<SEC-DOCUMENT>0001047469-15-002479.txt : 20150319
<SEC-HEADER>0001047469-15-002479.hdr.sgml : 20150319
<ACCEPTANCE-DATETIME>20150319172430
ACCESSION NUMBER:		0001047469-15-002479
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20150319
DATE AS OF CHANGE:		20150319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAYTEX ENERGY CORP.
		CENTRAL INDEX KEY:			0001279495
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202662
		FILM NUMBER:		15713742

	BUSINESS ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3
		BUSINESS PHONE:		587-952-3000

	MAIL ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAYTEX ENERGY TRUST
		DATE OF NAME CHANGE:	20040210
</SEC-HEADER>
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<TYPE>F-10/A
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</FONT> <FONT SIZE=1><B>As filed with the Securities and Exchange Commission on March&nbsp;19, 2015  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.&nbsp;333-202662  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>AMENDMENT NO. 2<BR>
TO  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FORM F-10  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>BAYTEX ENERGY CORP.<BR>  </B></FONT><FONT SIZE=1>(Exact name of registrant as specified in its charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Alberta, Canada<BR>  </B></FONT><FONT SIZE=1>(Province or other jurisdiction of incorporation or organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1381<BR>  </B></FONT><FONT SIZE=1>(Primary Standard Industrial Classification Code Number, if applicable) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Not applicable<BR>  </B></FONT><FONT SIZE=1>(I.R.S. Employer Identification No., if applicable) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2800, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue S.W.<BR>
Calgary, Alberta, Canada, T2P&nbsp;0R3<BR>
Tel: 587-952-3000<BR>  </B></FONT><FONT SIZE=1>(Address and telephone number of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Baytex Energy USA,&nbsp;Inc.<BR>
2300, 1200&nbsp;Smith Street<BR>
Houston, Texas 77002<BR>
Tel: 713-402-1920<BR>  </B></FONT><FONT SIZE=1>(Name, address (including zip code) and telephone number (including area code) of agent for service in the United&nbsp;States) </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>Copies to:  </I></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Murray J. Desrosiers<BR>
Baytex Energy Corp.<BR>
2800, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue S.W.<BR>
Calgary, Alberta, Canada, T2P&nbsp;0R3<BR>
Tel: 587-952-3000<BR>
Fax: 587-952-3029</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Shannon M. Gangl<BR>
Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP<BR>
2400, 525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W.<BR>
Calgary, Alberta, Canada T2P&nbsp;1G1<BR>
Tel: 403-260-0100<BR>
Fax: 403-260-0332</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Andrew J. Foley, Esq.<BR>
Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP<BR>
1285&nbsp;Avenue of the Americas<BR>
New&nbsp;York, New&nbsp;York 10019-6064<BR>
Tel: 212-373-3078<BR>
Fax: 212-492-0078</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>James M. Prince<BR>
Vinson&nbsp;&amp; Elkins&nbsp;LLP<BR>
1001&nbsp;Fannin Street<BR>
Suite&nbsp;2500<BR>
Houston, TX 77002-6760<BR>
Tel: 713-758-3710<BR>
Fax: 713-615-5962</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>John S. Osler, QC<BR>
McCarthy T&eacute;trault<BR>
Suite&nbsp;4000<BR>
421 7<SUP>th</SUP>&nbsp;Avenue SW<BR>
Calgary, AB T2P&nbsp;4K9<BR>
Tel: 403-260-3554<BR>
Fax: 403-260-3501</B></FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:<BR>  </B></FONT><FONT SIZE=1>As soon as practicable after this Registration Statement becomes effective. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Province of Alberta, Canada<BR>  </B></FONT><FONT SIZE=1>(Principal jurisdiction regulating this offering) </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>It
is proposed that this filing shall become effective (check appropriate box&nbsp;below): </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>A.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>upon filing with the Commission pursuant to Rule&nbsp;467(a) (if&nbsp;in connection with an offering being made contemporaneously in the United&nbsp;States and&nbsp;Canada).</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>B.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>at some future date (check the appropriate box below):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than
7&nbsp;calendar days after&nbsp;filing).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time 7&nbsp;calendar
days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of
clearance has been issued with respect&nbsp;hereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>after the filing of the next amendment to this Form (if&nbsp;preliminary material is being&nbsp;filed).</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check
the following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SHORT FORM PROSPECTUS  </B></FONT></P>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>New&nbsp;Issue</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
March&nbsp;19, 2015</B></FONT></TD>
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<IMG SRC="g216510.jpg" ALT="LOGO" WIDTH="322" HEIGHT="88">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>$549,995,000<BR>
31,700,000 Common Shares  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>$17.35 per Common Share  </B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=4><B> &nbsp;<BR>  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>We are hereby qualifying for distribution 31,700,000 common shares (the&nbsp;"</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") at a price of
$17.35 per Common Share (the&nbsp;"</FONT><FONT SIZE=2><B>Offering</B></FONT><FONT SIZE=2>") for aggregate gross proceeds of $549,995,000. The terms of the Offering, including the offering price
per Common Share, were determined by negotiation between us and Scotia Capital&nbsp;Inc. and RBC Dominion Securities&nbsp;Inc. (collectively, the "</FONT><FONT SIZE=2><B>Co-Lead
Underwriters</B></FONT><FONT SIZE=2>"), on their own behalf and on behalf of CIBC World Markets&nbsp;Inc., BMO Nesbitt Burns&nbsp;Inc., National Bank Financial&nbsp;Inc., TD
Securities&nbsp;Inc., Barclays Capital Canada&nbsp;Inc., Desjardins Securities&nbsp;Inc., Merrill Lynch Canada&nbsp;Inc., Peters &amp;&nbsp;Co. Limited, AltaCorp Capital&nbsp;Inc., FirstEnergy
Capital Corp., Macquarie Capital Markets Canada&nbsp;Ltd. and Raymond James&nbsp;Ltd. (collectively, the "</FONT><FONT SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>"). See
"</FONT><FONT SIZE=2><I>Plan of Distribution</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Our
outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange (the&nbsp;"</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") and the New&nbsp;York Stock Exchange
("</FONT><FONT SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>") under the trading symbol "BTE". On March&nbsp;11, 2015, the last trading day prior to the date of the public announcement of the Offering,
the closing price of the Common Shares on the TSX was $18.23 per Common Share and the closing price of the Common Shares on the NYSE was U.S.$14.29 per Common&nbsp;Share. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>NEITHER THE U.S.&nbsp;SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE OFFERED SHARES NOR PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS SHORT FORM PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>We are permitted, under the multi-jurisdictional disclosure system adopted by the United&nbsp;States and Canada, to prepare this short form prospectus in accordance with the
disclosure requirements of Canada. Prospective investors should be aware that such requirements are different from those of the United&nbsp;States. Our financial statements included or incorporated
by reference into this short form prospectus have been prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP") (which, since January&nbsp;1, 2011, have been
consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board) and are subject to Canadian auditing and auditor independence standards.
The historical financial statements of Aurora Oil and Gas Limited ("Aurora") contained in the documents incorporated by reference into this short form prospectus have been prepared in accordance with
Australian Accounting Standards ("AAS"), which include Australian equivalents to IFRS. Compliance with AAS ensures compliance with IFRS as issued by the International Accounting Standards Board.
Canadian GAAP and AAS differ from generally accepted accounting principles in the United&nbsp;States ("U.S.&nbsp;GAAP"). Thus, Aurora's financial statements and our financial statements may not be
comparable to financial statements of United&nbsp;States companies.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Prospective investors should be aware that the acquisition of the Common Shares may have tax consequences both in the United&nbsp;States and Canada. Such consequences may not
be fully described herein. See "</B></FONT><FONT SIZE=2><B><I>Certain Canadian Federal Income Tax Considerations</I></B></FONT><FONT SIZE=2><B>" and "</B></FONT><FONT SIZE=2><B><I>Certain United&nbsp;States Federal
Income Tax Considerations</I></B></FONT><FONT SIZE=2><B>".</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Data on oil and gas reserves incorporated by reference into this short form prospectus has been prepared in accordance with Canadian disclosure standards, which are not
comparable in all respects to United&nbsp;States disclosure standards. See "</B></FONT><FONT SIZE=2><B><I>Presentation of Financial and Oil and Gas
Information</I></B></FONT><FONT SIZE=2><B>".</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Your ability to enforce civil liabilities under United&nbsp;States federal securities laws may be affected adversely by the fact that we are formed under the laws of the
Province of Alberta, that some of our officers and directors are residents of Canada or otherwise reside outside of the United&nbsp;States, that some of the Underwriters and experts named in this
short form prospectus may be residents of Canada or otherwise reside outside of the United&nbsp;States, and that a substantial portion of our assets and the assets of said persons may be located
outside the United&nbsp;States.</B></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price to the Public<SUP>(1)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Underwriters' Fee<SUP>(2)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Net Proceeds to the<BR>
Corporation<SUP>(3)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Per Common Share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.35</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.656</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total<SUP>(4)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>549,995,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,999,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>527,995,200</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>
Notes: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>All
dollar amounts in this short form prospectus are expressed in Canadian dollars, except where otherwise indicated.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Pursuant
to the terms of the Underwriting Agreement (as&nbsp;defined herein), we have agreed to pay to the Underwriters a cash fee equal to 4.0% of the
gross proceeds of the Offering. See "</FONT><FONT SIZE=2><I>Plan of Distribution</I></FONT><FONT SIZE=2>".
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Before
deducting expenses of the Offering, estimated to be $1,000,000, which will be paid from our general&nbsp;funds.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>We
have granted to the Underwriters an option (the&nbsp;"</FONT><FONT SIZE=2><B>Over-allotment Option</B></FONT><FONT SIZE=2>"), exercisable in whole or
in part, in the sole discretion of the Underwriters, at any time and from time to time, for a period of 30&nbsp;days following the closing of the Offering, to purchase up to an additional 4,755,000
Common Shares (together with the 31,700,000 Common Shares offered hereunder, the "</FONT><FONT SIZE=2><B>Offered Shares</B></FONT><FONT SIZE=2>") at a price of $17.35 per Common Share on the same
terms and conditions as the Offering for the purposes of covering the Underwriters' over-allocation position, if any, and for market stabilization purposes. A purchaser who acquires Common Shares
forming any part of the Underwriters' over-allocation position acquires those Common Shares under this short form prospectus, regardless of whether the over-allocation position is ultimately filled
through the exercise of the Over-allotment Option or secondary market purchases. If the Over-allotment Option is exercised in full, the total gross proceeds of the Offering, the Underwriters' Fee and
the net proceeds to us (before deducting expenses of the Offering) will be $632,494,250, $25,299,770 and $607,194,480, respectively. This short form prospectus also qualifies the grant of the
Over-allotment Option and the issuance of Common Shares pursuant to the exercise of the Over-allotment Option. Unless the context otherwise requires, references to the "Offering" include the Common
Shares issuable pursuant to the exercise of the Over-allotment Option. See "</FONT><FONT SIZE=2><I>Plan of Distribution</I></FONT><FONT SIZE=2>" and the table&nbsp;below. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following table sets forth the number of Common Shares that may be issued by us pursuant to the Over-allotment Option. </FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:79pt;"><FONT SIZE=1><B>Underwriters' Position

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum size of<BR>
securities available </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise period </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise price </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Over-allotment Option</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Up to 4,755,000 Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>At any time during the period of up to<BR>
30&nbsp;days following closing<BR>
of the Offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$17.35 per Common Share</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Mary Ellen Peters, one of our directors, resides outside of Canada. In addition, all or some of the designated professionals of BDO
Audit (WA) Pty&nbsp;Ltd., the former external auditor of Aurora, and Ryder Scott Company,&nbsp;L.P., one of our independent qualified reserves evaluators, are incorporated, continued or otherwise
organized under the laws of a foreign jurisdiction or reside outside of Canada. Such persons have appointed the following agents for service of&nbsp;process:</B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name of Person or Company </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name and Address of Agent </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mary Ellen Peters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP<BR>
Suite&nbsp;2400, 525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;1G1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BDO Audit (WA) Pty&nbsp;Ltd.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BDO Canada&nbsp;LLP<BR>
Suite&nbsp;600, 36&nbsp;Toronto Street<BR>
Toronto, Ontario M5C&nbsp;2C5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ryder Scott Company,&nbsp;L.P.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ryder Scott Canada<BR>
Suite&nbsp;600, 1015&nbsp;&#150;&nbsp;4th&nbsp;Street S.W.<BR>
Calgary, Alberta T2R&nbsp;1J4</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>It may not be possible for you to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a
foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process. See "</B></FONT><FONT SIZE=2><B><I>Enforcement of Judgments Against Foreign Persons
or&nbsp;Companies".</I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
TSX has conditionally approved the listing of the Common Shares distributed pursuant to the Offering, including the Common Shares issuable pursuant to the Over-Allotment Option. Listing will be
subject to us fulfilling all of the listing requirements of the TSX on or before June&nbsp;10, 2015. Application has been made to list the Common Shares (including the Common Shares issuable upon
exercise of the Over-allotment Option) on the&nbsp;NYSE. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Underwriters, as principals, conditionally offer the Offered Shares, subject to prior sale, if, as and when issued by us and accepted by the Underwriters in accordance with the conditions
contained in the Underwriting Agreement. See "</FONT><FONT SIZE=2><I>Plan of Distribution</I></FONT><FONT SIZE=2>". The Offering is subject to the approval of certain legal matters relating to
Canadian law on our behalf by Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, Calgary, Alberta and on behalf of the Underwriters by McCarthy T&eacute;trault&nbsp;LLP, Calgary, Alberta and to
the approval of certain legal matters relating to United&nbsp;States law on our behalf by Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP, New&nbsp;York, New&nbsp;York and on behalf
of the Underwriters by Vinson&nbsp;&amp; Elkins&nbsp;LLP, Houston,&nbsp;Texas. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subscriptions
for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing
of the Offering is anticipated to occur on or about April&nbsp;2, 2015 or such other date as may be agreed upon by us and the Underwriters (the&nbsp;"</FONT><FONT SIZE=2><B>Closing
Date</B></FONT><FONT SIZE=2>"), but in any event not later than 42&nbsp;days after the date of the receipt for this short form prospectus. Except in certain limited circumstances: (i)&nbsp;Common
Shares will be registered and represented electronically through the non-certificated inventory of CDS Clearing and Depository Services&nbsp;Inc.
