# EDGAR Filing Document

**Accession Number:** 0001279495
**File Stem:** 0001279495-26-000025
**Filing Date:** 2026-6
**Character Count:** 175151
**Document Hash:** 1b52d5671185786272c7f5177e112bc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001279495-26-000025.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001279495-26-000025

**CONFORMED SUBMISSION TYPE**: SD

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAYTEX ENERGY CORP.
- **CENTRAL INDEX KEY:** 0001279495
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981035204

**FILING VALUES:**
- **FORM TYPE:** SD
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32754
- **FILM NUMBER:** 261064092

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2800, 520 3RD AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 0R3
- **BUSINESS PHONE:** 587-952-3000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2800, 520 3RD AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 0R3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAYTEX ENERGY TRUST
- **DATE OF NAME CHANGE:** 20040210

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549**

&nbsp;&nbsp;&nbsp;&nbsp;

**Form SD**

&nbsp;&nbsp;&nbsp;&nbsp;

**SPECIALIZED DISCLOSURE REPORT**

---

| | | | |
|:---|:---|:---|:---|
| **Baytex Energy Corp.** | **Baytex Energy Corp.** | **Baytex Energy Corp.** | **Baytex Energy Corp.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Alberta, Canada** | **001-32754** | **001-32754** | **Not Applicable**  |
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (Commission File Number) | (IRS Employer Identification No.) |
| **2800, 520 – 3**<sup>rd</sup> **Avenue S.W.**<br>**Calgary, Alberta, Canada** | **2800, 520 – 3**<sup>rd</sup> **Avenue S.W.**<br>**Calgary, Alberta, Canada** | **T2P 0R3** | **T2P 0R3** |
| (Address of executive offices) | (Address of executive offices) | (ZIP code) | (ZIP code) |
| **Chad L. Kalmakoff, (587) 952-3000** | **Chad L. Kalmakoff, (587) 952-3000** | **Chad L. Kalmakoff, (587) 952-3000** | **Chad L. Kalmakoff, (587) 952-3000** |
| (Name and telephone number, including area code,<br>of the person to contact in connection with this report.) | (Name and telephone number, including area code,<br>of the person to contact in connection with this report.) | (Name and telephone number, including area code,<br>of the person to contact in connection with this report.) | (Name and telephone number, including area code,<br>of the person to contact in connection with this report.) |

---

Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:

_____&nbsp;&nbsp;&nbsp;&nbsp;Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, __________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>X</u> &nbsp;&nbsp;&nbsp;&nbsp;Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2025.

------

**SECTION 1 – CONFLICT MINERALS DISCLOSURE**

**Item 1.01 – Conflict Minerals Disclosure and Report** 

Not applicable.

**Item 1.02 – Exhibit** 

Not applicable.

**SECTION 2 – RESOURCE EXTRACTION ISSUER DISCLOSURE** 

**Section 2.01 – Resource Extraction Issuer Disclosure Report** 

Baytex Energy Corp. (the "<u>Company</u>") is subject to Canada's Extractive Sector Transparency Measures Act ("<u>ESTMA</u>"). The Company is relying on the alternative reporting provision of Item 2.01 and providing its ESTMA report for the year ended December 31, 2025 to satisfy the requirements of Item 2.01. The Company's ESTMA report is available on the Company's website at https://www.baytexenergy.com/investors/reports-filings/ or on the Government of Canada's website at https://natural-resources.canada.ca/minerals-mining/services-mining-industry/extractive-sector-transparency/links-estma-reports. The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.

**SECTION 3 – EXHIBITS** 

**Section 3.01 – Exhibits**

The following exhibit is filed as part of this report.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[2.01](bte-20251231.htm)</u> | Extractive Sector Transparency Measures Act – Annual Report for the year ended December 31, 2025 |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.

---

| | | |
|:---|:---|:---|
| Date: June 4, 2026 |  | **BAYTEX ENERGY CORP.**  |
|  | By: | *<u>/s/ Chad L. Kalmakoff</u>* |
|  | Name: | Chad L. Kalmakoff |
|  | Title: | Chief Financial Officer  |

