EX-99.1 4 bte-20241231.htm EX-99.1

Document

Exhibit 2.01

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

BAYTEX ENERGY CORP.

Reporting Year

From

2024-01-01

To:

2024-12-31

Date submitted

2025-05-26

Reporting Entity ESTMA Identification Number

E144401

Original Submission Amended Report

Other Subsidiaries Included (optional field)

Not Consolidated

Not Substituted

Attestation by Reporting Entity

In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

Full Name of Director or Officer of Reporting Entity

Chad Kalmakoff

Date

2025-05-26

Position Title

Chief Financial Officer

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2024-01-01

To:

2024-12-31

Reporting Entity Name

BAYTEX ENERGY CORP.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E144401

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments, Agency, etc… within Payee that Received Payments

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

Canada

GOVERNMENT OF CANADA

120,000

120,000

RECEIVER GENERAL OF CANADA, FARM CREDIT CANADA

Canada -Alberta

PROVINCE OF ALBERTA

149,920,000

5,820,000

34,270,000

190,010,000

Royalties paid in-kind total $8.8MM and are valued at the fair market value of the volumes taken in-kind at the time of the transaction. GOVERNMENT OF ALBERTA, MINISTER OF FINANCE, PROVINCIAL TREASURER OF ALBERTA, ALBERTA ENERGY REGULATOR, ALBERTA PETROLEUM MARKETING COMMISSION

Canada -Saskatchewan

PROVINCE OF SASKATCHEWAN

32,950,000

2,220,000

2,030,000

37,200,000

MINISTER OF FINANCE, SASKATCHEWAN MINISTRY OF THE ECONOMY, SASKATCHEWAN INDUSTRY AND RESOURCES, MINISTRY OF AGRICULTURE - LANDS BRANCH, MINISTRY OF ENVIRONMENT, WATER SECURITY AGENCY

Canada

BRAZEAU COUNTY

260,000

260,000

Canada

CLEARWATER COUNTY

220,000

220,000

Canada

COUNTY OF VERMILION RIVER NO. 24

370,000

370,000

Canada

COUNTY OF WETASKIWIN NO. 10

350,000

70,000

420,000

Canada

MUNICIPAL DISTRICT OF BONNYVILLE NO. 87

510,000

510,000

Canada

MUNICIPAL DISTRICT OF SMOKY RIVER NO.130

470,000

470,000

Canada

NORTHERN SUNRISE COUNTY

5,360,000

5,360,000

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			BAYTEX ENERGY CORP.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E144401
Subsidiary Reporting Entities (if necessary)
Payments by Payee
Country			Payee Name			Departments, Agency, etc… within Payee that Received Payments			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid to Payee			Notes
Canada			PONOKA COUNTY						120,000																					120,000
Canada			RURAL MUNICIPALITY OF ANTELOPE PARK NO. 322						160,000																					160,000
Canada			RURAL MUNICIPALITY OF BRITANNIA NO. 502						730,000						70,000															800,000
Canada			RURAL MUNICIPALITY OF CHESTERFIELD NO. 261						320,000																					320,000
Canada			RURAL MUNICIPALITY OF ELDON NO. 471						590,000																					590,000
Canada			RURAL MUNICIPALITY OF FRENCHMAN BUTTE NO. 501						260,000																					260,000
Canada			RURAL MUNICIPALITY OF HILLSDALE NO. 440						1,920,000						100,000															2,020,000
Canada			RURAL MUNICIPALITY OF KINDERSLEY NO.290						1,630,000						560,000												150,000			2,340,000
Canada			RURAL MUNICIPALITY OF MONET NO. 257												140,000															140,000
Canada			RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318						90,000						80,000															170,000
Canada			RURAL MUNICIPALITY OF OAKDALE NO. 320						1,930,000						60,000															1,990,000
Canada			RURAL MUNICIPALITY OF PLEASANT VALLEY NO. 288						70,000																					70,000
Canada			RURAL MUNICIPALITY OF PRAIRIEDALE NO. 321						740,000																					740,000
Canada			RURAL MUNICIPALITY OF PROGRESS NO. 351						730,000																					730,000
Canada			RURAL MUNICIPALITY OF WILTON NO. 472						270,000																					270,000
Canada			RURAL MUNICIPALITY OF WINSLOW NO.319						130,000																					130,000

