Baytex has announced the appointment of Chad E. Lundberg as President and Chief Operating Officer, effective December 22, 2025. Mr. Lundberg joined Baytex in 2018 and has served as Chief Operating Officer since July 2021, playing a key role in the successful development and expansion of the Company's Canadian oil and gas portfolio. Mr. Greager continues as Chief Executive Officer, working with Mr. Lundberg to drive Baytex's strategic priorities in his newly expanded role. This appointment reflects the Board of Directors' ongoing commitment to strong leadership development and succession planning process, ensuring long-term continuity and effective execution of Baytex's strategy.

Additionally, Tiffany (TJ) Thom Cepak and Angela S. Lekatsas have informed the Board of Directors of their intention to step down as directors effective January 1, 2026. Following these departures, the Board of Directors will be comprised of 8 members, 7 of whom are independent.

"We extend our sincere gratitude to Ms. Cepak and Ms. Lekatsas for their valuable insights and strategic guidance during their tenure on the Board of Directors," said Mark Bly, Chair of the Board of Directors. "We wish them all the best in their future endeavors." 

Mr. Lundberg is an accomplished energy executive with extensive experience in operations, management, and organizational transformation. He has a proven track record of building high-performing teams, driving cost efficiencies, and leading complex technical operations, with a strong focus on sustainable practices and responsible resource development. Prior to joining Baytex, Mr. Lundberg was Vice President, Operations at Raging River Exploration Inc. from 2016 to 2018, where he led the operational scaling of key assets. Earlier in his career, he held progressive technical and management roles at Crescent Point Energy Corporation from 2008 to 2016, contributing to significant company growth and strategic market expansion. Mr. Lundberg holds a Bachelor of Science in Mechanical Engineering from the University of Calgary.

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