("</FONT><FONT SIZE=2><B>CDS</B></FONT><FONT SIZE=2>"); and (ii)&nbsp;no certificates evidencing the Common Shares will be issued. See "</FONT><FONT SIZE=2><I>Plan of
Distribution</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to applicable laws, the Underwriters may, in connection with the Offering, effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those that
might otherwise prevail on the open market in accordance with applicable market stabilization rules. Such transactions, if commenced, may be discontinued at any time. </FONT><FONT SIZE=2><B>The
Underwriters propose to offer the Common Shares initially at the offering price specified above. After a reasonable effort has been made to sell all the Common Shares at the price specified, the
Underwriters may subsequently reduce the selling price to investors from time to time in order to sell any of the Common Shares remaining unsold. Any such reduction will not affect the proceeds
received by us.</B></FONT><FONT SIZE=2> See "</FONT><FONT SIZE=2><I>Plan of Distribution</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Each of the Co-Lead Underwriters and CIBC World Markets&nbsp;Inc., BMO Nesbitt Burns&nbsp;Inc., National Bank Financial&nbsp;Inc., TD Securities&nbsp;Inc., Barclays
Capital Canada&nbsp;Inc., Desjardins Securities&nbsp;Inc. and Merrill Lynch Canada&nbsp;Inc. are subsidiaries or affiliates of lenders to us (collectively, the "Banks"). In addition,
ATB&nbsp;Financial is a minority shareholder of AltaCorp Capital&nbsp;Inc. and is an affiliate of Alberta Treasury Branches, which is a provincially regulated financial institution that is a
member of the Credit Facilities' lending syndicate with the Banks (collectively, the "Lenders"). Consequently, we may be considered to be a connected issuer of these Underwriters for the purposes of
securities regulations in certain provinces. The net proceeds received pursuant to this Offering will be used to reduce our indebtedness to such Lenders. As a result, one or more of the Underwriters
or their affiliates may receive more than 5% of the net proceeds from this Offering in the form of the repayment of indebtedness. Accordingly, this Offering is being made pursuant to Rule&nbsp;5121
of the Financial Industry Regulatory Authority ("FINRA"). The appointment of a qualified independent underwriter is not necessary in connection with this Offering because the conditions of
Rule&nbsp;5121(a)(1)(B) of FINRA are satisfied. See "</B></FONT><FONT SIZE=2><B><I>Relationship between Us and Certain of the Underwriters (Conflicts of Interest)</I></B></FONT><FONT SIZE=2><B>" and
"</B></FONT><FONT SIZE=2><B><I>Use of&nbsp;Proceeds</I></B></FONT><FONT SIZE=2><B>".</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>An investment in the securities offered hereunder is speculative and involves a high degree of risk. The risk factors identified under the headings
"</B></FONT><FONT SIZE=2><B><I>Risk Factors</I></B></FONT><FONT SIZE=2><B>" and "</B></FONT><FONT SIZE=2><B><I>Forward-Looking Statements</I></B></FONT><FONT SIZE=2><B>" in this short form prospectus, the Annual Information
Form (as&nbsp;defined herein) and the Annual MD&amp;A (as&nbsp;defined herein) should be carefully reviewed and evaluated by prospective subscribers before purchasing the Offered
Shares.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Our
head office is located at Suite&nbsp;2800, Centennial Place, East Tower, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue S.W., Calgary, Alberta, Canada, T2P&nbsp;0R3 and our
registered office is located at Suite&nbsp;2400, 525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W., Calgary, Alberta, Canada, T2P&nbsp;1G1. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>IMPORTANT NOTICE ABOUT INFORMATION IN THIS SHORT FORM PROSPECTUS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRESENTATION OF FINANCIAL AND OIL AND GAS INFORMATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SELECTED DEFINITIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONVERSIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABBREVIATIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONVENTIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OIL AND GAS EQUIVALENCY</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NON-GAAP FINANCIAL MEASURES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS OR COMPANIES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DOCUMENTS INCORPORATED BY REFERENCE</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKETING MATERIALS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXCHANGE RATES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY DESCRIPTION OF OUR BUSINESS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RECENT DEVELOPMENTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF COMMON SHARES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONSOLIDATED CAPITALIZATION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RELATIONSHIP BETWEEN US AND CERTAIN OF THE UNDERWRITERS<BR>
(CONFLICTS OF INTEREST)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRIOR SALES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKET FOR SECURITIES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DIVIDENDS TO SHAREHOLDERS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTEREST OF EXPERTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi73909_important_notice_about_informa__imp02724"> </A>
<A NAME="toc_bi73909_1"> </A>
<BR></FONT><FONT SIZE=2><B>  IMPORTANT NOTICE ABOUT INFORMATION IN THIS SHORT FORM PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>You should rely only on the information contained or incorporated by reference into this short form prospectus,
and, if you reside in the United&nbsp;States, on the other information included in the registration statement of which this short form prospectus forms&nbsp;a part or in any free writing
prospectus we file with the SEC. We have not, and the Underwriters have not, authorized anyone to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. You should assume that only the information appearing in this short form prospectus, as well as information we previously filed with the securities regulatory
authority in each of the provinces of Canada and with the SEC that is incorporated by reference into this short form prospectus, is accurate as of the respective dates of the applicable documents. Our
business, financial condition, results of operations and prospects may have changed since those&nbsp;dates.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We are not, and the Underwriters are not, making an offer to sell these Common Shares in any jurisdiction where the offer or sale is
not&nbsp;permitted.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi73909_presentation_of_financ__bi702163"> </A>
<A NAME="toc_bi73909_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PRESENTATION OF FINANCIAL AND OIL AND GAS INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless indicated otherwise, our financial information included in the documents incorporated by reference herein, has been prepared in
accordance with Canadian GAAP (which, since January&nbsp;1, 2011, have been consistent with IFRS as issued by the International Accounting Standards Board). Aurora's historical financial statements
contained in the documents incorporated by reference herein have been prepared in accordance with AAS, which include Australian equivalents to IFRS. Compliance with AAS ensures compliance with IFRS as
issued by the International Accounting Standards Board. Canadian GAAP and AAS differ from U.S.&nbsp;GAAP and thus these financial statements may not be comparable to the financial statements of
United&nbsp;States companies. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities regulatory authorities in Canada have adopted NI&nbsp;51-101 (as&nbsp;defined herein), which imposes oil and gas disclosure standards for Canadian public issuers
engaged in oil and gas activities. The recovery and resource estimates in the documents incorporated by reference herein are estimates only. Actual reserves and contingent resources (and&nbsp;any
volumes that may be reclassified as reserves) and future production from such reserves or contingent resources may be greater than or less than the estimates provided herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
determination of oil and gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved and probable reserves have
been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery. The estimation and classification of reserves requires the application of
professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts including
uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly use and apply reserves definitions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
estimates of future net revenue in the documents incorporated herein by reference are, unless otherwise noted, after the deduction of royalties, development costs, production costs
and well abandonment costs but before deduction of future income tax expenses and before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The
estimated future net revenues contained in the documents incorporated herein by reference do not represent the fair market value of the applicable reserves. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no assurance that the forecast price and cost assumptions estimated will be attained and variances could be material. The recovery, reserves and resource estimates described in
the documents incorporated by reference herein are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual reserves or resources may be greater or
less than the estimates provided in the documents incorporated herein by reference. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level
as estimates of reserves and future net revenue for all properties, due to the effects of&nbsp;aggregation. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise stated, all of the reserves and resources information contained in the documents incorporated herein by reference, have been calculated and reported using assumptions
and methodology
guidelines outlined in accordance with the standards contained in the COGE Handbook (as&nbsp;defined herein), NI&nbsp;51-101 and the definitions contained in the Canadian Securities Administrators
Staff Notice 51-324. Numbers </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>in
the reserves tables and other oil and gas information contained in the documents incorporated herein by reference may not add due to&nbsp;rounding. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural
gas liquids referred to in the documents incorporated herein by reference are reported on a combined basis with any condensate as required under NI&nbsp;51-101. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NI&nbsp;51-101
permits oil and gas issuers, in their filings with Canadian securities regulatory authorities, to disclose not only proved, probable and possible reserves but also
resources, and to disclose reserves and production on a gross basis before deducting royalties. Probable reserves, possible reserves and resources are of a higher risk and are less likely to be
accurately estimated or recovered than proved reserves. We are permitted to disclose reserves in accordance with Canadian securities law requirements and the disclosure in the documents incorporated
by reference herein may include reserves designated as probable reserves, possible reserves and resources, as defined under Canadian standards. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S.&nbsp;Securities and Exchange Commission (the&nbsp;"</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>") does not permit the inclusion of estimates of resources in reports
filed with it by companies domiciled in the United&nbsp;States. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC definitions of proved, probable and possible reserves are different than NI&nbsp;51-101; therefore, proved, probable and possible reserves disclosed herein and in the documents
incorporated by reference into this short form prospectus may not be comparable to United&nbsp;States standards. The SEC currently requires United&nbsp;States oil and gas companies, in their
filings with the SEC, to disclose only proved reserves after the deduction of royalties and interests of others but permits the optional disclosure of probable and possible reserves, as defined under
SEC rules. The SEC does not allow proved and probable reserves to be aggregated except in the case of reserves determined using probabilistic methods, whereas NI&nbsp;51-101 requires issuers to
disclose aggregate proved and probable reserves. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
as permitted by NI&nbsp;51-101, we have determined and disclosed in the documents incorporated by reference into this short form prospectus, the net present value of future
net revenue from our reserves using only forecast prices and costs. The SEC requires that reserves and related future net revenue be estimated based on historical 12-month average prices, but permits
the optional disclosure of revenue estimates based on different price and cost criteria, including standardized future prices or management's own&nbsp;forecasts. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information prepared in accordance with Accounting Standards Codification 932 "Extractive Activities&nbsp;&#151;&nbsp;Oil&nbsp;&amp; Gas" issued by the
United&nbsp;States Financial Accounting Standards Board relating to our petroleum and natural gas reserves is set forth in the Supplemental Oil and Gas Disclosures (as&nbsp;defined herein), which
is incorporated herein by&nbsp;reference. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
documents incorporated by reference into this short form prospectus contain estimates of "contingent resources". The SEC prohibits United&nbsp;States oil and gas companies from
including an estimate of "contingent resources" in filings with the SEC. "Contingent resources" are not, and should not be confused with, petroleum and natural gas reserves. "Contingent resources" are
defined in the COGE Handbook as: "those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under
development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political
and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early
evaluation stage." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
outstanding contingencies applicable to our disclosed contingent resources do not include economic contingencies. Economic contingent resources are those resources that are currently
economically recoverable based on specific forecasts of commodity prices and&nbsp;costs. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
range of contingent resources estimates (low, best and high) were prepared by our independent qualified reserves evaluators, McDaniel (as defined herein) and Sproule (as defined
