Monday, December 5 2022

Calgary, Alberta–(Newsfile Corp. – May 2, 2022) – Baytex Energy Corp. (TSX: BTE) (“Baytex” or the “Company”) is pleased to announce that the Toronto Stock Exchange (TSX) has accepted the Notice of Intention to Implement a Normal Course Issuer Bid (“OPRCA”) to purchase up to 56,300,143 common shares during the 12-month period beginning May 9, 2022 and ending May 8, 2023 or an earlier date on which the issuer bid is terminated or terminated at Baytex’s option.

Baytex’s intention to initiate a share buyback program is based on the strength of our balance sheet and our desire to provide direct returns to shareholders. Baytex believes that the common stock is trading at a price that does not adequately reflect its value relative to the company’s current operations and that the purchase of common stock for cancellation represents an opportunity to improve per share metrics.

The number of shares authorized for purchase represents 10% of Baytex’s public float, as defined by the TSX, as of April 29, 2022. On April 29, 2022, Baytex had 569,213,590 common shares outstanding. Purchases will be made in the open market through the facilities of the TSX and/or other trading systems in Canada at prevailing market prices at the time of purchase.

RBC Dominion Securities Inc. (“RBC”) has agreed to act as the Company’s Designated Broker to effect purchases of Common Shares pursuant to the Issuer Bid. Baytex has also entered into an automatic stock purchase plan (“ASPP”) with RBC allowing it to purchase common stock under the issuer bid when the company would not normally be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Baytex may provide instructions to RBC prior to a blackout period, which may not be modified or suspended during the blackout period. Purchases made by Baytex’s Designated Broker will be in accordance with the rules of the exchange, applicable securities laws and the terms of the ASPP. All purchases made under the AESP are included in the calculation of the number of common shares purchased under the issuer bid. The ASPP has been pre-cleared, as required by the TSX. Outside of these blackout periods, common shares may be purchased under the issuer bid at management’s discretion.

The actual number of common shares that may be purchased under the issuer bid and the timing of such purchases will be determined by Baytex. The average daily trading volume through the facilities of the TSX during the most recently completed six-month period was 7,091,781 common shares. Accordingly, daily purchases through the facilities of the TSX will be limited to 1,772,945 Common Shares, which is equivalent to 25% of the average daily trading volume, except for bulk purchases. All common shares acquired by Baytex pursuant to the issuer bid will be cancelled.

Notice Regarding Forward-Looking Statements

Certain statements contained 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 laws (collectively, “forward-looking statements”). ”). Forward-looking information in this press release is identified by words such as “intent” or “will” or similar expressions and includes suggestions of future results, events or performance. The forward-looking statements contained in this press release speak only as of the date hereof and are expressly qualified by this cautionary statement.

Specifically, this press release contains forward-looking statements regarding, but not limited to: the acquisition and cancellation of Baytex common stock pursuant to the issuer bid and the anticipated benefits to shareholders of the public takeover bid. Developing forward-looking information involves making a number of assumptions and taking into account certain risks and uncertainties, some of which are specific to Baytex and others which apply to the industry generally. These Baytex risks include, but are not limited to, Baytex not being able to obtain the anticipated benefits of the tender offer.

Readers are cautioned that other events or circumstances, although not listed above, could cause Baytex’s actual results to differ materially from those estimated or projected and expressed or implied by the statements. prospective. Please refer to the Annual Information Form for the year ended December 31, 2021 and the MD&A for the three months ended March 31, 2022 (the “MD&A”) for additional risk factors relating to Baytex. These documents are available on Baytex’s website at, on SEDAR at and with the United States Securities and Exchange Commission on EDGAR at

The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Baytex Energy Corporation

Baytex Energy Corp. is an energy company 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 the Eagle Ford in the United States. Baytex common shares trade on the Toronto Stock Exchange under the symbol BTE.

For more information about Baytex, please visit our website at or contact:

Brian Ector, Vice President, Capital Markets

Toll free: 1-800-524-5521
E-mail: [email protected]

To view the source version of this press release, please visit


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