Baytex Energy Corp. has reached an agreement with its syndicate of underwriters co-led by Scotiabank and RBC Capital Markets (collectively, the "Underwriters"), pursuant to which the $500 million "bought deal" offering of common shares ("Common Shares") has been increased to 31,700,000 Common Shares at a price of $17.35 per share (the "Offering Price"), for gross proceeds of $550 million (the "Revised Offering").

The net proceeds will be used to reduce bank indebtedness, increase working capital and fund ongoing capital expenditures. The Revised Offering is subject to customary closing conditions, including receipt of applicable regulatory and stock exchange approvals, and is expected to close on or about April 2, 2015.

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