On June 26, 2007 Baytex Energy Trust closed a $238 million acquisition of certain petroleum and natural gas properties and related assets located primarily in the Pembina and Lindbergh areas of Alberta. Baytex is a conventional oil and gas income trust headquartered in Calgary.

Baytex partially financed the acquisition with the proceeds of a bought deal subscription receipt financing that closed on June 19, 2007. Under the bought deal financing, Baytex issued 7,000,000 subscription receipts at a price of $21.35 per subscription receipt for gross proceeds of $149,450,000.

The offering was underwritten by a syndicate led by TD Securities Inc. and including FirstEnergy Capital Corp., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Cannaccord Capital Corp., Peters & Co. Limited, Raymond James Ltd., Cormack Securities Inc. and Dundee Securities Corporation.

On the acquisition, Baytex was represented by Burnet, Duckworth & Palmer LLP with a team that included John Cuthbertson, Alicia Quesnel, Stuart Money, Morella De Castro, Carolyn Wright and Candice Jones (oil & gas) and David Ross and Mike Flatters (tax). The vendor was represented by Stikeman Elliott LLP with a team that included Glenn Cameron, Michael Styczen, Brad Grant, Lisa Grams and Kathryn Blair.

On the equity financing, Baytex was represented by Burnet, Duckworth & Palmer with a team that included Shannon Gangl and Corrine Fiesel. The underwriters were represented by McCarthy Tétrault LLP with a team that included Michael Bennett.