herein). A low estimate (C1) is considered to be a conservative estimate of the quantity of the resource that will actually be recovered. It is likely that the actual remaining quantities recovered
will exceed the low estimate. Those resources in the low estimate have the highest degree of certainty (a&nbsp;90% confidence level) that the actual quantities recovered will equal or exceed the
estimate. A best estimate (C2) is considered to be the best estimate of the quantity of the resource </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>that
will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those resources in the best estimate have a 50%
confidence level that the actual quantities recovered will equal or exceed the estimate. A high estimate (C3) is considered to be an optimistic estimate of the quantity of the resource that will
actually be recovered. It is unlikely that the actual remaining quantities of resource recovered will equal or exceed the high estimate. Those resources in the high estimate have a lower degree of
certainty (a&nbsp;10% confidence level) that the actual quantities recovered will equal or exceed the&nbsp;estimate. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary contingencies which currently prevent the classification of our contingent resources as reserves consist of: preparation of firm development plans, including determination of
the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; oil
prices and price differentials between light, medium and heavy gravity crude oils; future drilling program and testing results; further reservoir delineation
and studies; facility design work; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from
development areas. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no certainty that it will be commercially viable to produce any portion of the contingent resources or that we will produce any portion of the volumes currently classified as
contingent resources. The estimates of contingent resources involve implied assessment, based on certain estimates and assumptions, that the resource described exists in the quantities predicted or
estimated and that the resource can be profitably produced in the&nbsp;future. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
principal differences between SEC oil and gas disclosure requirements and NI&nbsp;51-101 include the following, some of which may
be&nbsp;material:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the SEC mandates disclosure of reserves by geographic area only, whereas NI&nbsp;51-101 requires disclosure of more
reserve categories and product&nbsp;types; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the SEC's rules in estimating reserves differ from NI&nbsp;51-101 in areas such as the use of reliable technology,
aerial extent around a drilled location, quantities below the lowest known oil and quantities across an undrilled fault block;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>United&nbsp;States rules limit reserve bookings on undrilled acreage to "those directly offsetting development spacing
areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances",
whereas under NI&nbsp;51-101, reserves may be recognized on undrilled properties beyond directly offsetting spacing units if there is "compelling evidence of reservoir continuity". </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bk73909_selected_definitions"> </A>
<A NAME="toc_bk73909_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED DEFINITIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, all references in this short form prospectus to
"</FONT><FONT SIZE=2><B>Baytex</B></FONT><FONT SIZE=2>", the "</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>we</B></FONT><FONT SIZE=2>",
"</FONT><FONT SIZE=2><B>us</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>our</B></FONT><FONT SIZE=2>" means Baytex Energy Corp. and its consolidated subsidiaries and any partnership of which
Baytex and its subsidiaries are the partners. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
this short form prospectus, the following terms shall have the following meanings: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>5.125% Notes</B></FONT><FONT SIZE=2>" means the 5.125% senior unsecured notes due June&nbsp;1, 2021 issued by Baytex pursuant to Debt Indenture #2 of which
US$400&nbsp;million was outstanding as at March&nbsp;1,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>5.625% Notes</B></FONT><FONT SIZE=2>" means the 5.625% senior unsecured notes due June&nbsp;1, 2024 issued by Baytex pursuant to Debt Indenture #2 of which
US$400&nbsp;million was outstanding as at March&nbsp;1,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>6.625% Notes</B></FONT><FONT SIZE=2>" means the 6.625% series&nbsp;C senior unsecured debentures due July&nbsp;19, 2022 issued by Baytex pursuant to Debt Indenture #1 of
which $300&nbsp;million was outstanding as at March&nbsp;1,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>6.750% Notes</B></FONT><FONT SIZE=2>" means the 6.750% series&nbsp;B senior unsecured debentures due February&nbsp;17, 2021 issued by Baytex pursuant to Debt Indenture #1
of which US$150&nbsp;million was outstanding as at March&nbsp;1,&nbsp;2015. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>7.500% Notes</B></FONT><FONT SIZE=2>" means the 7.500% senior unsecured notes due April&nbsp;1, 2020 issued by Baytex USA (formerly Aurora Oil&nbsp;&amp; Gas,&nbsp;Inc.)
pursuant to Debt Indenture #3 of which US$6.4&nbsp;million was outstanding as at March&nbsp;1,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>9.875% Notes</B></FONT><FONT SIZE=2>" means the U.S.$365&nbsp;million aggregate principal amount of 9.875% senior unsecured notes assumed by us in connection with the
acquisition of Aurora which have been fully redeemed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>AAS</B></FONT><FONT SIZE=2>" means Australian Accounting Standards. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>ABCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Alberta), R.S.A.&nbsp;2000, c. B-9, including the
regulations promulgated thereunder, as amended from time to&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Annual Information Form</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under "</FONT><FONT SIZE=2><I>Documents Incorporated
by&nbsp;Reference</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Annual Financial Statements</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under "</FONT><FONT SIZE=2><I>Documents Incorporated
by&nbsp;Reference</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Annual MD&amp;A</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under "</FONT><FONT SIZE=2><I>Documents Incorporated by&nbsp;Reference</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Aurora</B></FONT><FONT SIZE=2>" means Aurora Oil&nbsp;&amp; Gas Limited, a corporation organized under the Australian Corporations Act 2001 (Cth) and acquired by us in
June,&nbsp;2014. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Bank EBITDA</B></FONT><FONT SIZE=2>" is calculated based on terms and definitions set out in the credit agreement governing our Credit Facilities which adjusts net income for
financing costs, income tax, certain specific unrealized and non-cash transactions (including depletion, depreciation, amortization, exploration expenses, unrealized gains and losses on financial
derivatives and foreign exchange and stock based compensation), and acquisition and disposition activity (excluding acquisition-related costs incurred) and is calculated based on a trailing twelve
month&nbsp;basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Baytex Energy</B></FONT><FONT SIZE=2>" means Baytex Energy&nbsp;Ltd., a corporation amalgamated under the&nbsp;ABCA. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Baytex Partnership</B></FONT><FONT SIZE=2>" means Baytex Energy Partnership, a general partnership, the partners of which are Baytex Energy and Baytex Holdings Limited
Partnership. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Baytex USA</B></FONT><FONT SIZE=2>" means Baytex Energy USA,&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Board of Directors</B></FONT><FONT SIZE=2>" means our board of directors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian GAAP</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>GAAP</B></FONT><FONT SIZE=2>" means generally accepted accounting principles in Canada, which are in effect
from time to time and which since January&nbsp;1, 2011 have been consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CDS</B></FONT><FONT SIZE=2>" means CDS Clearing and Depository Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>" means the closing date of the Offering which is anticipated to occur on or about April&nbsp;2, 2015 or such other date as may be agreed
upon by us and the Underwriters, but in any event not later than 42&nbsp;days after the date of the receipt for this short form prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_bk73909_1_6"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>COGE Handbook</B></FONT><FONT SIZE=2>" means the Canadian Oil and Gas Evaluation Handbook prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary chapter)
and the Canadian Institute of Mining, Metallurgy and Petroleum. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Co-Lead Underwriters</B></FONT><FONT SIZE=2>" means Scotia Capital&nbsp;Inc. and RBC&nbsp;Dominion Securities&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means the common shares in our capital. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Share Rights Incentive Plan</B></FONT><FONT SIZE=2>" means our Common Share Rights Incentive Plan, as described in the Information Circular under
"</FONT><FONT SIZE=2><I>Executive Compensation</I></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Common Share Rights Incentive Plan</I></FONT><FONT SIZE=2>". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Credit Facilities</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in note&nbsp;(2) under the table in "</FONT><FONT SIZE=2><I>Consolidated
Capitalization</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Debt Indenture #1</B></FONT><FONT SIZE=2>" means the amended and restated trust indenture among us, as issuer, certain of our subsidiaries, as guarantors, and Valiant Trust
Company, as indenture trustee, dated January&nbsp;1, 2011, as supplemented by supplemental indentures dated February&nbsp;17, 2011, February&nbsp;18, 2011, July&nbsp;19, 2012,
December&nbsp;19, 2012, June&nbsp;4, 2014, June&nbsp;11, 2014, July&nbsp;25, 2014 and March&nbsp;6,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Debt Indenture #2</B></FONT><FONT SIZE=2>" means the indenture among us, as issuer, certain of our subsidiaries, as guarantors, and Computershare Trust Company, N.A., as
indenture trustee, dated June&nbsp;6, 2014, as supplemented by supplemental indentures dated June&nbsp;11, 2014 and July&nbsp;25,&nbsp;2014. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Debt Indenture #3</B></FONT><FONT SIZE=2>" means the indenture among Aurora Oil&nbsp;&amp; Gas,&nbsp;Inc. (now&nbsp;Baytex USA), as issuer, certain of its affiliates, as
guarantors, and U.S.&nbsp;National Bank Association, as indenture trustee, dated March&nbsp;21, 2013, as supplemented by supplemental indentures dated December&nbsp;6, 2013, April&nbsp;25,
2014 and May&nbsp;5,&nbsp;2014. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>development costs</B></FONT><FONT SIZE=2>" means costs incurred to obtain access to reserves and to provide facilities for extracting, treating, gathering and storing the oil
and gas from reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to:
(a)&nbsp;gain access to and prepare well locations for drilling, including surveying well locations for the purpose of determining specific development drilling sites, clearing ground draining, road
building, and relocating public roads, gas lines and power lines, pumping equipment and wellhead assembly; (b)&nbsp;drill and equip development wells, development type stratigraphic test wells and
service wells, including the costs of platforms and of well equipment such as casing, tubing, pumping equipment and wellhead assembly; (c)&nbsp;acquire, construct and install production facilities
such as flow lines, separators, treaters, heaters, manifolds, measuring devices and production storage tanks, natural gas cycling and processing plants, and central utility and waste disposal systems;
and (d)&nbsp;provide improved recovery systems. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>" means the Electronic Data Gathering, Analysis and Retrieval System established by the&nbsp;SEC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>United&nbsp;States Securities Exchange Act of 1934</I></FONT><FONT SIZE=2>, as&nbsp;amended. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FINRA</B></FONT><FONT SIZE=2>" means the Financial Industry Regulatory Authority. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>forecast prices and costs</B></FONT><FONT SIZE=2>" means in relation to an issuer, prices and costs that are: (a)&nbsp;generally acceptable as being a reasonable outlook of
the future; and (b)&nbsp;if and only to the extent that, there are fixed or presently determinable future prices or costs to which an issuer is legally bound by a contractual or other obligation to
supply a physical product, including those for an extension period of a contract that is likely to be extended, those prices or costs rather than the prices and costs referred to in
paragraph&nbsp;(a). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>gross</B></FONT><FONT SIZE=2>" means: (a)&nbsp;in relation to an issuer's interest in production or reserves, its "company gross reserves", which are its working interest
(operating or non-operating) share before deduction of royalties and without including any royalty interests of the issuer; (b)&nbsp;in relation to wells, the total number of wells in which an
issuer has an interest; and (c)&nbsp;in relation to properties, the total area of properties in which an issuer has an&nbsp;interest. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Information Circular</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under "</FONT><FONT SIZE=2><I>Documents Incorporated
by&nbsp;Reference</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>McDaniel</B></FONT><FONT SIZE=2>" means McDaniel&nbsp;&amp; Associates Consultants&nbsp;Ltd., independent petroleum consultants of Calgary, Alberta, Canada. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>net</B></FONT><FONT SIZE=2>" means: (a)&nbsp;in relation to an issuer's interest in production or reserves its working interest (operating or non-operating) share after
deduction of royalty obligations, plus its royalty interests in production or reserves; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<A NAME="page_bk73909_1_7"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(b)&nbsp;in
relation to an issuer's interest in wells, the number of wells obtained by aggregating the issuer's working interest in each of its gross wells; and (c)&nbsp;in relation to an issuer's