---

## Exhibit 2.01

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  <rxp:Fees id="f-63" contextRef="c-22" decimals="-4" unitRef="cad">100000</rxp:Fees>
  <rxp:TotalPayments id="f-64" contextRef="c-22" decimals="-4" unitRef="cad">190000</rxp:TotalPayments>
  <rxp:Taxes id="f-65" contextRef="c-23" decimals="-4" unitRef="cad">720000</rxp:Taxes>
  <rxp:Fees id="f-66" contextRef="c-23" decimals="-4" unitRef="cad">10000</rxp:Fees>
  <rxp:TotalPayments id="f-67" contextRef="c-23" decimals="-4" unitRef="cad">730000</rxp:TotalPayments>
  <rxp:Taxes id="f-68" contextRef="c-24" decimals="-4" unitRef="cad">830000</rxp:Taxes>
  <rxp:Fees id="f-69" contextRef="c-24" decimals="-4" unitRef="cad">10000</rxp:Fees>
  <rxp:TotalPayments id="f-70" contextRef="c-24" decimals="-4" unitRef="cad">840000</rxp:TotalPayments>
  <rxp:Taxes id="f-71" contextRef="c-25" decimals="-4" unitRef="cad">280000</rxp:Taxes>
  <rxp:TotalPayments id="f-72" contextRef="c-25" decimals="-4" unitRef="cad">280000</rxp:TotalPayments>
  <rxp:Taxes id="f-73" contextRef="c-26" decimals="-4" unitRef="cad">130000</rxp:Taxes>
  <rxp:TotalPayments id="f-74" contextRef="c-26" decimals="-4" unitRef="cad">130000</rxp:TotalPayments>
  <rxp:Taxes id="f-75" contextRef="c-27" decimals="-4" unitRef="cad">560000</rxp:Taxes>
  <rxp:Fees id="f-76" contextRef="c-27" decimals="-4" unitRef="cad">40000</rxp:Fees>
  <rxp:TotalPayments id="f-77" contextRef="c-27" decimals="-4" unitRef="cad">600000</rxp:TotalPayments>
  <rxp:Taxes id="f-78" contextRef="c-28" decimals="-4" unitRef="cad">470000</rxp:Taxes>
  <rxp:TotalPayments id="f-79" contextRef="c-28" decimals="-4" unitRef="cad">470000</rxp:TotalPayments>
  <rxp:Royalties id="f-80" contextRef="c-29" decimals="-4" unitRef="cad">6920000</rxp:Royalties>
  <rxp:TotalPayments id="f-81" contextRef="c-29" decimals="-4" unitRef="cad">6920000</rxp:TotalPayments>
  <rxp:Royalties id="f-82" contextRef="c-30" decimals="-4" unitRef="cad">10890000</rxp:Royalties>
  <rxp:Fees id="f-83" contextRef="c-30" decimals="-4" unitRef="cad">590000</rxp:Fees>
  <rxp:Bonuses id="f-84" contextRef="c-30" decimals="-4" unitRef="cad">540000</rxp:Bonuses>
  <rxp:TotalPayments id="f-85" contextRef="c-30" decimals="-4" unitRef="cad">12020000</rxp:TotalPayments>
  <rxp:Bonuses id="f-86" contextRef="c-31" decimals="-4" unitRef="cad">120000</rxp:Bonuses>
  <rxp:TotalPayments id="f-87" contextRef="c-31" decimals="-4" unitRef="cad">120000</rxp:TotalPayments>
  <rxp:Taxes id="f-88" contextRef="c-32" decimals="-4" unitRef="usd">14940000</rxp:Taxes>
  <rxp:Royalties id="f-89" contextRef="c-32" decimals="-4" unitRef="cad">87330000</rxp:Royalties>
  <rxp:InfrastructureImprovements id="f-90" contextRef="c-32" decimals="-4" unitRef="cad">340000</rxp:InfrastructureImprovements>
  <rxp:TotalPayments id="f-91" contextRef="c-32" decimals="-4" unitRef="cad">102610000</rxp:TotalPayments>
  <rxp:Taxes id="f-92" contextRef="c-33" decimals="-4" unitRef="usd">2210000</rxp:Taxes>
  <rxp:TotalPayments id="f-93" contextRef="c-33" decimals="-4" unitRef="cad">2210000</rxp:TotalPayments>
  <rxp:Taxes id="f-94" contextRef="c-34" decimals="-4" unitRef="usd">910000</rxp:Taxes>
  <rxp:TotalPayments id="f-95" contextRef="c-34" decimals="-4" unitRef="cad">910000</rxp:TotalPayments>
  <rxp:Taxes id="f-96" contextRef="c-35" decimals="-4" unitRef="usd">940000</rxp:Taxes>
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  <rxp:Taxes id="f-98" contextRef="c-36" decimals="-4" unitRef="cad">1140000</rxp:Taxes>
  <rxp:TotalPayments id="f-99" contextRef="c-36" decimals="-4" unitRef="cad">1140000</rxp:TotalPayments>
  <rxp:Taxes id="f-100" contextRef="c-37" decimals="-4" unitRef="cad">7460000</rxp:Taxes>
  <rxp:TotalPayments id="f-101" contextRef="c-37" decimals="-4" unitRef="cad">7460000</rxp:TotalPayments>
  <rxp:Taxes id="f-102" contextRef="c-38" decimals="-4" unitRef="cad">500000</rxp:Taxes>
  <rxp:TotalPayments id="f-103" contextRef="c-38" decimals="-4" unitRef="cad">500000</rxp:TotalPayments>
  <rxp:Taxes id="f-104" contextRef="c-39" decimals="-4" unitRef="cad">5620000</rxp:Taxes>
  <rxp:TotalPayments id="f-105" contextRef="c-39" decimals="-4" unitRef="cad">5620000</rxp:TotalPayments>
