Baytex Energy Trust Closes Acquisition and Bought Deal Financing

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 T├ętrault LLP with a team that included Michael Bennett.

Lawyer(s)

Kathryn J. Blair David W. Ross Michael J. Styczen Michael J. Bennett John H. Cuthbertson Alicia K. Quesnel J. Stuart Money Michael J. Flatters Morella De Castro Carolyn A. Wright Lisa M. Grams Shannon M. Gangl Glenn Cameron Candice J. Jones Bradley B. Grant Corrine M. Fiesel

Firm(s)

Burnet, Duckworth & Palmer LLP Stikeman Elliott LLP McCarthy Tétrault LLP