Baytex Increases Offer Price for Aurora
May 12 2014 - 9:07PM
Marketwired
Baytex Increases Offer Price for Aurora
CALGARY, ALBERTA--(Marketwired - May 12, 2014) - Baytex Energy
Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) announces that it is
increasing the consideration payable for Aurora Oil & Gas
Limited ("Aurora") to A$4.20 (Australian dollars) per share (from
A$4.10 per share). In addition, Baytex announces that Harbour
Advisors (a business unit of CI Investments Inc.) and Stirling
Global Value Fund Inc., together holding approximately 17.4 percent
of the issued and outstanding Aurora shares, have stated they
intend to vote their Aurora shares in favour of the scheme of
arrangement (the "Arrangement") in the absence of a superior
proposal.
Baytex will work with Aurora to amend the Scheme Implementation
Deed to reflect the increased offer price. The board of directors
of Baytex have unanimously approved the revised offer.
The meeting of Aurora shareholders to approve the Arrangement is
currently scheduled for Wednesday, May 21, 2014 at 9:30 a.m. (Perth
time). The Arrangement must be approved by: (i) at least 75% of the
votes cast by Aurora shareholders; and (ii) by a majority, in
number, of the Aurora shareholders, who cast votes. Completion of
the Arrangement is anticipated to occur in the first half of
June.
Advisory Regarding
Forward-Looking Statements
In the interest of providing shareholders and potential
investors with information regarding Baytex and Aurora, including
management's assessment of future plans, 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"). In some cases, forward-looking
statements can be identified by terminology such as
"anticipate",
"believe",
"continue",
"could",
"estimate",
"expect",
"forecast",
"intend",
"may",
"objective",
"ongoing",
"outlook",
"potential",
"project",
"plan",
"should",
"target",
"would",
"will" or similar words suggesting
future outcomes, events or performance. Specifically, this press
release contains forward-looking statements relating to the
amendment of the terms of the Arrangement and the expected timing
of the completion of the Arrangement. The forward-looking
statements contained in this press release speak only as of the
date thereof and are expressly qualified by this cautionary
statement.
These forward-looking statements are based on certain key
assumptions regarding, among other things, the receipt of
regulatory, shareholder and other approvals for 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 during the forecast period 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. There is no
representation by Baytex that actual results achieved during the
forecast period will be the same in whole or in part as those
forecast 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 securities
law.
Baytex Energy Corp.
Baytex 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 trade on the Toronto Stock Exchange under the symbol
BTE.R.
For further information about Baytex, please visit our website
at www.baytexenergy.com.
Baytex Energy Corp.Brian EctorVice President, Capital
MarketsToll Free Number:
1-800-524-5521investor@baytexenergy.comwww.baytexenergy.com
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