Baytex Provides Update on Timing of Closing Aurora Acquisition and Exchange of
Subscription Receipts for Common Shares
CALGARY, ALBERTA -- (Marketwired) -- 05/27/14 -- Baytex Energy
Corp. ("Baytex") (TSX: BTE)(NYSE: BTE) provides an update on the
status of its proposed acquisition of Aurora Oil & Gas Limited
("Aurora") pursuant to a scheme of arrangement under Australian law
On May 26, 2014 (in Perth), the Federal Court of Australia made
orders approving the Arrangement between Aurora and its shareholders
under which Baytex will acquire, through its wholly-owned subsidiary
Baytex Energy Australia Pty Ltd., all of the outstanding ordinary
shares of Aurora. On May 27, 2014 (in Perth), Aurora filed a copy of
the Court's orders approving the Arrangement with the Australian
Securities and Investment Commission ("ASIC") and ASIC has confirmed
that the Arrangement is now effective. Closing of the Arrangement has
been scheduled for June 11, 2014 (in Perth).
To partially finance the acquisition of Aurora, Baytex completed the
issuance of 38,433,000 subscription receipts (the "Subscription
Receipts") at $38.90 each on February 24, 2014, raising gross
proceeds of approximately $1.5 billion. Upon closing of the
Arrangement, each outstanding Subscription Receipt will be exchanged
for one common share of Baytex (a "Common Share") and a cash payment
of $0.88 (being equal to the aggregate amount of dividends declared
per Common Share for which record dates have occurred since the
issuance of the Subscription Receipts), less any applicable
withholding taxes (the "Dividend Equivalent Payment").
Baytex expects that at the open of the Toronto Stock Exchange on June
11, 2014 the Subscription Receipts will be de-listed and the Common
Shares issued in exchange for the Subscription Receipts will commence
trading. Baytex further expects that, within a few days of June 11,
2014, holders of Subscription Receipts will receive the Common Shares
and the Dividend Equivalent Payment to which they are entitled in
their brokerage accounts.
Holders of Subscription Receipts are not required to take any action
in order to receive their Common Shares and Dividend Equivalent
Advisory Regarding Forward-Looking Statements
In the interest of providing Baytex's shareholders and potential
investors with information regarding Baytex, including management's
assessment of Baytex's future plans and operations, certain
statements in this press release are "forward-looking statements"
within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation (collectively,
"forward-looking statements"). Specifically, this press release
contains forward-looking statements relating to but not limited to:
the timing of completion of the Arrangement; the timing of de-listing
of the Subscription Receipts from the Toronto Stock Exchange; and the
timing of the exchange of the Subscription Receipts for Common Shares
and the Dividend Equivalent Payment. The forward-looking statements
contained in this press release speak only as of its date and are
expressly qualified by this cautionary statement.
These forward-looking statements are based on certain key assumptions
regarding, among other things, the satisfaction or waiver of the
conditions to the completion of the Arrangement. Readers are
cautioned that such assumptions, although considered reasonable by
Baytex at the time of preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors. Such factors include, but are not
limited to: the Arrangement may not be completed on the terms
contemplated or at all; failure to realize the anticipated benefits
of the Arrangement; and closing of the Arrangement could be delayed
or not completed if we are not able to obtain the necessary approvals
required for completion or, unless waived, some other condition to
closing is not satisfied. Additional risk factors are discussed in
our Annual Information Form, Annual Report on Form 40-F and
Management's Discussion and Analysis for the year ended December 31,
2013, as filed with Canadian securities regulatory authorities and
the U.S. Securities and Exchange Commission.
There is no representation by Baytex that actual results achieved
will be the same in whole or in part as those referenced in the
forward-looking statements and Baytex does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
All amounts are in Canadian dollars unless otherwise noted.
Baytex Energy Corp.
Baytex Energy Corp. is a dividend-paying oil and gas corporation
based in Calgary, Alberta. 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 Williston Basin in the
United States. Approximately 89% of Baytex's production is weighted
toward crude oil. Baytex pays a monthly dividend on its common shares
which are traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol BTE. The subscription receipts issued by
Baytex to fund a portion of the purchase price for Aurora Oil & Gas
Limited trade on the Toronto Stock Exchange under the symbol BTE.R.
Baytex Energy Corp.
Senior Vice President, Capital Markets and Public Affairs
Toll Free Number: 1-800-524-5521
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