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Baytex Energy Trust | CIBC World Markets 2008 Energy Conference | Raymond T Chan | Page 1 of 11 | June 19, 2013

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1 C I B C W o r ld M a r k e t s 2 0 0 8 E n e r g y C o n f e r e n c e A p r il 1 5 - 1 6 , 2 0 0 8 R a y m o n d T . C h a n , C h ie f E x e c u t iv e O f f ic e r A d v is o r y C e r t a in s t a t e m e n t s in t h is p r e s e n t a t io n a r e f o r w a r d lo o k in g s t a t e m e n t s . M o r e p a r t ic u la r ly a n d w it h o u t lim it a t io n , th is p r e s e n t a t io n c o n t a in s f o r w a r d lo o k in g s t a t e m e n ts a n d in f o r m a t io n c o n c e r n in g B a y t e x 's f u t u r e c a s h f lo w , d e b t, p r o d u c t io n , d e v e lo p m e n t a n d g r o w t h o p p o r t u n it ie s ; p r o s p e c ts ; a s s e t b a s e ; a n d a n t ic ip a t e d b e n e f it s f r o m t h e a r r a n g e m e n t w it h B u r m is E n e r g y I n c . ( t h e “ A r r a n g e m e n t ” ) . T h e f o r w a r d - lo o k in g s t a t e m e n ts a n d in f o r m a t io n a r e b a s e d o n c e r t a in k e y e x p e c t a t io n s a n d a s s u m p t io n s m a d e b y B a y t e x , in c lu d in g e x p e c t a t io n s a n d a s s u m p t io n s c o n c e r n in g p r e v a ilin g c o m m o d it y p r ic e s a n d e x c h a n g e r a t e s , a p p lic a b le r o y a lt y r a t e s a n d t a x la w s ; f u t u r e w e ll p r o d u c t io n r a te s a n d r e s e r v e v o lu m e s ; t h e t im in g o f r e c e ip t o f r e g u la t o r y a n d s h a r e h o ld e r a p p r o v a ls , t h e p e r f o r m a n c e o f e x is t in g w e lls ; t h e s u c c e s s o b t a in e d in d r illin g n e w w e lls ; a n d t h e s u ff ic ie n c y o f b u d g e t e d c a p it a l e x p e n d it u r e s in c a r r y in g o u t p la n n e d a c t iv it ie s ; a n d t h e a v a ila b ilit y a n d c o s t o f la b o u r a n d s e r v ic e s . A lt h o u g h B a y t e x b e lie v e s t h a t t h e e x p e c t a t io n s a n d a s s u m p t io n s o n w h ic h s u c h f o r w a r d - lo o k in g s t a t e m e n t s a n d in f o r m a t io n a r e b a s e d a r e r e a s o n a b le , u n d u e r e lia n c e s h o u ld n o t b e p la c e d o n t h e fo r w a r d lo o k in g s t a t e m e n ts a n d in f o r m a t io n b e c a u s e B a y t e x c a n g iv e n o a s s u r a n c e t h a t th e y w ill p r o v e t o b e c o r r e c t. S in c e f o r w a r d - lo o k in g s t a t e m e n ts a n d in f o r m a t io n a d d r e s s f u t u r e e v e n ts a n d c o n d it io n s , b y t h e ir v e r y n a t u r e t h e y in v o lv e in h e r e n t r is k s a n d u n c e r t a in t ie s . A c t u a l r e s u lt s c o u ld d iff e r m a t e r ia lly f r o m t h o s e c u r r e n t ly a n t ic ip a t e d d u e t o a n u m b e r o f f a c t o r s a n d r is k s . T h e s e in c lu d e , b u t a r e n o t lim it e d t o , t h e r is k s a s s o c ia t e d w it h t h e o il a n d g a s in d u s t r y in g e n e r a l s u c h a s o p e r a t io n a l r is k s in d e v e lo p m e n t, e x p lo r a t io n a n d p r o d u c t io n d e la y s o r c h a n g e s in p la n s w it h r e s p e c t t o e x p lo r a t io n o r d e v e lo p m e n t p r o je c ts o r c a p ita l e x p e n d it u r e s ; t h e u n c e r ta in t y o f e s t im a te s a n d p r o je c t io n s r e la t in g t o r e s e r v e s , p r o d u c t io n , c o s ts a n d e x p e n s e s ; h e a lt h , s a f e t y a n d e n v ir o n m e n t a l r is k s ; c o m m o d it y p r ic e a n d e x c h a n g e r a t e f lu c t u a t io n s , m a r k e t in g a n d t r a n s p o r ta t io n , lo s s o f m a r k e ts , e n v ir o n m e n t a l r is k s , c o m p e t it io n , in c o r r e c t a s s e s s m e n t o f t h e v a lu e o f a c q u is it io n s , f a ilu r e t o r e a liz e t h e a n t ic ip a t e d b e n e f its o f a c q u is it io n s , a b ilit y to a c c e s s s u ff ic ie n t c a p it a l f r o m in t e r n a l a n d e x t e r n a l s o u r c e s , f a ilu r e to o b t a in r e q u ir e d r e g u la t o r y a n d o t h e r a p p r o v a ls , a n d c h a n g e s in le g is la t io n , in c lu d in g b u t n o t lim it e d to t a x la w s , r o y a lt ie s a n d e n v ir o n m e n ta l r e g u la t io n s . T h e r e a r e r is k s a ls o in h e r e n t in t h e n a tu r e o f t h e p r o p o s e d A r r a n g e m e n t, in c lu d in g r is k s r e g a r d in g t h e in t e g r a t io n o f B u r m is ; in c o r r e c t a s s e s s m e n ts o f t h e v a lu e o f B u r m is a n d f a ilu r e t o o b t a in t h e r e q u ir e d s h a r e h o ld e r , c o u r t, r e g u la t o r y a n d o t h e r t h ir d p a r t y a p p r o v a ls .