;Commission&#8221;) promulgated thereunder, or (2) that we are experts with respect to any part of the Registration
Statement within the meaning of the term &#8220;experts&#8221; as used in the Securities Act and the rules and regulations of the Commission
promulgated thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ BOFA SECURITIES, INC.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BOFA SECURITIES, INC.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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



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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>tm2310506d19_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Security<BR>
    Type</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Security<BR>
    Class<BR>
    Title</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount<BR>
    Registered</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Maximum<BR>
    Aggregate<BR>
    Offering<BR>
    Price</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Fee<BR>
    Rate</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount of<BR>
    Registration<BR>
    Fee</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Carry<BR>
    Forward<BR>
    Form<BR>
    Type</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Carry<BR>
    Forward<BR>
    File<BR>
    Number</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Filing<BR>
 Fee<BR>
    Previously<BR>
    Paid<BR>
    In<BR>
    Connection<BR>
    with<BR>
    Unsold<BR>
    Securities<BR>
    to be<BR>
    Carried<BR>
    Forward</B></P></TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="border-bottom: black 1pt solid; padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newly Registered Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees to Be Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares, without nominal or par value</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(c) and 457(f)(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">749,000 (1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$2,439,500</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(2)</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00011020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$268.83</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(3)</P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Represents the maximum number of
    additional Baytex Energy Corp. (&#8220;Baytex&#8221;) common shares, without nominal or par value (&#8220;Baytex common
    shares&#8221;), estimated to be issuable upon the completion of Baytex&#8217;s acquisition of Ranger Oil Corporation
    (&#8220;Ranger&#8221;) pursuant to the company merger described herein. Baytex has previously registered 311,213,987 Baytex common
    shares pursuant to the registration statement on Form F-4 (Registration No. 333-271191) as amended (the &#8220;Prior Registration
    Statement&#8221;), and declared effective on May 18, 2023. Baytex now estimates that up to 100,000 additional shares of Ranger
    common stock may be exchanged in the merger described in the Prior Registration Statement, resulting in up to 311,962,987 Baytex
    common shares that may be issued upon completion of the merger.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for purposes of calculating the registration
    fee required by Section&nbsp;6(b) of the Securities Act, and calculated pursuant to Rules 457(f)(1) and (3) and 457(c) under the
    Securities Act. The proposed maximum aggregate offering price of the Baytex common shares was calculated as follows: the product
    of (1) $37.71, the average of the high and low prices per share of Ranger common stock as of May 16, 2023, as quoted on the Nasdaq
    Stock Market and (2) 100,000<B>,&nbsp;</B>the sum of the maximum number of additional shares of Ranger Class A common stock, Ranger
    Class B common stock, and DSUs that may be converted into Baytex common shares at closing <I>minus</I> cash consideration of $13.31
    payable by Baytex with respect to each such share of Ranger common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration fee for the securities registered hereby has been calculated pursuant to Section&nbsp;6(b) of the Securities Act, by multiplying the proposed maximum aggregate offering price for the securities by 0.00011020.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