interest in a property, the total area in which the issuer has an interest multiplied by the working interest owned by the&nbsp;issuer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NI&nbsp;51-101</B></FONT><FONT SIZE=2>" means National Instrument&nbsp;51-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Standards of Disclosure for
Oil and Gas&nbsp;Activities</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Notes</B></FONT><FONT SIZE=2>" means the unsecured subordinated promissory notes issued by Baytex Energy and certain other Operating Entities to&nbsp;us. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means the New&nbsp;York Stock Exchange. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Operating Entities</B></FONT><FONT SIZE=2>" means our subsidiaries that are actively involved in the acquisition, production, processing, transportation and marketing of crude
oil, natural gas liquids and natural gas, being Baytex Energy, Baytex Partnership and Baytex USA, each a direct or indirect wholly-owned subsidiary of us, and "</FONT><FONT SIZE=2><B>Operating
Entity</B></FONT><FONT SIZE=2>" means any one of them, as&nbsp;applicable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Ryder Scott</B></FONT><FONT SIZE=2>" means Ryder Scott Company,&nbsp;L.P., independent petroleum consultants of Houston,&nbsp;Texas. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Securities and Exchange Commission. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEDAR</B></FONT><FONT SIZE=2>" means the System for Electronic Document Analysis and Retrieval established by the provincial securities regulatory authorities
in&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Senior Notes</B></FONT><FONT SIZE=2>" means, collectively, the 6.750% Notes, the 5.125% Notes, the 6.625% Notes and the 5.625%&nbsp;Notes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>service well</B></FONT><FONT SIZE=2>" means a well drilled or completed for the purpose of supporting production in an existing field. Wells in this class are drilled for the
following specific purposes: gas injection (natural gas, propane, butane or flue gas), water injection, steam injection, air injection, salt water disposal, water supply for injection, observation or
injection for&nbsp;combustion. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Share Award Incentive Plan</B></FONT><FONT SIZE=2>" means our Share Award Incentive Plan, as described in the Information Circular under </FONT><FONT SIZE=2><I>"Executive
Compensation&nbsp;&#151;&nbsp;Share Award Incentive Plan"</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholders</B></FONT><FONT SIZE=2>" mean the holders from time to time of Common Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Sproule</B></FONT><FONT SIZE=2>" means Sproule Unconventional Limited, independent petroleum consultants of Calgary, Alberta. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>subsidiary</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the ABCA and, for greater certainty, includes all corporations, partnerships and trusts owned,
controlled or directed, directly or indirectly, by&nbsp;us. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Supplemental Oil and Gas Disclosures</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under "</FONT><FONT SIZE=2><I>Documents Incorporated
by&nbsp;Reference</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada), as amended, including the regulations
promulgated thereunder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>" means, collectively, the Co-Lead Underwriters and CIBC World Markets&nbsp;Inc., BMO Nesbitt Burns&nbsp;Inc., National Bank
Financial&nbsp;Inc., TD Securities&nbsp;Inc., Barclays Capital Canada&nbsp;Inc., Desjardins
Securities&nbsp;Inc., Merrill Lynch Canada&nbsp;Inc., Peters &amp;&nbsp;Co. Limited, AltaCorp Capital&nbsp;Inc., FirstEnergy Capital Corp., Macquarie Capital Markets Canada&nbsp;Ltd. and Raymond
James&nbsp;Ltd. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriting Agreement</B></FONT><FONT SIZE=2>" means the agreement to be entered into among us and the Underwriters in respect of the&nbsp;Offering. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>United&nbsp;States</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>U.S.</B></FONT><FONT SIZE=2>" means the United&nbsp;States, as defined in Rule&nbsp;902(l) under
Regulation&nbsp;S under the United&nbsp;States Securities Act of 1933, as&nbsp;amended. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;GAAP</B></FONT><FONT SIZE=2>" means United&nbsp;States generally accepted accounting principles. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Words
importing the singular number only include the plural, and vice versa, and words importing any gender include all&nbsp;genders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bk73909_conversions"> </A>
<A NAME="toc_bk73909_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONVERSIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain conversions between Standard Imperial Units and the International System of Units
(or&nbsp;metric&nbsp;units). </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="79pt" style="font-family:times;"></TD>
<TD WIDTH="25%" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="25%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:60pt;"><FONT SIZE=1><B>To Convert From

<!-- COMMAND=ADD_SCROPPEDRULE,60pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:9pt;"><FONT SIZE=1><B>To

<!-- COMMAND=ADD_SCROPPEDRULE,9pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Multiply By </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mcf</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>cubic metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.317</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>cubic metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>cubic&nbsp;feet</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.494</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bbls</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>cubic metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.159</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>cubic metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Bbls</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.289</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Feet</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.305</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Metres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Feet</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.281</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>kilometres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.609</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kilometres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Miles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.621</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>hectares</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hectares</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acres</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.471</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gigajoules</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MMbtu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.950</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MMbtu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>gigajoules</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.0526</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bk73909_abbreviations"> </A>
<A NAME="toc_bk73909_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ABBREVIATIONS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="36%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="36%" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:103pt;"><FONT SIZE=1><B>Oil and Natural Gas Liquids

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>Natural Gas

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 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bbl</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>barrel</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Mcf</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>thousand cubic&nbsp;feet</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bbls</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>barrels</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MMcf</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>million cubic&nbsp;feet</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bbls/d</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>barrels per day</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Bcf</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>billion cubic&nbsp;feet</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mbbls</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>thousand barrels</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Mcf/d</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>thousand cubic&nbsp;feet per day</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MMbbls</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>million barrels</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MMcf/d</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>million cubic&nbsp;feet per day</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mstb</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>thousand stock tank barrels of oil</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MMbtu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>million British Thermal Units</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NGLs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>natural gas liquids</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>GJ</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Gigajoule</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TD WIDTH="" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Other

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AECO</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>the natural gas storage facility located at Suffield, Alberta, connected to TransCanada's Alberta System</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>API</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>American Petroleum Institute</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&deg;API</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>an indication of the specific gravity of crude oil measured on the API gravity scale</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BOE or Boe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>barrel or barrels of oil equivalent, using the conversion factor of six Mcf of natural gas being equivalent to one barrel of oil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Boe/d</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>barrels of oil equivalent per day</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>m<SUP>3</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>cubic metres</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MBoe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>thousand barrels of oil equivalent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mcfe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>thousand cubic&nbsp;feet of gas equivalent, using the conversion factor of 1&nbsp;barrel of oil being equivalent to 6&nbsp;Mcf of natural gas</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MMBoe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>million barrels of oil equivalent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLI</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>reserve life index</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WTI</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>West Texas Intermediate, the reference price paid in U.S.&nbsp;dollars at Cushing, Oklahoma for the crude oil standard grade</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WCS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Western Canadian Select heavy oil reference price</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>000s</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>thousands</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$000s</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>thousands of dollars</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$MM</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>millions of dollars</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=12,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=884009,FOLIO='8',FILE='DISK131:[15ZAR9.15ZAR73909]BK73909A.;3',USER='DCOMBA',CD='19-MAR-2015;12:48' -->
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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_conventions"> </A>
<A NAME="toc_de73909_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CONVENTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain terms used herein are defined in the "</FONT><FONT SIZE=2><I>Selected Definitions</I></FONT><FONT SIZE=2>". Certain other
terms used herein but not defined herein are defined in NI&nbsp;51-101 and, unless the context otherwise requires, shall have the same meanings herein as in NI&nbsp;51-101. All financial
information herein has been presented in Canadian dollars in accordance with Canadian GAAP, except where otherwise indicated. References to "$" or "CDN$" are to Canadian dollars and references to
"U.S.$" are to United&nbsp;States&nbsp;dollars. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_oil_and_gas_equivalency"> </A>
<A NAME="toc_de73909_2"> </A>
<BR></FONT><FONT SIZE=2><B>  OIL AND GAS EQUIVALENCY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The term "Boe" means a barrel of oil equivalent on the basis of 6&nbsp;Mcf of natural gas to 1&nbsp;Bbl of
oil. The term "Mcfe" means a thousand cubic&nbsp;feet of gas equivalent on the basis of 1&nbsp;Bbl of oil to 6&nbsp;Mcf of natural gas. Boes and Mcfes may be misleading, particularly if used in
isolation. A Boe conversion ratio of 6&nbsp;Mcf: 1&nbsp;Bbl or an Mcfe conversion ratio of 1&nbsp;Bbl: 6&nbsp;Mcf is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the
energy equivalency of 6&nbsp;Mcf: 1Bbl, utilizing a conversion ratio at 6&nbsp;Mcf: 1&nbsp;Bbl may be misleading as an indication of&nbsp;value.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_non-gaap_financial_measures"> </A>
<A NAME="toc_de73909_3"> </A>
<BR></FONT><FONT SIZE=2><B>  NON-GAAP FINANCIAL MEASURES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this short form prospectus and the documents incorporated by reference herein, we refer to certain financial measures (such as funds
from operations, payout ratio, total monetary debt, operating netback and Bank EBITDA) which do not have any standardized meaning prescribed by Canadian GAAP and are considered non-GAAP measures.