  <rxp:Taxes id="f-106" contextRef="c-40" decimals="-4" unitRef="cad">1220000</rxp:Taxes>
  <rxp:TotalPayments id="f-107" contextRef="c-40" decimals="-4" unitRef="cad">1220000</rxp:TotalPayments>
  <rxp:Taxes id="f-108" contextRef="c-41" decimals="-4" unitRef="cad">11980000</rxp:Taxes>
  <rxp:TotalPayments id="f-109" contextRef="c-41" decimals="-4" unitRef="cad">11980000</rxp:TotalPayments>
  <rxp:InfrastructureImprovements id="f-110" contextRef="c-42" decimals="-4" unitRef="cad">130000</rxp:InfrastructureImprovements>
  <rxp:TotalPayments id="f-111" contextRef="c-42" decimals="-4" unitRef="cad">130000</rxp:TotalPayments>
  <rxp:Taxes id="f-112" contextRef="c-43" decimals="-4" unitRef="cad">1090000</rxp:Taxes>
  <rxp:Royalties id="f-113" contextRef="c-43" decimals="-4" unitRef="cad">3500000</rxp:Royalties>
  <rxp:Fees id="f-114" contextRef="c-43" decimals="-4" unitRef="cad">1060000</rxp:Fees>
  <rxp:Bonuses id="f-115" contextRef="c-43" decimals="-4" unitRef="cad">680000</rxp:Bonuses>
  <rxp:TotalPayments id="f-116" contextRef="c-43" decimals="0" unitRef="cad">6330000</rxp:TotalPayments>
  <rxp:Taxes id="f-117" contextRef="c-44" decimals="-4" unitRef="cad">950000</rxp:Taxes>
  <rxp:Royalties id="f-118" contextRef="c-44" decimals="-4" unitRef="cad">7250000</rxp:Royalties>
  <rxp:Fees id="f-119" contextRef="c-44" decimals="-4" unitRef="cad">480000</rxp:Fees>
  <rxp:Bonuses id="f-120" contextRef="c-44" decimals="-4" unitRef="cad">380000</rxp:Bonuses>
  <rxp:TotalPayments id="f-121" contextRef="c-44" decimals="0" unitRef="cad">9060000</rxp:TotalPayments>
  <rxp:Taxes id="f-122" contextRef="c-45" decimals="-4" unitRef="cad">5950000</rxp:Taxes>
  <rxp:Royalties id="f-123" contextRef="c-45" decimals="-4" unitRef="cad">31870000</rxp:Royalties>
  <rxp:Fees id="f-124" contextRef="c-45" decimals="-4" unitRef="cad">3060000</rxp:Fees>
  <rxp:Bonuses id="f-125" contextRef="c-45" decimals="-4" unitRef="cad">950000</rxp:Bonuses>
  <rxp:TotalPayments id="f-126" contextRef="c-45" decimals="0" unitRef="cad">41830000</rxp:TotalPayments>
  <rxp:Taxes id="f-127" contextRef="c-46" decimals="-4" unitRef="cad">6130000</rxp:Taxes>
  <rxp:Royalties id="f-128" contextRef="c-46" decimals="-4" unitRef="cad">121370000</rxp:Royalties>
  <rxp:Fees id="f-129" contextRef="c-46" decimals="-4" unitRef="cad">3660000</rxp:Fees>
  <rxp:Bonuses id="f-130" contextRef="c-46" decimals="-4" unitRef="cad">15440000</rxp:Bonuses>
  <rxp:TotalPayments id="f-131" contextRef="c-46" decimals="0" unitRef="cad">146600000</rxp:TotalPayments>
  <rxp:Taxes id="f-132" contextRef="c-47" decimals="-4" unitRef="cad">5620000</rxp:Taxes>
  <rxp:Royalties id="f-133" contextRef="c-47" decimals="-4" unitRef="cad">8880000</rxp:Royalties>
  <rxp:Fees id="f-134" contextRef="c-47" decimals="-4" unitRef="cad">2590000</rxp:Fees>
  <rxp:InfrastructureImprovements id="f-135" contextRef="c-47" decimals="-4" unitRef="cad">150000</rxp:InfrastructureImprovements>
  <rxp:TotalPayments id="f-136" contextRef="c-47" decimals="0" unitRef="cad">17240000</rxp:TotalPayments>
  <rxp:Taxes id="f-137" contextRef="c-48" decimals="-4" unitRef="cad">46920000</rxp:Taxes>
  <rxp:Royalties id="f-138" contextRef="c-48" decimals="-4" unitRef="cad">87330000</rxp:Royalties>
  <rxp:InfrastructureImprovements id="f-139" contextRef="c-48" decimals="-4" unitRef="cad">470000</rxp:InfrastructureImprovements>
  <rxp:TotalPayments id="f-140" contextRef="c-48" decimals="0" unitRef="cad">134720000</rxp:TotalPayments>
  <rxp:Taxes id="f-141" contextRef="c-1" decimals="0" unitRef="cad">66660000</rxp:Taxes>
  <rxp:Royalties id="f-142" contextRef="c-1" decimals="0" unitRef="cad">260200000</rxp:Royalties>
  <rxp:Fees id="f-143" contextRef="c-1" decimals="0" unitRef="cad">10850000</rxp:Fees>
  <rxp:Bonuses id="f-144" contextRef="c-1" decimals="0" unitRef="cad">17450000</rxp:Bonuses>
  <rxp:InfrastructureImprovements id="f-145" contextRef="c-1" decimals="0" unitRef="cad">620000</rxp:InfrastructureImprovements>
  <rxp:TotalPayments id="f-146" contextRef="c-1" decimals="0" unitRef="cad">355780000</rxp:TotalPayments>
</xbrli:xbrl>
</XBRL>

```

## Exhibit 2.01

