Mr. Brian Ector reports

BAYTEX ANNOUNCES CLOSING OF US$575 MILLION PRIVATE PLACEMENT OFFERING OF SENIOR NOTES

Baytex Energy Corp. has closed its private placement offering of $575-million (U.S.) aggregate principal amount of senior unsecured notes due 2032. The notes bear interest at a rate of 7.375 per cent per annum and mature on March 15, 2032. The notes were priced at 99.266 per cent of par to yield 7.500 per cent per annum.

Baytex intends to use the net proceeds from the offering to redeem $409.8-million (U.S.) aggregate principal amount of its outstanding 8.75 per cent notes due April 1, 2027, to repay a portion of the debt outstanding on its credit facilities and for general corporate purposes.

Pursuant to the terms of the indenture governing the 2027 notes, Baytex has issued a notice of redemption to redeem all of the outstanding 2027 notes.

About Baytex Energy Corp.

Baytex Energy is an energy company with headquarters based in Calgary, Alta., and offices in Houston, Tex. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian sedimentary basin and in the Eagle Ford formation in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

We seek Safe Harbor.