Exhibit 1
FOR IMMEDIATE RELEASE — CALGARY, ALBERTA — MARCH 1, 2005
BAYTEX ENERGY TRUST ANNOUNCES INCREASE
TO EXCHANGEABLE SHARE RATIO
Baytex Energy Trust (TSX-BTE.UN) of Calgary, Alberta is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Baytex Energy Ltd. from 1.24300 to 1.25580. This increase will be effective on March 15, 2005.
The increase in the Exchange Ratio is calculated as follows:
Record Date of Baytex Energy Trust Distribution: |
| February 28, 2005 |
Opening Exchange Ratio: |
| 1.24300 |
Baytex Energy Trust Distribution per Unit: |
| $0.15 |
Five-day Weighted Average Trading Price of BTE.UN |
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(prior to the end of February): |
| $14.57 |
Increase in Exchange Ratio (**): |
| 0.01280 |
Effective Date of the Increase in Exchange Ratio: |
| March 15, 2005 |
Exchange Ratio as of Effective Date: |
| 1.25580 |
(**) The increase in the Exchange Ratio is calculated by multiplying the Baytex Energy Trust Distribution per Unit by the Opening Exchange Ratio and dividing by the Five-day Weighted Average Trading Price of BTE.UN.
A holder of Baytex Energy Ltd. Exchangeable Shares can exchange all or a portion of their holdings at any time by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office at Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1 (telephone: 403-233-2801).
Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. Trust units of Baytex are traded on the Toronto Stock Exchange under the symbol BTE.UN.
For further information, please contact:
Baytex Energy Trust |
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Ray Chan, President & C.E.O. |
| Telephone: (403) 267-0715 |
Dan Belot, Vice-President, Finance & C.F.O. |
| Telephone: (403) 267-0784 |
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Toll Free Number: 1-800-524-5521 |
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Website: www.baytex.ab.ca |
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