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2024-01-01

To:

2024-12-31

Reporting Entity Name

BAYTEX ENERGY CORP.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E144401

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments, Agency, etc… within Payee that Received Payments

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

Canada

SPECIAL AREAS BOARD

490,000

490,000

Canada

STURGEON COUNTY

400,000

400,000

Canada

TOWN OF RIMBEY

140,000

140,000

Canada

VILLAGE OF BRETON

70,000

70,000

Canada

METIS SETTLEMENTS GENERAL COUNCIL

7,120,000

7,120,000

Canada

PEAVINE METIS SETTLEMENT ASSOCIATION

230,000

16,680,000

660,000

260,000

17,830,000

Canada

WOODLAND CREE FIRST NATION # 474

120,000

120,000

United States of America

STATE OF TEXAS

4,270,000

101,760,000

360,000

106,390,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

BRAZOS COUNTY

160,000

160,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

COTULLA INDEPENDENT SCHOOL DISTRICT

1,770,000

1,770,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

DEWITT COUNTY

220,000

220,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

DIMMIT COUNTY

550,000

550,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2024-01-01

To:

2024-12-31

Reporting Entity Name

BAYTEX ENERGY CORP.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E144401

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments, Agency, etc… within Payee that Received Payments

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

United States of America

FAYETTE COUNTY

820,000

820,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

GONZALES COUNTY

6,580,000

6,580,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

HARRIS COUNTY

90,000

90,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

KARNES CITY INDEPENDENT SCHOOL DISTRICT

210,000

210,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

KARNES COUNTY

4,740,000

4,740,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

LA SALLE COUNTY

900,000

900,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

United States of America

LAVACA COUNTY

11,010,000

11,010,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2024-01-01

To:

2024-12-31

Reporting Entity Name

BAYTEX ENERGY CORP.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E144401

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name

Departments, Agency, etc… within Payee that Received Payments

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

United States of America

TEXAS RAILROAD COMMISSION

180,000

180,000

Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.

Additional Notes:

All reported payments have been rounded to the nearest CDN $10,000.

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year			From:			2024-01-01			To:			2024-12-31
Reporting Entity Name			BAYTEX ENERGY CORP.															Currency of the Report			CAD
Reporting Entity ESTMA Identification Number			E144401
Subsidiary Reporting Entities (if necessary)
Payments by Project
Country			Project Name			Taxes			Royalties			Fees			Production Entitlements			Bonuses			Dividends			Infrastructure Improvement Payments			Total Amount paid by Project			Notes
Canada			CONVENTIONAL			970,000			2,790,000			1,060,000															4,820,000
Canada			DUVERNAY			470,000			5,350,000			550,000						30,890,000									37,260,000
Canada			LLOYDMINSTER			5,690,000			34,050,000			3,020,000						2,790,000									45,550,000
Canada			PEACE RIVER			6,030,000			152,590,000			3,290,000						3,000,000									164,910,000
Canada			VIKING			5,200,000			11,890,000			2,190,000												150,000			19,430,000
United States of America			USA			31,310,000			101,760,000															540,000			133,610,000			Payments made in U.S. dollars have been converted to Canadian dollars using the December 31st, 2024 exchange rate of 1.44045.
Additional Notes:			All reported payments have been rounded to the nearest CDN $10,000.

INTRODUCTION

Baytex Energy Corp. and its subsidiaries (collectively the “Company” or “Baytex”) has prepared the following report (the “Report”) of payments made to government entities for the year ended December 31, 2024, as required by the Extractive Sector Transparency Measures Act, S.C. 2014, c.39, s.376 (“ESTMA” or “the Act”).

BASIS OF PREPARATION

The Report is presented in Canadian Dollars and has been prepared in accordance with the requirements of the Act and the Natural Resources Canada Technical Reporting Specifications. The purpose of the Technical Reporting Specifications is to provide the form and manner specifications for the reporting process. The following is a summary of judgements and definitions that Baytex has made in preparation of the Report.

