| The last time I got really excited about the valuation of an oil producer was in October 2021. The stock was Cenovus Energy (NYSE: CVE), and I described the company's valuation as being insanely cheap. Shares of Cenovus were then offering a staggering 27% free cash flow yield. That meant if the company had wanted to, it could have paid a 27% dividend to shareholders. Not surprisingly, Cenovus shares performed very well after that - more than doubling in less than a year. I've now spotted another oil producer that reminds me of Cenovus. The only difference is that the valuation of this stock looks even better. The oil producer this time is Baytex Energy (NYSE: BTE). With the recent acquisition of Ranger Oil, Baytex is focused on primarily Texas and the Eagle Ford oil formation. For the second half of 2023, Baytex expects to produce 92,000 barrels per day (bpd) in Eagle Ford. Other key assets for Baytex are light and heavy oil assets located in Canada, where the company produces another 60,000 bpd. The value proposition offered by Baytex shares is extremely simple. At the trading price of just under $6 per share as I write, the free cash flow yield for Baytex shareholders is incredible. With West Texas Intermediate crude oil prices approaching $90 per barrel as I write, Baytex is now offering a free cash flow yield of more than 30%. With oil at $80 or even $70 per barrel, the free cash flow yield from Baytex shares at the current share price is attractive. But considering its other fundamentals, is Baytex a "Buy" at its current share price? | 
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