Stocks in play: Baytex Energy Corp.

Has entered into a definitive agreement to acquire Ranger Oil Corporation, a pure play Eagle Ford company (the "Acquisition").The total consideration to be paid by Baytex, including assumption of net debt, is approximately US$2.5 billion (C$3.4 billion). The transaction has been unanimously approved by the Boards of Directors of Baytex and Ranger and is expected to close late in the second quarter of 2023. Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately US$44.36 per share. Baytex Energy Corp. shares T.BTE are trading unchanged at $5.83.

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