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Baytex Receives NYSE Listing Notification

CALGARY, Alberta – Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announced that it received notification on March 24, 2020 from the New York Stock Exchange (“NYSE”) that Baytex is no longer in compliance with one of the NYSE’s continued listing standards because the average closing price of Baytex’s common shares was less than US$1.00 per share over a consecutive 30 trading period. The issuance of the notification is not discretionary and is sent automatically when a listed company’s share price falls below the NYSE’s minimum price listing standard.

Under the NYSE’s rules, Baytex can avoid delisting if, within six months from the date of the NYSE notification, its common shares have a closing price on the last trading day of any calendar month and a concurrent 30 trading day average closing price of at least US$1.00 per share. If at the expiration of the applicable six month cure period Baytex has not regained compliance, the NYSE will commence suspension and delisting procedures. The NYSE can also commence accelerated delisting action in the event Baytex’s common shares trade at levels viewed by the NYSE to be abnormally low, which the NYSE has advised is typically below US$0.16 per share. At this time, Baytex does not expect to propose a share consolidation as a means of curing the deficiency.

Non-compliance with the NYSE’s price listing standard does not affect Baytex’s business operations or its reporting requirements to the U.S. Securities and Exchange Commission (the “SEC“), nor does it affect the continued listing and trading of Baytex’s common shares on the Toronto Stock Exchange (the “TSX“).

Baytex’s common shares will continue to be listed and traded on the NYSE during the applicable cure period, subject to continued compliance with the NYSE’s other continued listing standards, under the symbol “BTE”, but the NYSE will assign a “.BC” indicator to the symbol to denote that Baytex is below the NYSE’s price listing standard. This indicator will be removed at such time as Baytex is deemed compliant with the NYSE’s price listing standard.

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