Baytex Energy (BTE) CORRESP Correspondence with SEC

Baytex Energy Trust
Comparison of Fair Value Calculations for Compensation Expense
Cdn$000's
	Fair Value Black Scholes		Fair Value Binomial Model		Variance
2003 Q3		531		563		32
2003 Q4		1,511		1,602		91
		2,042		2,165		123
2004 Q1		1,380		1,463		83
2004 Q2		1,060		1,124		64
2004 Q3		1,223		1,294		71
2004 Q4		983		1,036		53
		4,646		4,917		271
2005 Q1		1,292		1,361		69
2005 Q2		1,048		1,102		54
2005 Q3		1,197		1,253		56
2005 Q4		1,809		1,882		73
		5,346		5,598		252