While funds from operations, payout ratio, total monetary debt, operating netback and Bank EBITDA are commonly used in the oil and gas industry, our determination of these measures may not be
comparable with calculations of similar measures for other&nbsp;issuers. However, these measures should not be construed as alternatives to traditional performance measures determined in accordance
with Canadian GAAP or U.S.&nbsp;GAAP, such as cash flow from operating activities and net income. Please refer to the Annual MD&amp;A, which is incorporated by reference herein, for a reconciliation of
funds from operations to cash flow from operating activities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Funds from Operations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define funds from operations as cash flow from operating activities adjusted for financing costs, changes in non-cash operating
working capital and other operating items. We believe that this measure assists in providing a more complete understanding of certain aspects of our results of operations and financial performance,
including our ability to generate the cash flow necessary to fund future dividends to Shareholders and capital investments. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Payout Ratio  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define payout ratio as cash dividends (net&nbsp;of participation in our dividend reinvestment plan) divided by funds from
operations. We believe that this measure assists in providing a more complete understanding of certain aspects of our results of operations and financial performance, including our ability to generate
the cash flow necessary to fund future dividends to Shareholders and capital investments. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Total Monetary Debt  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define total monetary debt as the sum of monetary working capital (which is current assets less current liabilities (excluding
non-cash items such as unrealized gains or losses on financial derivatives, assets held for sale and liabilities related to assets held for sale)), the principal amount
of long-term debt and bank loan. We believe that this measure assists in providing a more complete understanding of our cash liabilities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Operating Netback  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define operating netback as product revenue less royalties, production and operating expenses and transportation expenses divided by
barrels of oil equivalent sales volume for the applicable period. We believe that this measure assists in characterizing our ability to generate cash margin on a unit of production basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Bank EBITDA  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define Bank EBITDA as our consolidated net income attributable to Shareholders before interest, taxes, depletion and depreciation,
and certain other non-cash items as set out in our credit agreements governing our Credit Facilities. This measure is used to measure compliance with certain financial covenants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_enforcement_of_judgments_again__enf02515"> </A>
<A NAME="toc_de73909_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS OR COMPANIES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mary Ellen Peters, one of our directors, resides outside of Canada. Ms.&nbsp;Peters has appointed Burnet, Duckworth&nbsp;&amp;
Palmer&nbsp;LLP, Suite&nbsp;2400, 525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W., Calgary, Alberta, Canada, T2P&nbsp;1G1, as her agent for service of process. In addition,
all or some of the designated professionals of BDO Audit (WA) Pty&nbsp;Ltd., the former external auditor of Aurora and Ryder Scott Company,&nbsp;L.P., one of our independent qualified reserves
evaluators, are incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or reside outside of Canada. BDO Audit (WA) Pty&nbsp;Ltd. has appointed BDO Canada&nbsp;LLP,
Suite&nbsp;600, 36&nbsp;Toronto Street, Toronto, Ontario M5C&nbsp;2C5 as its agent for service of process. Ryder Scott Company,&nbsp;L.P. has appointed Ryder Scott Canada, Suite&nbsp;600,
1015&nbsp;&#150;&nbsp;4th&nbsp;Street S.W., Calgary, Alberta T2R&nbsp;1J4 as its agent for service of process. It may not be possible for you to enforce judgments obtained
in Canada against a person that resides outside of Canada, even if the party has appointed an agent for service of&nbsp;process. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers
are advised that it may not be possible for investors to enforce judgments obtained in Canada against a person that resides outside of Canada, even if the party has appointed
an agent for service of&nbsp;process. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a corporation formed under, and governed by, the laws of the Province of Alberta, Canada and our principal place of business is in Canada. Substantially all of our directors and
officers and the experts named in this short form prospectus are residents of Canada or otherwise reside outside of the United&nbsp;States, and all or a substantial portion of their assets and our
assets are located outside the United&nbsp;States. As a result, it may be difficult for investors in the United&nbsp;States to effect service of process within the United&nbsp;States upon those
directors, officers and experts who are not residents of the United&nbsp;States or to enforce against them judgments of United&nbsp;States courts based upon civil liability under the
United&nbsp;States federal securities laws or the securities laws of any state within the United&nbsp;States. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been advised by our Canadian counsel, Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, that there is substantial doubt whether an action could be brought in Canada in the first
instance on the basis of liability predicated solely upon United&nbsp;States federal securities laws. We have appointed Baytex USA, 2300&nbsp;&#150;&nbsp;1200&nbsp;Smith
Street, Houston, Texas, 77002, as our agent in the United&nbsp;States upon which service of process against us may be made in any action based on this short form prospectus. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
filed with the SEC, concurrently with the initial filing of the registration statement on Form&nbsp;F-10 of which this short form prospectus forms&nbsp;a part, an appointment of
agent for service of process on Form&nbsp;F-X. Under the Form&nbsp;F-X, we appointed Baytex USA as our agent for service of process in the United&nbsp;States in connection with any investigation
or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving us in a United&nbsp;States court arising out of or related to or concerning the offering
of Common Shares under this short form prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_documents_incorporated_by_reference"> </A>
<A NAME="toc_de73909_5"> </A>
<BR></FONT><FONT SIZE=2><B>  DOCUMENTS INCORPORATED BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Information has been incorporated, or deemed to be incorporated by reference, into this short form prospectus
from documents filed with securities commissions or similar authorities in Canada and with the SEC in the United&nbsp;States.</B></FONT><FONT SIZE=2> Copies of the documents incorporated herein by
reference may be obtained on request without charge from our Corporate Secretary at Suite&nbsp;2800, Centennial Place, East Tower, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue S.W.,
Calgary, Alberta, Canada, T2P&nbsp;0R3, Telephone: (587)&nbsp;952-3000. In addition, copies of the documents incorporated herein by reference may be obtained from
the securities commissions or similar authorities in Canada through the SEDAR website at </FONT><FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2> and in the
United&nbsp;States through EDGAR at the SEC's website at&nbsp;</FONT><FONT SIZE=2><I><U>www.sec.gov</U></I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
applicable securities laws in Canada and the United&nbsp;States, the Canadian securities commissions and the SEC allow us to incorporate by reference certain information that we
file with them, which means that we can disclose important information to you by referring you to those documents. Information that is incorporated by reference is an important part of this short form
prospectus. The following documents filed with securities commissions or similar authorities in each of the provinces of Canada and with the SEC in the United&nbsp;States are incorporated by
reference into this short form prospectus: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
annual information form for the year ended December&nbsp;31, 2014 dated March&nbsp;9, 2015 (the&nbsp;"</FONT><FONT SIZE=2><B>Annual Information
Form</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
audited consolidated financial statements as at December&nbsp;31, 2014 and 2013 and for the years then ended, together with the notes thereto and the
auditor's report thereon (the&nbsp;"</FONT><FONT SIZE=2><B>Annual Financial Statements</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
supplemental disclosure of our oil and gas producing activities prepared in accordance with Accounting Standards Codification 932 "Extractive
Activities&nbsp;&#151;&nbsp;Oil&nbsp;&amp; Gas" issued by the United&nbsp;States Financial Accounting Standards Board, which was filed on SEDAR under the category "Other" on
March&nbsp;9, 2015 (the&nbsp;"</FONT><FONT SIZE=2><B>Supplemental Oil and Gas Disclosures</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
management's discussion and analysis of operating and financial results for the years ended December&nbsp;31, 2014 and 2013
(the&nbsp;"</FONT><FONT SIZE=2><B>Annual&nbsp;MD&amp;A</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;2, 2014 relating to the annual and special meeting of
Shareholders held on May&nbsp;15, 2014 (the&nbsp;"</FONT><FONT SIZE=2><B>Information Circular</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;1, 2013 relating to the annual and special meeting of
Shareholders held on May&nbsp;14,&nbsp;2013;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
business acquisition report in respect of the acquisition of all of the issued and outstanding shares of Aurora dated and filed on July&nbsp;30, 2014;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>our
material change report in respect of the Offering dated and filed March&nbsp;18, 2015;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
template version (as such term is defined in National Instrument 41-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>General
Prospectus Requirements</I></FONT><FONT SIZE=2>) of the term sheet for the Offering dated and filed March&nbsp;12, 2015. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
documents of the type described in Section&nbsp;11.1 of Form&nbsp;44-101F1&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Short Form
Prospectus</I></FONT><FONT SIZE=2> promulgated under National Instrument&nbsp;44-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Short Form Prospectus
Distributions</I></FONT><FONT SIZE=2> (including, without limitation, any annual information form, audited consolidated financial statements, together with the auditor's report thereon, and related
management's discussion and analysis, information circular, material change reports, marketing materials, business acquisition reports and condensed interim unaudited consolidated financial statements
and related management's discussion and analysis) subsequently filed by us with the securities commissions or similar regulatory authorities in the relevant provinces of Canada after the date of this
short form prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference into this short form prospectus. In addition, any similar documents filed by us with
the SEC in our periodic reports on Form&nbsp;6-K or&nbsp;annual reports on Form&nbsp;40-F and&nbsp;any other documents filed with or furnished to the SEC pursuant to Section&nbsp;13(a),
13(c) or&nbsp;15(d) of the Exchange Act, in each case after the date of this short form prospectus and prior to the termination of the Offering, shall be deemed to be incorporated by reference into
this short form prospectus and the registration statement of which this short form prospectus forms&nbsp;a part. To </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
extent that any document or information incorporated by reference into this short form prospectus is included in a report that is filed with or furnished to the SEC on Form&nbsp;40-F, 20-F,
10-K, 10-Q, 8-K or&nbsp;6-K (or&nbsp;any respective successor form), such document or information shall also be deemed to be incorporated by reference as an exhibit to the registration statement
of which this short form prospectus forms&nbsp;a&nbsp;part. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any statement contained in this short form prospectus or in a document (or&nbsp;part of a document) incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded to the extent that a statement contained in this short form prospectus or in a document (or&nbsp;part of a document) incorporated or deemed to be
incorporated by reference herein (or&nbsp;in any other subsequently filed document which also is or is deemed to be incorporated by reference) modifies or supersedes that statement. The modifying or
superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a
modifying or superseding statement is not to be deemed an admission for any purposes
that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or
that is necessary to make a statement not misleading in light of the circumstances under which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to be incorporated by reference into or to constitute a part of this short form prospectus.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_marketing_materials"> </A>
<A NAME="toc_de73909_6"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKETING MATERIALS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any "template version" of any "marketing materials" (as&nbsp;such terms are defined under applicable Canadian securities laws) that
are utilized by the Underwriters in connection with the Offering are not part of this short form prospectus to the extent that the contents of the template version of the marketing materials have been
modified or superseded by a statement contained in this short form prospectus. Any template version of any marketing material that has been, or will be, filed on SEDAR before the termination of the
distribution under the Offering (including any amendments to, or an amended version of, any template version of any marketing materials) is deemed to be incorporated into this short form prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_forward-looking_statements"> </A>
<A NAME="toc_de73909_7"> </A>
<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the interest of providing Shareholders and potential investors with information about us, including management's assessment of
future plans and operations, certain statements made in this short form prospectus and the documents incorporated by reference are "forward-looking statements" within the meaning of Section&nbsp;27A
of the </FONT><FONT SIZE=2><I>United&nbsp;States Securities Act of 1933, as amended</I></FONT><FONT SIZE=2>, Section&nbsp;2 of the </FONT><FONT SIZE=2><I>Exchange Act</I></FONT><FONT SIZE=2> and
"forward looking information" within the meaning of applicable Canadian securities legislation (collectively, "</FONT><FONT SIZE=2><B>forward- looking statements</B></FONT><FONT SIZE=2>"). In some
cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing",
"outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this
short form prospectus speak only as of the date thereof and are expressly qualified by this cautionary statement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically,
this short form prospectus contains forward-looking statements relating to, but not limited to: the anticipated closing date of the Offering; the declaration and payment of
dividends; the use of proceeds from the Offering; the listing of the Common Shares issued pursuant to the Offering including the Common Shares issued pursuant to the exercise of the Over-Allotment
Option; our 2015 capital budget and the allocation thereof including our drilling plans; and treatment under governmental regulatory regimes and tax&nbsp;laws. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, information and statements relating to resources and reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and
assumptions that the resources or reserves, as applicable, described exist in quantities predicted or estimated, and that the reserves
can be profitably produced in the future. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because we can give no assurance that they will prove to be correct. See "</FONT><FONT SIZE=2><I>Special Notes to
Reader&nbsp;&#151;&nbsp;Forward-Looking Statements</I></FONT><FONT SIZE=2>" in the Annual Information Form, which is incorporated by reference into this short form prospectus
and which is available on the SEDAR website at </FONT><FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2> and through </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>EDGAR
at the SEC's website at </FONT><FONT SIZE=2><I><U>www.sec.gov</U></I></FONT><FONT SIZE=2> for further information with respect to forward-looking statements. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements contained in this short form prospectus are based on certain key assumptions regarding, among other things: the timing of closing and receipt of regulatory
approvals for the Offering; the market prices for oil and natural gas; the payment of dividends, capital expenditures and other matters; the continued availability of capital, acquisitions of
reserves, undeveloped lands and skilled personnel; the continuation of the current tax and regulatory regime and other assumptions contained in this short form prospectus and the documents
incorporated by reference into this short form prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual
results achieved during the forecast period will vary from the information provided in this short form prospectus and in the documents incorporated by reference herein,
respectively, as a result of numerous known and unknown risks and uncertainties and other factors which are discussed in this short form prospectus and in the documents incorporated herein by
reference. Such factors include, but are not limited to: that the Offering will not be completed within the anticipated time or at all; that all required regulatory approvals for completion of the
Offering are not obtained; declines in oil and natural gas prices; variations in interest rates and foreign exchange rates; uncertainties in the credit markets; the cost of borrowing; refinancing risk
for existing debt and debt service costs; access to external sources of capital; risks associated with our hedging activities; third party credit risk; risks associated with the exploitation of our
properties and our ability to acquire reserves; government regulation and changes in governmental legislation; changes in income tax or other laws or government incentive programs; uncertainties
associated with estimating petroleum and natural gas reserves; risks associated with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated
with properties operated by third parties; risks associated with delays in business operations; risks associated with the marketing of our petroleum and natural gas production; risks associated with
large projects or expansion of our activities; the failure to realize anticipated benefits of acquisitions and dispositions or to manage growth; changes in climate change laws and other environmental,
health and safety regulations; competition in the oil and gas industry for, among other things, acquisitions of reserves, undeveloped lands, skilled personnel and drilling and related equipment;
depletion of our reserves; risks associated with securing and maintaining title to our properties; seasonality; and risks associated with the ownership of our securities, including the discretionary
nature of dividend payments and changes in market-based factors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
dividends on our Common Shares are paid at the discretion of our Board of Directors and can fluctuate. In establishing the level of cash dividends, our Board of Directors considers
all factors that it deems relevant, including, without limitation, the outlook for commodity prices, our production levels, our operational execution, the amount of funds from operations and capital
expenditures, our prevailing financial
circumstances at the time, our debt service requirements, limitations under agreements governing our outstanding debt, our operating costs, our royalty burdens, foreign exchange rates, and the
satisfaction of the liquidity and solvency tests imposed by the ABCA for the declaration and payment of dividends. See "</FONT><FONT SIZE=2><I>Dividends to Shareholders</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Readers
are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Further information regarding these factors may be found under the heading "</FONT><FONT SIZE=2><I>Risk Factors</I></FONT><FONT SIZE=2>" in this short
form prospectus and under the heading "</FONT><FONT SIZE=2><I>Risk Factors</I></FONT><FONT SIZE=2>" in the Annual Information&nbsp;Form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law. The forward-looking statements contained in this short form prospectus and in certain documents incorporated by reference into this short form
prospectus are expressly qualified by this cautionary statement. Information on, or connected to our website, even if referred to in a document incorporated by reference, does not constitute part of
this short form prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_where_you_can_find_more_information"> </A>
<A NAME="toc_de73909_8"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form&nbsp;F-10 relating to the Common Shares, of which this short form
prospectus forms&nbsp;a part. This short form prospectus does not contain all of the information contained in the registration statement, certain items of which are contained in the exhibits to the
registration statement as permitted by the rules and regulations of the SEC. For further information about us and the Common Shares, please refer to the registration statement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to the information requirements of the Exchange Act and applicable Canadian securities legislation, and in accordance with those requirements, we file and furnish reports
and other information with the SEC and with the securities regulatory authorities of the provinces of Canada. Under the multi-jurisdictional disclosure system adopted by the United&nbsp;States and
Canada, we generally may prepare these reports and other information in accordance with the disclosure requirements of Canada. These requirements are different from those of the United&nbsp;States.
