UNDERWRITING AGREEMENTUnderwriting Agreement • February 10th, 2014 • Baytex Energy Corp. • Drilling oil & gas wells • Alberta
The undersigned, Scotia Capital Inc. and RBC Dominion Securities Inc. (the “Co-Lead Underwriters”), together with CIBC World Markets Inc., TD Securities Inc., BMO Capital Markets Inc., National Bank Financial Inc., Barclays Capital Canada Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., AltaCorp Capital Inc., Canaccord Genuity Corp., Credit Suisse Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Peters & Co. Limited, FirstEnergy Capital Corp., Cormark Securities Inc. and Raymond James Ltd. (collectively, the “Underwriters” and each, an “Underwriter”), understand that Baytex Energy Corp. (the “Corporation”) proposes to issue and sell 33,420,000 subscription receipts (“Subscription Receipts”) of the Corporation (the “Firm Receipts”) pursuant to the Canadian Prospectus (as defined herein) and the U.S. Registration Statement (as defined herein) at a price of $38.90 per Firm Receipt. The Firm Receipts, the Option Receipts (as defined herein) and any Underlying Sh
