CALGARY, ALBERTA--(CCNMatthews - July 4, 2006) - Baytex Energy Trust (TSX:BTE.UN) (NYSE:BTE) is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Baytex Energy Ltd. from 1.44424 to 1.45548. This increase will be effective on July 17, 2006.
The increase in the Exchange Ratio is calculated as follows:
Record Date of Baytex Energy Trust Distribution: June 30, 2006
Opening Exchange Ratio: 1.44424
Baytex Energy Trust Distribution per Unit: $ 0.18
Five-day Weighted Average Trading Price of BTE.UN
(prior to the end of June): $23.13
Increase in Exchange Ratio (xx): 0.01124
Effective Date of the Increase in Exchange Ratio: July 17, 2006
Exchange Ratio as of Effective Date: 1.45548
(xx) The increase in the Exchange Ratio is calculated by multiplying
the Baytex Energy Trust Distribution per Unit by the Opening
Exchange Ratio and dividing by the Five-day Weighted Average
Trading Price of BTE.UN.
A holder of Baytex Energy Ltd. Exchangeable Shares can exchange all or a portion of their holdings at any time by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office at Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1 (telephone: 403-233-2801).
Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. Trust Units of Baytex are traded on the Toronto Stock Exchange under the symbol BTE.UN and on the New York Stock Exchange under the symbol BTE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Baytex Energy Trust
Ray Chan
President & C.E.O.
(403) 267-0715
Baytex Energy Trust
Derek Aylesworth
Chief Financial Officer
(403) 538-3639
Baytex Energy Trust
Kathy Robertson
Investor Relations
(403) 538-3645
Toll Free Number: 1-800-524-5521
Website: www.baytex.ab.ca