See "</FONT><FONT SIZE=2><I>Presentation of Financial and Oil and Gas Information</I></FONT><FONT SIZE=2>". As a foreign private issuer, we are exempt from the rules under the Exchange Act
prescribing the furnishing and content of proxy statements and our officers and directors and our Shareholders holding 10% or more of our Common Shares are exempt from the beneficial ownership
reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reports and other information filed and furnished by us with the SEC may be read and copied at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington,&nbsp;D.C.
20549. Copies of the same documents can also be obtained from the public reference room of the SEC in Washington by paying a fee. Please call the SEC at 1-800-SEC-0330&nbsp;for further information
on the public reference room. The SEC also maintains a website at </FONT><FONT SIZE=2><I><U>www.sec.gov</U></I></FONT><FONT SIZE=2> that makes available reports and other
information that we file electronically with it, including the registration statement that we have filed with respect to this&nbsp;Offering. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of reports, statements and other information that we file with the Canadian provincial securities regulatory authorities are electronically available through the SEDAR website at </FONT> <FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2>.
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de73909_exchange_rates"> </A>
<A NAME="toc_de73909_9"> </A>
<BR></FONT><FONT SIZE=2><B>  EXCHANGE RATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements incorporated by reference herein are in Canadian dollars, unless otherwise indicated. The following tables set
forth: (i)&nbsp;the rates of exchange for Canadian dollars, expressed in United&nbsp;States dollars in effect at the end of each of the periods indicated; and (ii)&nbsp;the average of exchange
rates in effect on the last day of each month during such period, in each case based on the noon buying rate in the City of New&nbsp;York for cable transfers in Canadian dollars as certified for
customs purposes by the Federal Reserve Bank of New&nbsp;York for United&nbsp;States&nbsp;Dollars. </FONT></P>
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<P style="font-family:times;text-align:justify"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>United&nbsp;States Dollars<BR>
<BR>
Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Average for the Period<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.9050</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.9708</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.0009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>End of Period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.8620</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.9402</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.0051</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>
Note: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Determined
by averaging the rates on the last business day of each month during the respective period. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;18, 2015, the rate of exchange for the Canadian dollar, expressed in United&nbsp;States dollars, based on the Bank of Canada noon rate for United&nbsp;States dollars,
was CDN$1.00=U.S.$0.7830. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_risk_factors"> </A>
<A NAME="toc_dg73909_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in the Common Shares, is subject to a number of risks. In addition to the risk factors set forth below, additional risk
factors relating to our business are discussed in our Annual Information Form, our Annual MD&amp;A and certain other documents incorporated by reference or deemed to be incorporated by reference herein,
which risk factors are incorporated herein by reference. Prospective purchasers of the Common Shares should consider carefully the risk factors set forth below, as well as the other information
contained in and incorporated by reference into this short form prospectus before purchasing the Common Shares. If any event arising from these risks occurs, our business, prospects, financial
condition, results of operations or cash flows, or your investment in the Common Shares could be materially adversely affected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Commodity Prices  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operational and financial results are dependent on the prices received for oil and natural gas production. Any substantial and
extended decline in the price of oil and natural gas would have an adverse effect on, among other things, our revenues and financial condition. See "</FONT><FONT SIZE=2><I>Risk
Factors</I></FONT><FONT SIZE=2>" in the Annual Information&nbsp;Form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Volatility of Market Price of Common Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of the Common Shares may be volatile. The volatility may affect the ability of holders to sell the Common Shares at an
advantageous price. Market price fluctuations in the Common Shares may be due to our operating results failing to meet the expectations of securities analysts or investors in any quarter, downward
revision in securities analysts' estimates, governmental regulatory action, adverse change in general market conditions or economic trends, acquisitions, dispositions or other material public
announcements by us or our competitors, along with a variety of additional factors, including, without limitation, those set forth under "</FONT><FONT SIZE=2><I>Forward-Looking
Statements</I></FONT><FONT SIZE=2>". In addition, the market price for securities in the stock markets, including the TSX and NYSE, has recently experienced significant price and trading fluctuations.
These fluctuations have resulted in volatility in the market prices of securities that are often unrelated or disproportionate to changes in operating performance. These broad market fluctuations may
adversely affect the market prices of the Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Debt Covenants  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to comply with covenants under the Credit Facilities and the Senior Notes. In the event that we do not comply with
these covenants, our access to capital could be restricted or repayment could be required on an accelerated basis by our lenders or our noteholders, and the ability to pay dividends to our
Shareholders may be restricted. See "</FONT><FONT SIZE=2><I>Risk Factors</I></FONT><FONT SIZE=2>" in the Annual Information&nbsp;Form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Dividends  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends are not guaranteed. Our historical cash dividends may not be reflective of future cash dividends, which will be subject
to review by the Board of Directors taking into account our prevailing financial circumstances at the relevant time. Although we intend to pay dividends to Shareholders, these cash dividends may be
reduced or suspended. The actual amount distributed will depend on numerous factors, including profitability, debt covenants and obligations, fluctuations in working capital, the timing and amount of
capital expenditures, applicable law and other factors beyond our control. See "</FONT><FONT SIZE=2><I>Risk Factors</I></FONT><FONT SIZE=2>" in the Annual Information&nbsp;Form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Forward Looking Statements May Prove Inaccurate  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers are cautioned not to place undue reliance on forward looking statements. By their nature, forward looking statements involve
numerous assumptions, known and unknown risks and uncertainties, of both a general and specific nature, that could cause actual results to differ materially from those suggested by the forward looking
statements or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Use of Proceeds  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently intend to allocate the net proceeds from the Offering as described under the heading "</FONT><FONT SIZE=2><I>Use of
Proceeds</I></FONT><FONT SIZE=2>" in this short form prospectus. However, we will have discretion in the actual application of the net proceeds and may elect to allocate proceeds differently than
described under the heading "</FONT><FONT SIZE=2><I>Use of Proceeds</I></FONT><FONT SIZE=2>" if we believe it would be in our interest to do so. The failure to apply these funds effectively could
affect the success of our&nbsp;business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_summary_description_of_our_business"> </A>
<A NAME="toc_dg73909_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY DESCRIPTION OF OUR BUSINESS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our subsidiaries, we are engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and
natural gas properties and related assets in Canada (primarily in the provinces of Alberta and Saskatchewan) and in the United&nbsp;States (primarily in the State of Texas). We act as the primary
financing vehicle for our subsidiaries by providing access to debt and equity capital markets. As at the date of this short form prospectus, our primary assets are the shares of Baytex Energy that we
own and the Notes. Cash flow from the business carried on by our subsidiaries is flowed to us by way of dividends and interest and principal repayments on the&nbsp;Notes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
pay monthly cash dividends to holders of our Common Shares in accordance with our dividend policy. The agreements governing the Credit Facilities and the indentures governing the
Senior Notes restrict our ability to pay cash dividends in certain circumstances and contain certain limitations on maximum cumulative dividends. In the event that we do not comply with covenants
under the Credit Facilities and the indentures governing our Senior Notes, our ability to pay dividends to Shareholders may be restricted. See "</FONT><FONT SIZE=2><I>Dividends to
Shareholders</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Consolidated Capitalization</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a description of us and the general development of our business over the last three completed financial years, see "</FONT><FONT SIZE=2><I>Baytex Energy
Corp.&nbsp;&#151;&nbsp;General Development of Our Business</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Description of Our Business and
Operations</I></FONT><FONT SIZE=2>" in the Annual Information&nbsp;Form. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_recent_developments"> </A>
<A NAME="toc_dg73909_3"> </A>
<BR></FONT><FONT SIZE=2><B>  RECENT DEVELOPMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2015 Capital Budget  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;19, 2015, our Board of Directors approved a 2015 capital budget of $500&nbsp;million to $575&nbsp;million. Our
2015 capital budget includes the drilling of approximately 90&nbsp;net wells. Approximately 80% of our 2015 capital budget will be invested in our Eagle Ford operations where we expect to drill
approximately 39 to 45&nbsp;net wells. Approximately 20% of our 2015 capital budget will be invested in our heavy oil operations at Peace River and Lloydminster. At Peace River, our capital budget
includes the drilling of approximately 8&nbsp;horizontal multi-lateral wells and 8 to 12&nbsp;stratigraphic and service wells. At Lloydminster, we plan to drill 26&nbsp;net development wells, of
which approximately 80% will be horizontal wells. Depending on oil and natural gas prices, our capital budget may be revised throughout the&nbsp;year. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Amendment to Credit Facilities  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;20, 2015, we amended our Credit Facilities in response to the significant drop in crude oil prices. The lenders
under the Credit Facilities agreed to revise certain financial covenants to increase certain ratios including the: (i)&nbsp;senior debt to Bank EBITDA ratio; (ii)&nbsp;senior debt to book
capitalization; and (iii)&nbsp;total debt to Bank EBITDA ratio. See "</FONT><FONT SIZE=2><I>Consolidated Capitalization</I></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_use_of_proceeds"> </A>
<A NAME="toc_dg73909_4"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds from the sale of the Offered Shares are estimated to be $526,995,200 after deducting the fees of $21,999,800 payable
to the Underwriters and the estimated expenses of the Offering of $1,000,000. If the Over-Allotment Option is exercised in full, the estimated net proceeds that we will receive from the Offering,
after deducting the fees of $25,299,770 payable to the Underwriters and the estimated expenses of the Offering of $1,000,000, will be $606,194,480. See "</FONT><FONT SIZE=2><I>Plan of
Distribution</I></FONT><FONT SIZE=2>". We intend to use the net proceeds of the Offering to repay indebtedness under the Credit Facilities, increase working capital and fund ongoing capital
expenditures. The principal purpose for which the proceeds of the outstanding indebtedness under the Credit </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Facilities
were used was to fund capital expenditures. As a result, one or more of the Underwriters or their affiliates may receive more than 5% of the net proceeds from this Offering in the form of
the repayment of indebtedness. Accordingly, this Offering is being made pursuant to FINRA Rule&nbsp;5121. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the year ended December&nbsp;31, 2014, we incurred $3,311.2&nbsp;million of capital expenditures net of acquisitions/dispositions including $562.1&nbsp;million on drilling and
completions, $193.0&nbsp;million on facilities, $16.0&nbsp;million on property acquisitions, $383.8&nbsp;million on property dispositions, $8.3&nbsp;million on undeveloped land acquisitions,
$2.7&nbsp;million on geological and geophysical and $2,912.9&nbsp;million on corporate acquisitions, including the acquisition of Aurora. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors has approved a 2015 capital budget of $500&nbsp;million to $575&nbsp;million. See "</FONT><FONT SIZE=2><I>Recent
