FOR FURTHER INFORMATION PLEASE CONTACT: Baytex Energy Corp. Brian Ector Senior Vice President, Capital Markets and Public Affairs Toll Free Number: 1-800-524-5521 investor@baytexenergy.com www.baytexenergy.com

BTE

Baytex Announces 2015 Budget and Change to Dividends Benzinga.com - 12/08/2014 5:30 PM ET Email Article CALGARY, ALBERTA--(Marketwired - Dec. 8, 2014) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE: BTE ) announces that its Board of Directors has approved a 2015 capital budget of $575 to $650 million, which is designed to generate average production of 88,000 to 92,000 boe/d for 2015 after planned non-core asset sales of approximately 1,000 boe/d. The Board of Directors has also approved a revised dividend level of $0.10 per share per month, down from $0.24 per share per month, currently. Commenting on the announcement, James Bowzer, President and Chief Executive Officer, said: "Given the recent collapse in world oil prices, we believe our 2015 budget strikes the right balance between preserving our operational momentum in delivering organic production growth and managing our dividends prudently to maintain strong levels of financial liquidity." The oil price environment has been extremely challenging in the recent months, with the benchmark West Texas Intermediate (WTI) price falling from the US$100/bbl level to approximately US$63/bbl today. This precipitous decline in WTI is due largely to the global market for crude oil being fundamentally oversupplied. The current outlook is for this pricing weakness to persist for the coming months. In response to this economic challenge, our 2015 capital budget reflects a reduction of approximately 30% from our original expectation. We expect to deliver modest organic production growth in 2015 despite this reduction in spending. The mid-point of our 2015 production guidance range reflects an organic production growth rate of approximately 4% over the expected 2014 annual average production rate and approximately 2% over the expected second half 2014 average production rate, after adjusting for 2014 acquisition and divestiture activities. This is a testament to the efficiency and quality of the assets within our portfolio. 2015 Capital Budget Highlights

The Kroger Co. (KR) -NYSE 54.07 Up 1.12(2.12%) 4:02PM EDT After Hours : 54.10 Up 0.03 (0.06%) 6:22PM EDT Key Statistics Get Key Statistics for: Data provided by Capital IQ, except where noted. Valuation Measures Market Cap (intraday)5: 26.55B Enterprise Value (Oct 9, 2014)3: 36.96B Trailing P/E (ttm, intraday): 17.70 Forward P/E (fye Feb 1, 2016)1: 14.81 PEG Ratio (5 yr expected)1: 1.37 Price/Sales (ttm): 0.25 Price/Book (mrq): 5.15 Enterprise Value/Revenue (ttm)3: 0.36 Enterprise Value/EBITDA (ttm)6: 7.86 Financial Highlights Fiscal Year Fiscal Year Ends: Feb 1 Most Recent Quarter (mrq): Aug 16, 2014 Profitability Profit Margin (ttm): 1.51% Operating Margin (ttm): 2.76% Management Effectiveness Return on Assets (ttm): 6.69% Return on Equity (ttm): 32.14% Income Statement Revenue (ttm): 103.96B Revenue Per Share (ttm): 206.48 Qtrly Revenue Growth (yoy): 11.60% Gross Profit (ttm): 20.24B EBITDA (ttm)6: 4.70B Net Income Avl to Common (ttm): 1.56B Diluted EPS (ttm): 3.05 Qtrly Earnings Growth (yoy): 9.50% Balance Sheet Total Cash (mrq): 248.00M Total Cash Per Share (mrq): 0.51 Total Debt (mrq): 11.20B Total Debt/Equity (mrq): 223.02 Current Ratio (mrq): 0.77 Book Value Per Share (mrq): 10.28 Cash Flow Statement Operating Cash Flow (ttm): 3.52B Levered Free Cash Flow (ttm): 659.75M View Financials Income Statement - Balance Sheet - Cash Flow Trading Information Stock Price History Beta: 0.97 52-Week Change3: 32.88% S&P500 52-Week Change3: 16.33% 52-Week High (Oct 8, 2014)3: 54.13 52-Week Low (Feb 5, 2014)3: 35.13 50-Day Moving Average3: 51.79 200-Day Moving Average3: 48.54 Share Statistics Avg Vol (3 month)3: 2,658,240 Avg Vol (10 day)3: 3,147,220 Shares Outstanding5: 491.09M Float: 459.53M % Held by Insiders1: 6.06% % Held by Institutions1: 81.20% Shares Short (as of Sep 15, 2014)3: 9.74M Short Ratio (as of Sep 15, 2014)3: 3.60 Short % of Float (as of Sep 15, 2014)3: 2.00% Shares Short (prior month)3: 8.86M Dividends & Splits Forward Annual Dividend Rate4: 0.74 Forward Annual Dividend Yield4: 1.40% Trailing Annual Dividend Yield3: 0.66 Trailing Annual Dividend Yield3: 1.30% 5 Year Average Dividend Yield4: 1.90% Payout Ratio4: 21.00% Dividend Date3: Dec 1, 2014 Ex-Dividend Date4: Nov 12, 2014 Last Split Factor (new per old)2: 2:1 Last Split Date3: Jun 29, 1999

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