```

<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

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<!--Copyright 2026 Workiva-->
<!--r:019e466c-1a67-7db2-ba6c-59d8417b8ac3,g:e91d7821-6a0c-4e5a-8d41-6a408783ba3e-->
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          <link:loc xlink:type="locator" xlink:label="loc_bte_BRAZEAUCOUNTYMember" xlink:href="bte-20251231.xsd#bte_BRAZEAUCOUNTYMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_CLEARWATERCOUNTYMember" xlink:href="bte-20251231.xsd#bte_CLEARWATERCOUNTYMember"/>
          <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_rxp_AllGovernmentsMember" xlink:to="loc_bte_CLEARWATERCOUNTYMember" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/label"/>
          <link:loc xlink:type="locator" xlink:label="loc_bte_COUNTYOFVERMILIONRIVERNO.24Member" xlink:href="bte-20251231.xsd#bte_COUNTYOFVERMILIONRIVERNO.24Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_COUNTYOFWETASKIWINNO.10Member" xlink:href="bte-20251231.xsd#bte_COUNTYOFWETASKIWINNO.10Member"/>
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          <link:label id="lab_bte_NORTHERNSUNRISECOUNTYMember_documentation_en-US" xlink:label="lab_bte_NORTHERNSUNRISECOUNTYMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">NORTHERN SUNRISE COUNTY</link:label>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_NORTHERNSUNRISECOUNTYMember" xlink:to="lab_bte_NORTHERNSUNRISECOUNTYMember" xlink:type="arc" order="1"/>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_GONZALESCOUNTYMember" xlink:href="bte-20251231.xsd#bte_GONZALESCOUNTYMember"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_GONZALESCOUNTYMember" xlink:to="lab_bte_GONZALESCOUNTYMember" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_SPECIALAREASBOARDMember_label_en-US" xlink:label="lab_bte_SPECIALAREASBOARDMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SPECIAL AREAS BOARD [Member]</link:label>
          <link:label id="lab_bte_SPECIALAREASBOARDMember_documentation_en-US" xlink:label="lab_bte_SPECIALAREASBOARDMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">SPECIAL AREAS BOARD</link:label>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_SPECIALAREASBOARDMember" xlink:to="lab_bte_SPECIALAREASBOARDMember" xlink:type="arc" order="1"/>
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          <link:label id="lab_bte_RURALMUNICIPALITYOFOAKDALENO.320Member_documentation_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFOAKDALENO.320Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF OAKDALE NO. 320</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFOAKDALENO.320Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFOAKDALENO.320Member"/>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_KARNESCOUNTYMember" xlink:to="lab_bte_KARNESCOUNTYMember" xlink:type="arc" order="1"/>
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          <link:label id="lab_bte_STATEOFTEXASMember_documentation_en-US" xlink:label="lab_bte_STATEOFTEXASMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">STATE OF TEXAS</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_STATEOFTEXASMember" xlink:href="bte-20251231.xsd#bte_STATEOFTEXASMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFCHESTERFIELDNO.261Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFCHESTERFIELDNO.261Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFKINDERSLEYNO.290Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFKINDERSLEYNO.290Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_COUNTYOFWETASKIWINNO.10Member" xlink:href="bte-20251231.xsd#bte_COUNTYOFWETASKIWINNO.10Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_COUNTYOFWETASKIWINNO.10Member" xlink:to="lab_bte_COUNTYOFWETASKIWINNO.10Member" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFELDONNO.471Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFELDONNO.471Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_RURALMUNICIPALITYOFELDONNO.471Member" xlink:to="lab_bte_RURALMUNICIPALITYOFELDONNO.471Member" xlink:type="arc" order="1"/>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_PONOKACOUNTYMember" xlink:to="lab_bte_PONOKACOUNTYMember" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_LASALLECOUNTYMember" xlink:href="bte-20251231.xsd#bte_LASALLECOUNTYMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFBRITANNIANO.502Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFBRITANNIANO.502Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_RURALMUNICIPALITYOFBRITANNIANO.502Member" xlink:to="lab_bte_RURALMUNICIPALITYOFBRITANNIANO.502Member" xlink:type="arc" order="1"/>
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          <link:label id="lab_bte_STURGEONCOUNTYMember_documentation_en-US" xlink:label="lab_bte_STURGEONCOUNTYMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">STURGEON COUNTY</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_STURGEONCOUNTYMember" xlink:href="bte-20251231.xsd#bte_STURGEONCOUNTYMember"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_STURGEONCOUNTYMember" xlink:to="lab_bte_STURGEONCOUNTYMember" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFPRAIRIEDALENO.321Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFPRAIRIEDALENO.321Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFANTELOPEPARKNO.322Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFANTELOPEPARKNO.322Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_PEACERIVERMember" xlink:href="bte-20251231.xsd#bte_PEACERIVERMember"/>
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          <link:label id="lab_bte_RURALMUNICIPALITYOFHILLSDALENO.440Member_documentation_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFHILLSDALENO.440Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF HILLSDALE NO. 440</link:label>
