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Baytex Energy Ltd. company update.

CALGARY, Alberta--(BUSINESS WIRE)--March 8, 1996--BAYTEX ENERGY LTD. (Alberta Stock Exchange: BTE.A BTE.B BTE.WT.A) Baytex Energy Ltd. is pleased to announce that it has entered into an agreement with Gordon Capital Corporation as lead underwriter, for the issuance of 1,800,000 Special Warrants at $7.50 per Special Warrant for gross proceeds of $13,500,000. Net proceeds to Baytex will be $12,690,000. Each Special Warrant is convertible into one Class A Share of Baytex for no additional consideration. Syndicate members are Gordon Capital Corporation, Stephen Avenue Securities Inc, and Research Capital Corporation.

The Company intends to file a prospectus to qualify the issuance of the Class A Shares. In the event the company fails to receive a final receipt for the prospectus by July 31, 1996, the Special Warrants will be convertible into 1.1 Class A Shares. The issuance of the Special Warrants and the Class A Shares are subject to regulatory approval.

Baytex is a Calgary based oil and gas producer with properties located primarily in Central Alberta. Production at December 31, 1995 was 2144 boe/d. Proceeds of the offering will be used to develop recent oil discoveries at Morningside, Alliance and Westerose and further drilling on gas properties at Leahurst and Castor.

Baytex is a junior oil and gas exploration company whose shares are traded on The Toronto Stock Exchange and The Alberta Stock Exchange under the trading symbol "BTE.A", "BTE.B" and "BTE.WT.A". -0-

The Toronto and The Alberta Stock Exchanges have neither approved nor disapproved the information contained herein.

CONTACT: Baytex Energy Ltd.

Bert Kloster, 403/750-1234

403/750-1244 (Fax)
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Publication:Business Wire
Date:Mar 8, 1996
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