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Forward Looking Statements Advisory (Cont.)
These f orward-looking statements are based on certain key assumptions regarding, among other things: the consummation and success of the Acquisition and our ability to successf ully
integrate the acquired business into our existing operations; petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserv e
v olumes; the ability to add production and reserv es through exploration and dev elopment activ ities; capital expenditure lev els; the ability to borrow under credit agreements; the receipt, in a
timely manner, of regulatory and other required approv als f or operating activ ities; the av ailability and cost of labour and other industry serv ices; interest and f oreign exchange rates; the
continuance of existing and, in certain circumstances, proposed tax and roy alty regimes; the ability to dev elop crude oil and natural gas properties in the manner currently contemplated; and
current industry conditions, laws and regulations continuing in eff ect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such
assumptions, although considered reasonable by Bay tex at the time of preparation, may prov e to be incorrect.
Actual results achiev ed will v ary f rom the inf ormation prov ided herein as a result of numerous known and unknown risks and uncertainties and other f actors. Such f actors include, but are not
limited to: the v olatility of oil and natural gas prices and price diff erentials (including the impacts of rising macroeconomic uncertainties and geopolitical tensions, including adv erse
dev elopments aff ecting the f inancial serv ices industry , Russia’s inv asion of Ukraine, and Cov id-19); restrictions or costs imposed by climate change initiativ es and the physical risks of climate
change; risks associated with our ability to dev elop our properties and add reserv es; the impact of an energy transition on demand f or petroleum productions; changes in income tax or other
laws or gov ernment incentiv e programs; av ailability and cost of gathering, processing and pipeline sy stems; retaining or replacing our leadership and key personnel; the av ailability and cost of
capital or borrowing; risks associated with a third-party operating our Eagle Ford properties; risks associated with large projects; costs to dev elop and operate our properties; public perception
and its inf luence on the regulatory regime; current or future control, legislation or regulations; new regulations on hy draulic f racturing; restrictions on or access to water or other f luids;
regulations regarding the disposal of fluids; risks associated with our hedging activ ities; the impact of elev ated lev els of inf lation and gov ernment policies aimed at reducing them, such as
increasing interest rates; v ariations in interest rates and f oreign exchange rates; uncertainties associated with estimating oil and natural gas reserv es; our inability to f ully insure against all
risks; additional risks associated with our thermal heavy oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of inf ormation
technology sy stems; results of litigation; that our credit f acilities may not prov ide suff icient liquidity or may not be renewed; f ailure to comply with the cov enants in our debt agreements; risks of
counterparty def ault; the impact of Indigenous claims; risks associated with expansion into new activ ities; risks associated with the ownership of our securities, including changes in market-based f actors; risks f or United States and other non-resident shareholders, including the ability to enf orce civil remedies, diff ering practices f or reporting reserv es and production, additional
taxation applicable to non-residents and f oreign exchange risk; and other f actors, many of which are bey ond our control. These and additional risk f actors are discussed in our Annual
Inf ormation Form, Annual Report on Form 40-F and Management's Discussion and Analy sis f or y ear ended December 31, 2022, filed with Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission and in our other public f ilings.
The abov e summary of assumptions and risks related to f orward-looking statements has been prov ided in order to prov ide shareholders and potential inv estors with a more complete
perspectiv e on Bay tex’s current and f uture operations and such inf ormation may not be appropriate f or other purposes.
We hav e not risked potential drilling locations, and actual locations drilled and quantities that may be ultimately recov ered may differ substantially from estimates. We make no commitment to
drill all of the drilling locations that hav e been identif ied. Factors aff ecting ultimate recov ery include the scope of our on‐going drilling program, which will be directly aff ected by the av ailability of
capital, drilling, and production costs, av ailability of drilling and completion serv ices and equipment, drilling results, lease expirations, regulatory approv als, and geological and mechanical
f actors. Estimates of reserv es, ty pe/decline curv es, EURs, per‐well economics, and resource potential may change signif icantly as dev elopment of our oil and gas assets prov ides additional
data. Additionally , internal rates of return disclosed in this presentation are calculated solely based on drilling and completion costs per well and lease operating expenses and do not include
other costs such as land acquisition costs, general and administrativ e expenses, or other costs and expenses. Additionally , initial production rates are subject to decline ov er time and should
not be ref lectiv e of sustained production lev els. |
