Date Closed

February 24, 2014

Lead Office

Calgary

Value

1.50 Billion CAD

On February 24, 2014, Baytex Energy Corp. (“Baytex” or the “Company”) closed the public offering of its bought deal subscription receipt financing (the "Equity Financing"). The Equity Financing was completed in connection with the previously announced agreement by the Company to acquire 100% of the shares of Aurora Oil & Gas Limited (the “Acquisition”).

Baytex issued 38,433,000 subscription receipts, including 5,013,000 subscription receipts pursuant to the full exercise of the over-allotment option (“Subscription Receipts”), at a price of C$38.90 per Subscription Receipt for aggregate gross proceeds of approximately C$1.5 billion. The Subscription Receipts were offered through a syndicate of underwriters co-led by Scotiabank and RBC Capital Markets and including CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Barclays Capital Canada Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., AltaCorp Capital Inc., Canaccord Genuity Corp., Credit Suisse Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Peters & Co. Limited, FirstEnergy Capital Corp., Cormark Securities Inc. and Raymond James Ltd. (collectively, the “Underwriters”).

Baytex Energy, headquartered in Calgary, Alberta, is a dividend-paying oil and gas corporation.

McCarthy Tétrault LLP represented Scotia Capital and RBC Dominion Securities as lead underwriters for the offering, with a team led by John Osler.