Mr. Curtis Philippon of Gibson Energy reports

GIBSON ENERGY AND BAYTEX ENERGY ANNOUNCE PEMBINA DUVERNAY INFRASTRUCTURE AND AREA OF DEDICATION AGREEMENT

Gibson Energy Inc. and Baytex Energy Corp. have formed a strategic partnership in the Pembina Duvernay and executed a long-term take-or-pay agreement. The partnership will see Gibson advance its liquids infrastructure strategy in support of the development of Baytex's growing Pembina Duvernay asset.

Key highlights:

• Creates a strategic partnership to develop infrastructure, driving long-term value for both parties;
• Expands Gibson's liquids infrastructure footprint and increases committed volumes to its core Edmonton terminal through an area dedication, enhancing the quality of cash flows;
• Supports Baytex's continuing development in the Pembina Duvernay and provides committed market access.

"Building on our long-standing relationship, this strategic partnership leverages our infrastructure expertise, differentiated services and superior connectivity at our Edmonton terminal to create mutual value," said Curtis Philippon, president and chief executive officer of Gibson Energy. "Moving forward, we see the opportunity for further expansion of our partnership with Baytex to support their development plans and potential to work with other customers to explore additional purpose-built solutions, which increase long-term demand for services at our core terminal assets."

"We are excited to partner with Gibson and progress the development of our Pembina Duvernay asset, which includes the construction and operation of certain mid-stream infrastructure," commented Eric T. Greager, president and chief executive officer of Baytex Energy. "This partnership allows us to leverage Gibson's liquids infrastructure and mid-stream expertise while maintaining operatorship."

Under the initial 10-year agreement, Gibson will invest approximately $50-million of capital expenditures and receive an area of dedication and established return on investment that is aligned with Gibson's target build multiple. Baytex will construct the infrastructure and have operating responsibility for the term of the agreement. Construction has commenced and is expected to be completed by Q4 2025.

About Gibson Energy Inc.

Gibson Energy is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of liquids and refined products as well as waterborne vessel loading. Headquartered in Calgary, Alta., the company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alta., and Ingleside and Wink, Tex., and a facility in Moose Jaw, Sask.

Gibson's shares trade under the symbol GEI and are listed on the Toronto Stock Exchange.

About Baytex Energy Corp.

Baytex Energy is an energy company based in Calgary, Alta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian sedimentary basin and in the Eagle Ford in the United States. Approximately 85 per cent of Baytex's production is weighted toward crude oil and natural gas liquids. Baytex's common shares trade on TSX and the New York Stock Exchange under the symbol BTE.

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