Developments&nbsp;&#151;&nbsp;2015 Capital Budget</I></FONT><FONT SIZE=2>". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
use of the net proceeds of the Offering is consistent with our stated business objective of acquiring, developing, exploiting and holding interests in petroleum and natural gas
properties and related assets in Canada and the United&nbsp;States. Other than the successful completion of the Offering, there is no particular significant event or milestone that must occur for
this objective to be accomplished. See "</FONT><FONT SIZE=2><I>Relationship Between Us and Certain of the Underwriters (Conflicts of Interest)</I></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_description_of_common_shares"> </A>
<A NAME="toc_dg73909_5"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF COMMON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital consists of an unlimited number of Common Shares without nominal or par value and 10,000,000&nbsp;preferred
shares, without nominal or par value, issuable in&nbsp;series. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Common Shares are entitled to notice of, to attend and to one vote per share held at any meeting of our Shareholders (other than meetings of a class or series of our shares
other than the Common Shares as&nbsp;such). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Common Shares will be entitled to receive dividends as and when declared by the Board of Directors on the Common Shares as a class, subject to prior satisfaction of all
preferential rights to dividends attached to shares of other classes of our shares ranking in priority to the Common Shares in respect of&nbsp;dividends. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Common Shares will be entitled in the event of any liquidation, dissolution or winding-up of us, whether voluntary or involuntary, or any other distribution of our assets
among our Shareholders for the purpose of winding-up our affairs, and subject to prior satisfaction of all preferential rights to return of capital on dissolution attached to all shares of other
classes of our shares ranking in priority to the Common Shares in respect of return of capital on dissolution, to share rateably, together with the holders of shares of any other class of our shares
ranking equally with the Common Shares in respect of return of capital on dissolution, in such of our assets as are available for distribution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Dividend Policy  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our dividend policy is to pay a monthly dividend on our Common Shares on or about the 15th&nbsp;day following the end of each
calendar month to Shareholders of record on or about the last business day of each such calendar month. Our dividend policy follows the general corporate philosophy of financial self-sufficiency
whereby, over the long term, development capital expenditures and dividend payments are planned to be financed from internally generated funds from operations. Unless otherwise indicated, all
dividends paid or to be paid on our Common Shares are designated as "eligible dividends" for Canadian income tax&nbsp;purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of future cash dividends, if any, will be subject to the discretion of the Board of Directors and may vary depending on a variety of factors and conditions existing from time
to time, including the outlook for commodity prices, our production levels, our operational execution, the amount of funds from operations and capital expenditures, our prevailing financial
circumstances at the time, our debt service requirements, limitations under agreements governing our outstanding debt, our operating costs, our royalty burdens and foreign exchange rates. In addition,
the payment of dividends by us is governed by the liquidity and
insolvency tests described in the ABCA. Pursuant to the ABCA, after the payment of a dividend, we must be able to pay our liabilities as they become due and the realizable value of our assets must be
greater than our liabilities and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=21,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=114375,FOLIO='17',FILE='DISK131:[15ZAR9.15ZAR73909]DG73909A.;5',USER='IMORTON',CD='19-MAR-2015;13:59' -->
<A NAME="page_dg73909_1_18"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
legal stated capital of our outstanding securities. As at December&nbsp;31, 2014, our legal stated capital was approximately $3.6&nbsp;billion. Cash dividends to Shareholders are not assured
or guaranteed and there can be no guarantee that we will maintain our dividend policy. See "</FONT><FONT SIZE=2><I>Dividends to Shareholders</I></FONT><FONT SIZE=2>" and
"</FONT><FONT SIZE=2><I>Risk&nbsp;Factors</I></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
agreements governing the Credit Facilities and the indentures governing our Senior Notes restrict our ability to pay cash dividends in certain circumstances and contain certain
limitations on maximum cumulative dividends. See "</FONT><FONT SIZE=2><I>Dividends to Shareholders</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Consolidated
Capitalization</I></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_consolidated_capitalization"> </A>
<A NAME="toc_dg73909_6"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSOLIDATED CAPITALIZATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as at December&nbsp;31, 2014, our consolidated capitalization before giving effect to the Offering
and after giving effect to the Offering (assuming the Over-allotment Option is not exercised) and after giving effect to the Offering (assuming the Over-allotment Option is exercised in full). There
have been no material changes to our consolidated capitalization since December&nbsp;31,&nbsp;2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="139pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="139pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="139pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at December&nbsp;31, 2014<BR>
before giving effect to<BR>
the Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at December&nbsp;31, 2014<BR>
after giving effect to<BR>
the Offering<SUP>(1)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at December&nbsp;31, 2014<BR>
after giving effect to<BR>
the Offering and<BR>
the Over-allotment Option<SUP>(1)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>(amounts in 000s,<BR>
except share amounts)</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Debt:</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Facilities<SUP>(2)(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>663,312</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>136,317</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(4)</SUP></FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>57,118</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(4)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.875% Notes<SUP>(5)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.500% Notes<SUP>(5)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.750% Notes<SUP>(6)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>150,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>150,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>150,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.625% Notes<SUP>(6)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.125% Notes<SUP>(7)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.625% Notes<SUP>(7)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>U.S.$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Shareholders' Capital:</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common Shares</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,580,825</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,107,820</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,187,019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (unlimited)<SUP>(8)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(168,107,249&nbsp;Common Shares)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(199,807,249&nbsp;Common Shares)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(204,562,249&nbsp;Common Shares)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=2>Preferred Shares<BR>
(10,000,000)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>
Notes: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on the issuance of 31,700,000&nbsp;Common Shares for aggregate gross proceeds of $549,995,000 less Underwriters' Fees of $21,999,800 and expenses of
the Offering estimated to be $1,000,000 (exclusive of GST). If the Over-allotment Option is exercised in full, the aggregate gross proceeds, Underwriters' Fees, estimated expenses of the Offering and
net proceeds will be $632,494,250, $25,299,770, $1,000,000 and $606,194,480, respectively. The aggregate net proceeds of the Offering will be used to reduce our indebtedness under the Credit
Facilities and for working capital purposes. See "</FONT><FONT SIZE=2><I>Use of Proceeds</I></FONT><FONT SIZE=2>" in this short form prospectus.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>As
at December&nbsp;31, 2014, we had established revolving extendible unsecured credit facilities with our bank lending syndicate comprised of a
$50&nbsp;million operating loan and a $950&nbsp;million syndicated loan for us and a US$200&nbsp;million syndicated loan for our wholly-owned subsidiary, Baytex&nbsp;USA, all of which have a
four-year term (the&nbsp;"</FONT><FONT SIZE=2><B>Credit Facilities</B></FONT><FONT SIZE=2>"). The Credit Facilities contain standard commercial covenants for facilities of this nature and do not
require any mandatory principal payments prior to maturity, which is currently June&nbsp;4, 2018. We may request an extension under the Credit Facilities which could extend the revolving period for
up to four years (subject to a maximum four-year term at any time). As of December&nbsp;31, 2014 the financial covenants in the Credit Facilities were as follows: a)&nbsp;the maximum senior debt
to capitalization ratio was 0.50:1.00; b)&nbsp;the maximum senior debt to Bank EBITDA ratio was 3.00:1.00; and c)&nbsp;the maximum total debt to Bank EBITDA was 4.00:1.00. On February&nbsp;20,
2015, we reached an agreement with the lending syndicate to amend the financial covenants in the Credit Facilities as follows: a)&nbsp;the maximum senior debt to capitalization ratio will be
0.65:1.00&nbsp;for the period December&nbsp;31, 2014 up to and including December&nbsp;31, 2016, and 0.55:1.00&nbsp;thereafter; b)&nbsp;the maximum senior debt to Bank EBITDA ratio will be
4.75:1.00&nbsp;for the period December&nbsp;31, 2014 up to and including June&nbsp;30, 2016, 4.50:1.00&nbsp;for the period July&nbsp;1, 2016 up to and including December&nbsp;31, 2016 and
3.50:1.00&nbsp;thereafter; and c)&nbsp;the maximum total debt to Bank EBITDA will be 4.75:1.00&nbsp;for the period December&nbsp;31, 2014 up to and including December&nbsp;31, 2016, and
4.00:1.00&nbsp;thereafter. If we exceed or breach any of the covenants under the Credit Facilities or our Senior Notes, we may be required to repay, refinance or renegotiate the loan terms and may
be restricted from paying dividends to our Shareholders. We are in compliance in all material respects with the terms of the agreements governing the Credit Facilities. A copy of the credit agreement
is accessible on the SEDAR website at </FONT><FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2> (filed under the category "Material Document" on June&nbsp;11, 2014,
September&nbsp;9, 2014 and February&nbsp;24,&nbsp;2015). </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Does
not include working capital deficit of approximately $210.4&nbsp;million as at December&nbsp;31, 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;11, 2015, approximately $787&nbsp;million was drawn on the Credit Facilities. The amount drawn on the Credit Facilities as at
March&nbsp;11, 2015, after giving effect to the Offering, would be approximately $260&nbsp;million ($181&nbsp;million after giving effect to the Offering and the Over-allotment Option).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Pursuant
to the acquisition of Aurora, we assumed US$365&nbsp;million of 9.875% Notes and US$300&nbsp;million of 7.500% Notes. All of the 9.875% Notes
have been redeemed. The 7.500% Notes are redeemable at our option, in whole or in part, commencing on April&nbsp;1, 2016 at specified redemption prices and are redeemable prior to April&nbsp;1,
2016 by paying a make-whole price. For further information, see the Annual Information&nbsp;Form.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
6.750% Notes pay interest semi-annually and are redeemable at our option, in whole or in part, commencing on February&nbsp;17, 2016 at the redemption
prices specified in Debt Indenture #1. The 6.625% Notes pay interest semi-annually and are redeemable at our option, in whole or in part, commencing on July&nbsp;19, 2017 at the redemption prices
specified in Debt Indenture #1. For a complete description of the 6.750% Notes and the 6.625% Notes, reference should be made to the applicable debt indenture, copies of which are accessible on the
SEDAR website at </FONT><FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2>. See also "</FONT><FONT SIZE=2><I>Material Contracts</I></FONT><FONT SIZE=2>" in the Annual
Information Form.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
5.125% Notes and the 5.625% Notes pay interest semi-annually and are redeemable at our option, in whole or in part, commencing on June&nbsp;1, 2017
(in&nbsp;the case of the 5.125% Notes) and June&nbsp;1, 2019 (in&nbsp;the case of the 5.625% Notes) at the redemption prices specified in Debt Indenture #2 and are redeemable prior to such time
by paying a make-whole price. For a complete description of the 5.125% Notes and the 5.625% Notes, reference should be made to the applicable debt indenture, copies of which are accessible on the
SEDAR website at </FONT><FONT SIZE=2><I><U>www.sedar.com</U></I></FONT><FONT SIZE=2>. See also "</FONT><FONT SIZE=2><I>Material Contracts</I></FONT><FONT SIZE=2>" in the Annual
Information&nbsp;Form.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;11, 2015, we had 22,500&nbsp;rights outstanding to acquire Common Shares (issued pursuant to our Common Share Rights Incentive Plan).