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          <link:label id="lab_bte_PROVINCEOFSASKATCHEWANMember_documentation_en-US" xlink:label="lab_bte_PROVINCEOFSASKATCHEWANMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PROVINCE OF SASKATCHEWAN</link:label>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_PROVINCEOFSASKATCHEWANMember" xlink:to="lab_bte_PROVINCEOFSASKATCHEWANMember" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFPLEASANTVALLEYNO.288Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFPLEASANTVALLEYNO.288Member"/>
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          <link:label id="lab_bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member_documentation_en-US" xlink:label="lab_bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">MUNICIPAL DISTRICT OF SMOKY RIVER NO.130</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" xlink:href="bte-20251231.xsd#bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" xlink:to="lab_bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member_label_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF PROGRESS NO. 351 [Member]</link:label>
          <link:label id="lab_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member_documentation_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF PROGRESS NO. 351</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFPROGRESSNO.351Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" xlink:to="lab_bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_RURALMUNICIPALITYOFWILTONNO.472Member_label_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFWILTONNO.472Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF WILTON NO. 472 [Member]</link:label>
          <link:label id="lab_bte_RURALMUNICIPALITYOFWILTONNO.472Member_documentation_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFWILTONNO.472Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF WILTON NO. 472</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFWILTONNO.472Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFWILTONNO.472Member"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_RURALMUNICIPALITYOFWILTONNO.472Member" xlink:to="lab_bte_RURALMUNICIPALITYOFWILTONNO.472Member" xlink:type="arc" order="1"/>
          <link:label id="lab_country_CA_label_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CANADA</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_country_CA" xlink:href="https://xbrl.sec.gov/country/2026/country-2026.xsd#country_CA"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CA" xlink:to="lab_country_CA" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_PROVINCEOFALBERTAMember_label_en-US" xlink:label="lab_bte_PROVINCEOFALBERTAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PROVINCE OF ALBERTA [Member]</link:label>
          <link:label id="lab_bte_PROVINCEOFALBERTAMember_documentation_en-US" xlink:label="lab_bte_PROVINCEOFALBERTAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PROVINCE OF ALBERTA</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_PROVINCEOFALBERTAMember" xlink:href="bte-20251231.xsd#bte_PROVINCEOFALBERTAMember"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_PROVINCEOFALBERTAMember" xlink:to="lab_bte_PROVINCEOFALBERTAMember" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_VIKINGMember_label_en-US" xlink:label="lab_bte_VIKINGMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VIKING [Member]</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_VIKINGMember" xlink:href="bte-20251231.xsd#bte_VIKINGMember"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_VIKINGMember" xlink:to="lab_bte_VIKINGMember" xlink:type="arc" order="1"/>
          <link:label id="lab_bte_COTULLAINDEPENDENTSCHOOLDISTRICTMember_label_en-US" xlink:label="lab_bte_COTULLAINDEPENDENTSCHOOLDISTRICTMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">COTULLA INDEPENDENT SCHOOL DISTRICT [Member]</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_COTULLAINDEPENDENTSCHOOLDISTRICTMember" xlink:href="bte-20251231.xsd#bte_COTULLAINDEPENDENTSCHOOLDISTRICTMember"/>
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          <link:label id="lab_bte_RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member_documentation_en-US" xlink:label="lab_bte_RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_DEWITTCOUNTYMember" xlink:href="bte-20251231.xsd#bte_DEWITTCOUNTYMember"/>
          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_DEWITTCOUNTYMember" xlink:to="lab_bte_DEWITTCOUNTYMember" xlink:type="arc" order="1"/>
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          <link:label id="lab_bte_LAVACACOUNTYMember_documentation_en-US" xlink:label="lab_bte_LAVACACOUNTYMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">LAVACA COUNTY</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_LAVACACOUNTYMember" xlink:href="bte-20251231.xsd#bte_LAVACACOUNTYMember"/>
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          <link:label id="lab_bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember_label_en-US" xlink:label="lab_bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEAVINE METIS SETTLEMENT ASSOCIATION [Member]</link:label>
          <link:label id="lab_bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember_documentation_en-US" xlink:label="lab_bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PEAVINE METIS SETTLEMENT ASSOCIATION</link:label>
