Baytex Energy Trust

Baytex Energy Trust

January 04, 2005 09:00 ET

Baytex Energy Trust Announces Increase to Exchangeable Share Ratio


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BAYTEX ENERGY TRUST

TSX SYMBOL: BTE.UN

JANUARY 4, 2005 - 09:00 ET

Baytex Energy Trust Announces Increase to Exchangeable
Share Ratio

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2005) - Baytex Energy Trust
(TSX:BTE.UN) of Calgary, Alberta is pleased to announce the increase to
the Exchange Ratio of the Exchangeable Shares of Baytex Energy Ltd. from
1.21472 to 1.22891. This increase will be effective on January 17, 2005.



The increase in the Exchange Ratio is calculated as follows:

Record Date of Baytex Energy Trust Distribution: December 31, 2004
Opening Exchange Ratio: 1.21472
Baytex Energy Trust Distribution per Unit: $ 0.15
Five-day Weighted Average Trading Price of BTE.UN
(prior to the end of December): $12.84
Increase in Exchange Ratio (xx): 0.01419
Effective Date of the Increase in Exchange Ratio: January 17, 2005
Exchange Ratio as of Effective Date: 1.22891
(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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Baytex Energy Trust
    Ray Chan
    President & C.E.O.
    (403) 267-0715
    or
    Baytex Energy Trust
    Dan Belot
    Vice-President, Finance & C.F.O.
    (403) 267-0784
    Toll Free Number: 1-800-524-5521
    Website: www.baytex.ab.ca