CALGARY, ALBERTA--(CCNMatthews - Dec. 1, 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 1.49857 to 1.51072 This increase will be effective on December 15, 2006.
The increase in the Exchange Ratio is calculated as follows: Record Date of Baytex Energy Trust Distribution: November 30, 2006 Opening Exchange Ratio: 1.49857 Baytex Energy Trust Distribution per Unit: $0.18 Five-day Weighted Average Trading Price of BTE.UN (prior to the end of November ): $22.21 Increase in Exchange Ratio (xx): 0.01215 Effective Date of the Increase in Exchange Ratio: December 15, 2006 Exchange Ratio as of Effective Date: 1.51072 (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 or Toll Free: 1-800-524-5521
Baytex Energy Trust
Derek Aylesworth
Chief Financial Officer
(403) 538-3639 or Toll Free: 1-800-524-5521
Baytex Energy Trust
Erin Hurst
Investor Relations
(403) 538-3681 or Toll Free: 1-800-524-5521
Website: www.baytex.ab.ca