          <link:loc xlink:type="locator" xlink:label="loc_bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember" xlink:href="bte-20251231.xsd#bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_FAYETTECOUNTYMember" xlink:href="bte-20251231.xsd#bte_FAYETTECOUNTYMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_RURALMUNICIPALITYOFFRENCHMANBUTTENO.501Member" xlink:href="bte-20251231.xsd#bte_RURALMUNICIPALITYOFFRENCHMANBUTTENO.501Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_KARNESCITYINDEPENDENTSCHOOLDISTRICTMember" xlink:href="bte-20251231.xsd#bte_KARNESCITYINDEPENDENTSCHOOLDISTRICTMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_TEXASRAILROADCOMMISSIONMember" xlink:href="bte-20251231.xsd#bte_TEXASRAILROADCOMMISSIONMember"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_MUNICIPALDISTRICTOFBONNYVILLENO.87Member" xlink:href="bte-20251231.xsd#bte_MUNICIPALDISTRICTOFBONNYVILLENO.87Member"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_BRAZEAUCOUNTYMember" xlink:href="bte-20251231.xsd#bte_BRAZEAUCOUNTYMember"/>
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          <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bte_USAMember" xlink:to="lab_bte_USAMember" xlink:type="arc" order="1"/>
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          <link:loc xlink:type="locator" xlink:label="loc_bte_DIMMITCOUNTYMember" xlink:href="bte-20251231.xsd#bte_DIMMITCOUNTYMember"/>
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  <xs:element id="bte_PROVINCEOFALBERTAMember" abstract="true" name="PROVINCEOFALBERTAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_PROVINCEOFSASKATCHEWANMember" abstract="true" name="PROVINCEOFSASKATCHEWANMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_BRAZEAUCOUNTYMember" abstract="true" name="BRAZEAUCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_CLEARWATERCOUNTYMember" abstract="true" name="CLEARWATERCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_COUNTYOFVERMILIONRIVERNO.24Member" abstract="true" name="COUNTYOFVERMILIONRIVERNO.24Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_COUNTYOFWETASKIWINNO.10Member" abstract="true" name="COUNTYOFWETASKIWINNO.10Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_MUNICIPALDISTRICTOFBONNYVILLENO.87Member" abstract="true" name="MUNICIPALDISTRICTOFBONNYVILLENO.87Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" abstract="true" name="MUNICIPALDISTRICTOFSMOKYRIVERNO.130Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_NORTHERNSUNRISECOUNTYMember" abstract="true" name="NORTHERNSUNRISECOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_PONOKACOUNTYMember" abstract="true" name="PONOKACOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFANTELOPEPARKNO.322Member" abstract="true" name="RURALMUNICIPALITYOFANTELOPEPARKNO.322Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFBRITANNIANO.502Member" abstract="true" name="RURALMUNICIPALITYOFBRITANNIANO.502Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFCHESTERFIELDNO.261Member" abstract="true" name="RURALMUNICIPALITYOFCHESTERFIELDNO.261Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFELDONNO.471Member" abstract="true" name="RURALMUNICIPALITYOFELDONNO.471Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFFRENCHMANBUTTENO.501Member" abstract="true" name="RURALMUNICIPALITYOFFRENCHMANBUTTENO.501Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFHILLSDALENO.440Member" abstract="true" name="RURALMUNICIPALITYOFHILLSDALENO.440Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFKINDERSLEYNO.290Member" abstract="true" name="RURALMUNICIPALITYOFKINDERSLEYNO.290Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member" abstract="true" name="RURALMUNICIPALITYOFMOUNTAINVIEWNO.318Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFOAKDALENO.320Member" abstract="true" name="RURALMUNICIPALITYOFOAKDALENO.320Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFPLEASANTVALLEYNO.288Member" abstract="true" name="RURALMUNICIPALITYOFPLEASANTVALLEYNO.288Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFPRAIRIEDALENO.321Member" abstract="true" name="RURALMUNICIPALITYOFPRAIRIEDALENO.321Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFPROGRESSNO.351Member" abstract="true" name="RURALMUNICIPALITYOFPROGRESSNO.351Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFWILTONNO.472Member" abstract="true" name="RURALMUNICIPALITYOFWILTONNO.472Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_RURALMUNICIPALITYOFWINSLOWNO.319Member" abstract="true" name="RURALMUNICIPALITYOFWINSLOWNO.319Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_SPECIALAREASBOARDMember" abstract="true" name="SPECIALAREASBOARDMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_STURGEONCOUNTYMember" abstract="true" name="STURGEONCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_METISSETTLEMENTSGENERALCOUNCILMember" abstract="true" name="METISSETTLEMENTSGENERALCOUNCILMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_PEAVINEMETISSETTLEMENTASSOCIATIONMember" abstract="true" name="PEAVINEMETISSETTLEMENTASSOCIATIONMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_WOODLANDCREEFIRSTNATION474Member" abstract="true" name="WOODLANDCREEFIRSTNATION474Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_STATEOFTEXASMember" abstract="true" name="STATEOFTEXASMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_COTULLAINDEPENDENTSCHOOLDISTRICTMember" abstract="true" name="COTULLAINDEPENDENTSCHOOLDISTRICTMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_DEWITTCOUNTYMember" abstract="true" name="DEWITTCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_DIMMITCOUNTYMember" abstract="true" name="DIMMITCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_FAYETTECOUNTYMember" abstract="true" name="FAYETTECOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_GONZALESCOUNTYMember" abstract="true" name="GONZALESCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_KARNESCITYINDEPENDENTSCHOOLDISTRICTMember" abstract="true" name="KARNESCITYINDEPENDENTSCHOOLDISTRICTMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_KARNESCOUNTYMember" abstract="true" name="KARNESCOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_LASALLECOUNTYMember" abstract="true" name="LASALLECOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_LAVACACOUNTYMember" abstract="true" name="LAVACACOUNTYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_TEXASRAILROADCOMMISSIONMember" abstract="true" name="TEXASRAILROADCOMMISSIONMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_CONVENTIONALMember" abstract="true" name="CONVENTIONALMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_DUVERNAYMember" abstract="true" name="DUVERNAYMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_LLOYDMINSTERMember" abstract="true" name="LLOYDMINSTERMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_PEACERIVERMember" abstract="true" name="PEACERIVERMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_VIKINGMember" abstract="true" name="VIKINGMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="bte_USAMember" abstract="true" name="USAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
</xs:schema>
</XBRL>

```

## Exhibit 99.1

**Exhibit 2.01**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Reporting Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**From** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-01-01 | **To:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-12-31 | **Date submitted** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-05-28 | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Reporting Entity ESTMA Identification Number** | E144401 | E144401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![Picture1.jpg](bte-20251231_g2.jpg) Original Submission <br>![Picture2.jpg](bte-20251231_g3.jpg) Amended Report | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![Picture1.jpg](bte-20251231_g2.jpg) Original Submission <br>![Picture2.jpg](bte-20251231_g3.jpg) Amended Report |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Other Subsidiaries Included**<br>(optional field) |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
|  |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Not Consolidated** |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
|  |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Not Substituted** |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
|  |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Attestation by Reporting Entity** |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| *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.*  | *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.*  | *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.*  | *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.*  | *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.*  | *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.*  | *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.*  | ![btelogo.jpg](bte-20251231_g1.jpg) |
|  |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
|  |  |  |  |  |  |  | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Full Name of Director or Officer of Reporting Entity** | **Chad Kalmakoff** | **Chad Kalmakoff** | **Chad Kalmakoff** | **Chad Kalmakoff** | <br>**Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*2026-05-20* | ![btelogo.jpg](bte-20251231_g1.jpg) |
| **Position Title** | **Chief Financial Officer** | **Chief Financial Officer** | **Chief Financial Officer** | **Chief Financial Officer** | <br>**Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*2026-05-20* | ![btelogo.jpg](bte-20251231_g1.jpg) |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2025-01-01 | **To:** | 2025-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA**<br>**Identification Number** | E144401 | E144401 | E144401 | E144401 | E144401 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **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 |  |  | 40000 | 100000 |  |  |  |  | **140000** | RECEIVER GENERAL OF CANADA |
| Canada - Alberta | PROVINCE OF ALBERTA |  |  | 128810000 | 6640000 |  | 16520000 |  |  | **151970000** | Royalties paid in-kind total $10.8MM and are valued at the fair market value of the volumes taken in-kind at the time of the transaction. <br>GOVERNMENT OF ALBERTA, MINISTER OF FINANCE, PROVINCIAL TREASURER OF ALBERTA, ALBERTA ENERGY REGULATOR, ALBERTA PETROLEUM MARKETING COMMISSION |
| Canada - Saskatchewan | PROVINCE OF SASKATCHEWAN |  |  | 26160000 | 2390000 |  | 270000 |  |  | **28820000** | 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 |  | 260000 |  |  |  |  |  |  | **260000** |  |
| Canada | CLEARWATER COUNTY |  | 260000 |  |  |  |  |  |  | **260000** |  |
| Canada | COUNTY OF VERMILION RIVER NO. 24 |  | 450000 |  |  |  |  |  |  | **450000** |  |
| Canada | COUNTY OF WETASKIWIN NO. 10 |  | 660000 |  | 120000 |  |  |  |  | **780000** |  |
| Canada | MUNICIPAL DISTRICT OF BONNYVILLE NO. 87 |  | 890000 |  |  |  |  |  |  | **890000** |  |
| Canada | MUNICIPAL DISTRICT OF SMOKY RIVER NO.130 |  | 500000 |  |  |  |  |  |  | **500000** |  |
| Canada | NORTHERN SUNRISE COUNTY |  | 5670000 |  |  |  |  |  |  | **5670000** |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2025-01-01 | **To:** | 2025-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA**<br>**Identification Number** | E144401 | E144401 | E144401 | E144401 | E144401 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **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 |  | 280000 |  |  |  |  |  |  | **280000** |  |
| Canada | RURAL MUNICIPALITY OF ANTELOPE PARK NO. 322 |  | 160000 |  |  |  |  |  |  | **160000** |  |
| Canada | RURAL MUNICIPALITY OF BRITANNIA NO. 502 |  | 820000 |  | 50000 |  |  |  |  | **870000** |  |
| Canada | RURAL MUNICIPALITY OF CHESTERFIELD NO. 261 |  | 310000 |  |  |  |  |  |  | **310000** |  |