Payee

A payee is:

a)Any government in Canada or in a foreign state;

b)A body that is established by two or more governments;

c)Any trust, board, commission, corporation or body or other authority that is established to exercise or perform, or that exercises or performs, a power, duty or function of a government for a government referred to in a) above or a body referred to in b) above.

Payees include governments at any level, including national, regional, state/provincial, local/municipal levels, as well as Indigenous governments. Payees include Crown corporations and other state-owned enterprises that are exercising or performing a power, duty or function of government.

Where practical, the name of the department, agency or other body of the payee that received the payment is disclosed.

Activities within the scope of the Act

Payments made by Baytex to payees arising from the commercial development of oil, gas and minerals (“commercial development”) are disclosed in this Report. This Report includes payments related to initial processing activities that are integrated with the Company’s extraction operations and comprise commercial development. Payments that are not related to commercial development, as defined by ESTMA and the Technical Reporting Specifications, are excluded from this Report.

Project

Payments are reported at a project level except for payments that are not attributable to a specific project and are reported at the entity level. Corporate income taxes, which are not typically levied at a project level, are an example of this.

A “project” is defined as the operational activities that are governed by a single contract, license, lease, concession or similar legal agreement and form the basis for payment liabilities with a government. However, if multiple such agreements are substantially interconnected, the agreements are grouped into a single “project” for reporting purposes, as permitted under the Act and the Technical Reporting Specifications.

Cash and in-kind payments

Payments are reported on a cash basis, meaning that they are reported in the period in which they are paid. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value or such value as stated in the contract.

Payments made in a foreign currency are translated into Canadian dollars at the year-end exchange rate, as allowed in the Technical Reporting Specifications.

Payments to the same payee that meet or exceed CAD$100,000 in one category of payment are disclosed and are rounded to the nearest CAD$10,000.

Refunds, rebates and credits

Amounts paid to payees have been reported at the amounts paid by Baytex, including instances where an applicable credit or rebate reduces the amount payable, to reflect the net cash payment to the payee. Cash refunds or rebates received from payees have not been reported where they have not been applied as a credit to amounts owing.

Operatorship

Baytex often conducts joint venture operations with other entities for commercial development. Typically one entity, the operator, makes payments on behalf of all parties and is reimbursed by the non-operating venture partners. Where Baytex makes a reportable payment, the full amount paid is disclosed, regardless of whether Baytex is the operator or could subsequently be reimbursed by its non-operating venture partners.

Payments made by other entities with which Baytex has joint control or arrangement are excluded from this Report, with the exception of certain payments made for our non-operated properties where the operator is not subject to the Act. As such, we have reported the net payments the operator made on our behalf using the best information available.

PAYMENT CATEGORIES

The information is reported under the following payment categories.

Taxes

This payment category includes taxes levied on income, profit and production. Taxes reported include corporate income tax, property taxes and certain provincial resource surcharges that relate to commercial development. Consumption taxes, personal income taxes, sales taxes and taxes withheld by others on behalf of the Company, as well as tax refunds received are excluded.

Royalties

These are payments for the rights to extract oil and natural gas resources and include in-kind royalties.

Fees

Fees include payments for rental fees, entry fees, regulatory charges and other considerations for licenses, permits and/or concessions required in order to gain access to an area where extractive activities are performed. Amounts paid in ordinary course commercial transactions in exchange for services or goods provided by a payee are excluded.

Production entitlements

These payments relate to the payee’s share of oil, gas or mineral production under production sharing agreements or similar contractual or legislated arrangements. There were no reportable production entitlement payments for the year ended December 31, 2024.

Bonuses

Signing, discovery, production and any other type of bonus paid to a payee are reported under this category.

Dividends

These are dividend payments other than dividends paid to a payee as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. There were no reportable dividend payments for the year ending December 31, 2024.

Infrastructure improvement payments

These payments relate to the construction of infrastructure that is unrelated to the Company’s commercial development activities.