BTEGF - Baytex Energy: Management Moving To Increase Profitability As Expected

• The Clearwater play will increase profitability in addition to the effect of strong commodity prices.
• The Clearwater play is a heavy oil play that is far more profitable than many (even light oil) plays.
• Profits will likely increase as Clearwater production becomes a larger part of the production mix.
• Debt repayment is far more important as heavy oil discounts tend to increase during industry downturns.
• The increase in profits will be superior to industry averages thanks to the Clearwater discovery even without overall production growth.

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