BTEGF - Baytex Energy: Let The Good Times Roll

• The company's performance during downturns has improved due to the larger contribution of light oil to total production.
• Heavy Oil profits will produce outsized gains due to strong commodity prices.
• Heavy oil paybacks need to be fast to profit from the opportunity window of strong commodity prices.
• The Viking often cash flows when the heavy oil does not because discounts often widen during industry pricing downturns.
• The market does not appear to expect the cash flow resurgence that happens during periods of strong commodity prices.

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