| Canada | RURAL MUNICIPALITY OF ELDON NO. 471 |  | 550000 |  | 10000 |  |  |  |  | **560000** |  |
| Canada | RURAL MUNICIPALITY OF FRENCHMAN BUTTE NO. 501 |  | 240000 |  |  |  |  |  |  | **240000** |  |
| Canada | RURAL MUNICIPALITY OF HILLSDALE NO. 440 |  | 2040000 |  | 100000 |  |  |  |  | **2140000** |  |
| Canada | RURAL MUNICIPALITY OF KINDERSLEY NO.290 |  | 1850000 |  | 570000 |  |  |  | 150000 | **2570000** |  |
| Canada | RURAL MUNICIPALITY OF MOUNTAIN VIEW NO. 318 |  | 100000 |  | 80000 |  |  |  |  | **180000** |  |
| Canada | RURAL MUNICIPALITY OF OAKDALE NO. 320 |  | 1620000 | 50000 | 40000 |  |  |  |  | **1710000** |  |
| Canada | RURAL MUNICIPALITY OF PLEASANT VALLEY NO. 288 |  | 90000 |  | 100000 |  |  |  |  | **190000** |  |
| Canada | RURAL MUNICIPALITY OF PRAIRIEDALE NO. 321 |  | 720000 |  | 10000 |  |  |  |  | **730000** |  |
| Canada | RURAL MUNICIPALITY OF PROGRESS NO. 351 |  | 830000 |  | 10000 |  |  |  |  | **840000** |  |
| Canada | RURAL MUNICIPALITY OF WILTON NO. 472 |  | 280000 |  |  |  |  |  |  | **280000** |  |
| Canada | RURAL MUNICIPALITY OF WINSLOW NO.319 |  | 130000 |  |  |  |  |  |  | **130000** |  |
| Canada | SPECIAL AREAS BOARD |  | 560000 |  | 40000 |  |  |  |  | **600000** |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2025-01-01 | **To:** | 2025-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA**<br>**Identification Number** | E144401 | E144401 | E144401 | E144401 | E144401 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **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 | STURGEON COUNTY |  | 470000 |  |  |  |  |  |  | **470000** |  |
| Canada | METIS SETTLEMENTS GENERAL COUNCIL |  |  | 6920000 |  |  |  |  |  | **6920000** |  |
| Canada | PEAVINE METIS SETTLEMENT ASSOCIATION |  |  | 10890000 | 590000 |  | 540000 |  |  | **12020000** |  |
| Canada | WOODLAND CREE FIRST NATION # 474 |  |  |  |  |  | 120000 |  |  | **120000** |  |
| United States of America | STATE OF TEXAS |  | 14940000 | 87330000 |  |  |  |  | 340000 | **102610000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | COTULLA INDEPENDENT SCHOOL DISTRICT |  | 2210000 |  |  |  |  |  |  | **2210000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | DEWITT COUNTY |  | 910000 |  |  |  |  |  |  | **910000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | DIMMIT COUNTY |  | 940000 |  |  |  |  |  |  | **940000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | FAYETTE COUNTY |  | 1140000 |  |  |  |  |  |  | **1140000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2025-01-01 | **To:** | 2025-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA**<br>**Identification Number** | E144401 | E144401 | E144401 | E144401 | E144401 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **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 | GONZALES COUNTY |  | 7460000 |  |  |  |  |  |  | **7460000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | KARNES CITY INDEPENDENT SCHOOL DISTRICT |  | 500000 |  |  |  |  |  |  | **500000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | KARNES COUNTY |  | 5620000 |  |  |  |  |  |  | **5620000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | LA SALLE COUNTY |  | 1220000 |  |  |  |  |  |  | **1220000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | LAVACA COUNTY |  | 11980000 |  |  |  |  |  |  | **11980000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| United States of America | TEXAS RAILROAD COMMISSION |  |  |  |  |  |  |  | 130000 | **130000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| **Additional Notes:** | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2025-01-01 | **To:** | 2025-12-31 |  |  |  |  |  |  |
| **Reporting Entity Name** | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | BAYTEX ENERGY CORP. | **Currency of the Report** | CAD |  |  |  |
| **Reporting Entity ESTMA**<br>**Identification Number** | E144401 | E144401 | E144401 | E144401 | E144401 |  |  |  |  |  |
| **Subsidiary Reporting Entities (if necessary)** |  |  |  |  |  |  |  |  |  |  |
| **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** |
| **Country** | **Project Name** | **Taxes** | **Royalties** | **Fees** | **Production Entitlements** | **Bonuses** | **Dividends** | **Infrastructure Improvement Payments** | **Total Amount paid by Project** | **Notes** |
| Canada | CONVENTIONAL | 1090000 | 3500000 | 1060000 |  | 680000 |  |  | **6330000** |  |
| Canada | DUVERNAY | 950000 | 7250000 | 480000 |  | 380000 |  |  | **9060000** |  |
| Canada | LLOYDMINSTER | 5950000 | 31870000 | 3060000 |  | 950000 |  |  | **41830000** |  |
| Canada | PEACE RIVER | 6130000 | 121370000 | 3660000 |  | 15440000 |  |  | **146600000** |  |
| Canada | VIKING | 5620000 | 8880000 | 2590000 |  |  |  | 150000 | **17240000** |  |
| United States of America | USA | 46920000 | 87330000 |  |  |  |  | 470000 | **134720000** | Payments made in U.S. dollars have been converted to Canadian dollars using the December 18, 2025 exchange rate of 1.37635, closing date of the USA asset sale. |
| **Additional Notes:** | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. | All reported payments have been rounded to the nearest CDN $10,000. |

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![Image_0.jpg](bte-20251231_g4.jpg)

**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, 2025, 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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***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, 2025.

***Bonuses***

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

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***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, 2025.

***Infrastructure improvement payments***

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

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