Management Team

Chad E. Lundberg | President and Chief Executive Officer: CHAD E. LUNDBERG

Mr. Lundberg was appointed President and Chief Executive Officer of Baytex in May 2026, having previously served as President and Chief Operating Officer since 2025 and Chief Operating Officer since 2021. He joined Baytex in August 2018 as Vice President, Light Oil. Mr. Lundberg is an accomplished energy executive with deep experience in operations, management, and organizational transformation. He has a proven track record of building high-performing teams, driving cost efficiencies, and leading complex technical operations, with a strong focus on responsible resource development and financial discipline. Prior to joining Baytex, Mr. Lundberg was Vice President, Operations at Raging River Exploration Inc. from 2016 to 2018, where he led the operational scaling of key assets. Earlier in his career, he held progressive technical and management roles at Crescent Point Energy Corporation from 2008 to 2016, contributing to significant company growth and strategic market expansion. Mr. Lundberg holds a Bachelor of Science in Mechanical Engineering from the University of Calgary.

Chad L. Kalmakoff | Chief Financial Officer: CHAD L. KALMAKOFF

Mr. Kalmakoff was appointed Chief Financial Officer of Baytex in November 2022. He joined Baytex in September 2015 as Vice President, Finance, Prior to joining Baytex, Mr. Kalmakoff served as the Vice President, Finance and Chief Financial Officer at Kicking Horse Energy Inc. and Vice President, Finance and Chief Financial Officer at Corinthian Exploration Ltd. He also held a number of positions of increasing responsibility at Pace Oil & Gas Ltd. and its predecessors, including Chief Financial Officer and Vice President, Finance. He has over 20 years of experience in the oil and gas industry, is a Chartered Accountant and holds a Bachelor of Commerce from Dalhousie University.

Kendall D. Arthur | Chief Operating Officer: KENDALL D. ARTHUR

Mr. Arthur was appointed Chief Operating Officer of Baytex in 2026. He joined Baytex in March 2006 and held various technical roles with increasing responsibility in the Heavy Oil Business Unit, joining the management team as Vice President, Lloydminster Business Unit in 2012 and expanding to Vice President, Heavy Oil in 2019. He has been responsible for Corporate Reserves since 2023. Prior to joining Baytex, he held various technical roles with Husky Energy. Mr. Arthur is an experienced upstream operator with over 20 years in the Canadian oil and gas industry, with deep expertise across heavy oil exploration and production, conventional operations, and U.S. light oil development. He holds a Bachelor of Science degree in Mechanical Engineering from the University of Saskatchewan and is a practicing member of the Association of Professional Engineers and Geoscientists of Alberta.

James R. Maclean | Senior Vice President, Commercial & General Counsel: JAMES R. MACLEAN

Mr. MacLean serves as Senior Vice President, Commercial and General Counsel of Baytex. He joined Baytex in April 2014 as in-house counsel and has held positions of increasing responsibility. Prior to joining Baytex, Mr. MacLean held senior roles with Petrominerals Ltd. and Pembina Pipeline Corporation and was an associate at a national law firm. He is a corporate lawyer with more than 20 years of experience advising energy companies on significant transactions, corporate governance, and securities compliance matters. Mr. MacLean holds a Bachelor of Laws from the University of Alberta and a Bachelor of Arts from the University of Victoria and is a member of the Law Society of Alberta.

Brian G. Ector | Senior Vice President, Capital Markets and Investor Relations: BRIAN G. ECTOR

Mr. Ector joined Baytex in November 2009. Prior to joining Baytex, Mr. Ector spent 15 years as a sell-side research analyst covering both energy trusts and exploration and production corporations. He spent the last seven years with Scotia Capital where he was consistently ranked as one of the top-rated analysts in Canada. Mr. Ector holds a Bachelor of Commerce degree with a concentration in finance from the University of Calgary and received his Chartered Financial Analyst designation in 1996. He spent seven years as a national board member of the Canadian Investor Relations Institute (“CIRI”), including two years as Chair of the national board. He is a member of CIRI, the CFA Institute and the CFA Society Calgary.

Nicole M. Frechette | Vice President, Light Oil: NICOLE M. FRECHETTE

Ms. Frechette joined Baytex in August 2021 as Subsurface Manager, Light Oil. Prior to joining Baytex, she held several senior technical and leadership roles in reservoir engineering, asset development and strategic planning with Repsol and Talisman Energy. With over 16 years of experience in Canadian and International petroleum operations, Ms. Frechette has contributed to development planning and production optimization for a broad range of asset types, regulatory protocols and fiscal regimes. Ms. Frechette holds a Bachelor of Science degree in Chemical Engineering, with a minor in Petroleum, from the University of Calgary. She is a practicing member of the Association of Professional Engineers and Geoscientists of Alberta and a certified Project Management Professional.

Adrian E. Blazevic | Vice President, Heavy Oil: Adrian E. Blazevic

Mr. Blazevic serves as Vice President, Heavy Oil at Baytex. He joined Baytex in January 2013 as a Geologist within the Heavy Oil Business Unit and has held positions of increasing responsibility since, most recently as Manager of Geoscience. With over 15 years of experience in the Canadian oil and gas industry, Mr. Blazevic has a track record of success across exploration, asset development, and operations optimization. He holds a Bachelor of Science in Geology (Petroleum Concentration) from the University of Calgary and is a practicing member of the Association of Professional Engineers and Geoscientists of Alberta.

Chris M. P. Lessoway | Vice President, Finance and Treasurer: Chris M.P. Lessoway

Mr. Lessoway was appointed Vice President, Finance and Treasurer of Baytex in June 2023, where he is responsible for financial reporting, corporate planning, and treasury functions. He joined Baytex in June 2017 as Financial Controller. Prior to joining Baytex, Mr. Lessoway held management positions at Kelt Exploration and Perpetual Energy. He began his career at KPMG LLP in 2009. Mr. Lessoway is a Chartered Accountant and holds a Bachelor of Commerce degree (magna cum laude) from Saint Mary’s University. He is a member of the Institute of Chartered Professional Accountants of Alberta.

CHAD E. LUNDBERG