In addition, as at March&nbsp;11, 2015, we had 1,177,134&nbsp;restricted awards and 979,884&nbsp;performance awards (granted pursuant to our Share Award Incentive Plan) outstanding. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_plan_of_distribution"> </A>
<A NAME="toc_dg73909_7"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms and conditions of the Underwriting Agreement among us and each of the Underwriters, we have agreed to sell and
the Underwriters have severally agreed to purchase on the Closing Date, an aggregate of 31,700,000&nbsp;Offered Shares. Electronic deposit of the Offered Shares is conditional upon payment at
closing of $17.35 per Offered Share. The Underwriting Agreement provides that we will pay the Underwriters' Fee of 4.0% of the gross proceeds of the Offering, or $0.694 per Offered Share. The
Underwriters' Fee in respect of the Common Shares is payable upon the closing of the Offering. The offering price of $17.35&nbsp;per Offered Share was determined by negotiation between us and the
Co-Lead Underwriters on their own behalf and on behalf of the other Underwriters. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted to the Underwriters the Over-allotment Option to purchase up to an additional 4,755,000&nbsp;Common Shares at a price of $17.35 per Common Share on the same terms and
conditions as the Offering, exercisable from time to time, in whole or in part, at any time commencing on the closing of the Offering and prior to 5:00&nbsp;p.m. (Calgary time) on the date that is
30&nbsp;days following the closing of the Offering for the purposes of covering the Underwriters' over-allocation position, if any, and for market stabilization purposes. A purchaser who acquires
Common Shares forming part of the Underwriters' over-allocation position acquires those Common Shares under this short form prospectus, regardless of whether the over-allocation position is ultimately
filled through the exercise of the Over-allotment Option or secondary market purchases. If the Over-allotment Option is exercised in full, the total Offering, the Underwriters' Fee and the net
proceeds to us (before deducting expenses of the Offering) of the Offering will be, $632,494,250, $25,299,770 and $607,194,480, respectively. This short form prospectus also qualifies the distribution
of the Common Shares issuable upon exercise of the Over-allotment Option. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Underwriters, under the Underwriting Agreement, are several, and not joint and several, and may be terminated on the occurrence of certain stated events,
including, in the event that at or prior to closing of the Offering: (i)&nbsp;any order to cease or suspend trading in any of our securities, prohibiting or restricting the distribution of any of
the Common Shares, suspending the effectiveness of the registration statement filed by us with the SEC or preventing or suspending the use of any prospectus relating to the Common Shares has been
issued or made, or proceedings are announced, commenced or threatened for the making of any such order, by any Canadian securities regulator, the SEC, any securities commission or similar regulatory
authority, the TSX, the NYSE or any other competent authority, and such order or proceeding has not been rescinded, revoked or withdrawn or such announced, commenced or threatened proceeding has not
been terminated or withdrawn; (ii)&nbsp;any inquiry, action, suit, investigation or other proceeding (whether formal or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg73909_1_20"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>informal)
in relation to us or any of our directors or senior officers is announced, commenced or threatened by any federal, provincial, state, municipal, other governmental agency or by any Canadian
securities regulator, the SEC, any securities commission or similar regulatory authority, the TSX, the NYSE or any other competent authority, or there is a change in law, regulation or policy or the
interpretation or
administration thereof, if, in the sole opinion of the Underwriters, or any one of them, acting reasonably, the change, announcement, commencement or threatening thereof, as the case may be adversely
effects the distribution or trading of the Common Shares; (iii)&nbsp;there should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence of
national or international consequence, including, without limitation, any military conflict, civil insurrection, act of terrorism, war or like event, or a governmental action, law, regulation, inquiry
or any occurrence of any nature whatsoever, which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, seriously adversely affects or involves, or will seriously adversely
affect or involve, the financial markets generally or our business, operations or affairs or us; (iv)&nbsp;there should occur or be discovered any material adverse change or development in our
operations, capital or condition (financial or otherwise), business or business prospects or of us on a consolidated basis or our properties, assets, prospects, liabilities or obligations (absolute,
accrued, contingent or otherwise) or of us on a consolidated basis which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, has or could reasonably be expected to have a
material adverse effect on the market price, value or marketability of the Common Shares; (v)&nbsp;we are in breach of, default under or non-compliance with any covenant, term or condition of the
Underwriting Agreement in any material respect, or any representation or warranty given by us in the Underwriting Agreement becomes or is false in any material respect; (vi)&nbsp;the Underwriters
shall become aware of any material information with respect to us which had not been publicly disclosed or disclosed in writing to the Underwriters prior to the date of the Underwriting Agreement
which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, could be expected to have a material adverse effect on the market price or value of the Common Shares, or any
other of our securities; (vii)&nbsp;a general moratorium on commercial banking activities is declared by either United&nbsp;States federal, New&nbsp;York or state authorities or a material
disruption in commercial banking or securities settlement or clearance services in Canada or in the United&nbsp;States occurs; or (viii)&nbsp;we fail to obtain the approval of the TSX or the NYSE
for the listing of the Offered&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
has advised the Underwriters that it has raised no objection with respect to the proposed underwriting terms and arrangements among us and the Underwriters, as set forth in the
Underwriting Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Underwriting Agreement, we shall not be obliged to sell to the Underwriters, nor shall the Underwriters be obliged to purchase, less than all of the Common Shares that the
Underwriters have agreed to purchase. In certain circumstances, if an Underwriter fails to purchase the Common Shares which it has agreed to purchase, the other Underwriters may, but are not obligated
to, purchase such Common Shares unless the number of Common Shares which one or more of the Underwriters agreed but failed or refused to purchase is more than 10% of the total number of Common Shares
being offered, in which case the remaining Underwriters are obligated to purchase such Common Shares on a pro-rata basis. The Underwriters are, however, obligated to take up and pay for all Common
Shares if any Common Shares are purchased under the Underwriting Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to indemnify each of the Underwriters and their respective affiliates and their respective directors, officers, employees, shareholders, agents and each person who
controls the Underwriters within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the Exchange Act against certain liabilities, including liabilities under the
U.S.&nbsp;securities laws and Canadian securities laws or to contribute to payments the Underwriters may be required to make because of any of these liabilities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to applicable laws, the Underwriters may, in connection with the Offering, effect transactions which stabilize or maintain the market price of the Common Shares at levels other
than those that might otherwise prevail on the open market in accordance with applicable market stabilization rules. Such transactions, if commenced, may be discontinued at any&nbsp;time. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
public offering price for the Offered Shares offered in Canada and in the United&nbsp;States is payable in Canadian dollars only. The Underwriters propose to offer the Common
Shares initially at the offering price specified herein. After a reasonable effort has been made to sell all of the Common Shares at the price specified, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
Underwriters may subsequently reduce the selling price to investors from time to time in order to sell any of the Common Shares remaining unsold. In the event the offering price of the Common
Shares is reduced, the compensation received by the Underwriters will be decreased by the amount the aggregate price paid by the purchasers for the Common Shares is less than the gross proceeds paid
by the Underwriters to us for the Common Shares. Any such reduction will not affect the proceeds received by&nbsp;us. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TSX has conditionally approved the listing of the Common Shares distributed pursuant to the Offering, including the Common Shares issuable pursuant to the Over-Allotment Option. Such
listing will be subject to us fulfilling all of the listing requirements of the TSX on or before June&nbsp;10, 2015. Application has been made to list the Common Shares (including the Common Shares
issuable upon exercise of the Over-allotment Option) on the&nbsp;NYSE. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions
for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without
notice. The Closing Date is anticipated to occur on or about April&nbsp;2, 2015 or such other date as may be agreed upon by us and the Underwriters, but in any event not later than 42&nbsp;days
after the date of the receipt for this short form prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Offering is being made concurrently in all of the provinces of Canada and in the United&nbsp;States pursuant to the multi-jurisdictional disclosure system implemented by the
securities regulatory authorities in Canada and the United&nbsp;States. The Common Shares will be offered in the United&nbsp;States and/or Canada through the Underwriters either directly or, if
applicable, through their respective U.S. or Canadian registered broker-dealer affiliates. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in limited circumstances: (i)&nbsp;the Common Shares will be issued and deposited in electronic form with CDS or its nominee pursuant to the book-based system administered by
CDS; (ii)&nbsp;certificates evidencing the Common Shares will not be issued to subscribers; and (iii)&nbsp;subscribers will receive only a customer confirmation from the Underwriter or other
registered dealer who is a CDS participant and from or through whom a beneficial interest in the Common Shares are purchased. Subscribers who are not issued a certificate evidencing the Common Shares
which are subscribed for by them at closing are entitled under the ABCA to request that a certificate be issued in their name. Such a request will need to be made through the CDS participant through
whom the beneficial interest in the securities is held at the time of the&nbsp;request. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect that delivery of the Common Shares will be made against payment therefor on April&nbsp;2, 2015, which will be ten&nbsp;business days following the date of this short form
prospectus (this settlement cycle being referred to as "T+10"). Under Rule&nbsp;15c6-1 of the SEC promulgated under the Exchange Act, trades in the secondary market generally are required to settle
in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Common Shares prior to the Closing Date may be required, by virtue of
the fact that the Common Shares initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Common Shares who
wish to trade the Common Shares prior to the Closing Date should consult their own&nbsp;advisor. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Underwriters and their affiliates have performed, and may in the future perform, various underwriting, financial advisory, investment banking, commercial lending and other
services in the ordinary course of business with us and our affiliates, for which they receive or will receive customary compensation. See "</FONT><FONT SIZE=2><I>Relationship between Us and Certain
of the Underwriters (Conflicts of Interest)</I></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_relationship_between_us_and_ce__rel03137"> </A>
<A NAME="toc_dg73909_8"> </A>
<BR></FONT><FONT SIZE=2><B>  RELATIONSHIP BETWEEN US AND CERTAIN OF THE UNDERWRITERS<BR>  (CONFLICTS OF INTEREST)    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Co-Lead Underwriters and CIBC World Markets&nbsp;Inc., BMO Nesbitt Burns&nbsp;Inc., National Bank
Financial&nbsp;Inc., TD Securities&nbsp;Inc., Barclays Capital Canada&nbsp;Inc., Desjardins Securities&nbsp;Inc. and Merrill Lynch Canada&nbsp;Inc. are subsidiaries or affiliates of lenders
(the "</FONT><FONT SIZE=2><B>Banks</B></FONT><FONT SIZE=2>") to us pursuant to the Credit Facilities, and to which we are indebted pursuant to the Credit Facilities. In addition, ATB&nbsp;Financial
is a minority shareholder of AltaCorp Capital&nbsp;Inc. and is an affiliate of Alberta Treasury Branches, which is a provincially regulated financial institution that is a member of the Credit
Facilities' lending syndicate with the Banks (collectively, the "</FONT><FONT SIZE=2><B>Lenders</B></FONT><FONT SIZE=2>"). Consequently, we may be considered to be a connected issuer of these
Underwriters for the purposes of securities regulations in certain provinces. The net proceeds received pursuant to this Offering will </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>be
used to reduce our indebtedness under the Credit Facilities, increase working capital and fund ongoing capital expenditures. As a result, one or more of the Underwriters or their affiliates may
receive more than 5% of the net proceeds from this Offering in the form of the repayment of indebtedness. Additionally, one of our directors, R.&nbsp;E.&nbsp;T.&nbsp;Goepel, is a Senior Vice
President of Raymond James&nbsp;Ltd., an Underwriter in the Offering, and an affiliate of Raymond James (USA)&nbsp;Ltd., a member of FINRA. Accordingly, this Offering is being made pursuant to
Rule&nbsp;5121 of the FINRA. The appointment of a qualified independent underwriter is not necessary in connection with this Offering because the conditions of Rule&nbsp;5121(a)(1)(B) of FINRA
are&nbsp;satisfied. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March&nbsp;11, 2015, approximately $787&nbsp;million was drawn on the Credit Facilities. We are in compliance with all material terms of the agreement governing the Credit
Facilities and the Lenders have not waived a breach of the agreement governing the Credit Facilities since its execution. See "</FONT><FONT SIZE=2><I>Recent Developments</I></FONT><FONT SIZE=2>" and
Note&nbsp;2 under the heading "</FONT><FONT SIZE=2><I>Consolidated Capitalization</I></FONT><FONT SIZE=2>" for a description of the Credit Facilities, including the nature of the security for our
indebtedness incurred under the Credit Facilities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decision to distribute Common Shares hereby and the determination of the terms of the Offering were made through negotiations between us and the Co-Lead Underwriters, on their own
behalf and on behalf of the Underwriters. The Lenders did not have any involvement in such decision or determination; however, the Lenders have been advised of the Offering and the terms thereof. As a
consequence of the Offering, each of the Underwriters will receive its share of the Underwriters' Fee payable by us to the Underwriters. See "</FONT><FONT SIZE=2><I>Use
of&nbsp;Proceeds</I></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_prior_sales"> </A>
<A NAME="toc_dg73909_9"> </A>
<BR></FONT><FONT SIZE=2><B>  PRIOR SALES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a description of prior sales of Common Shares and securities convertible into Common Shares during the period
commencing on January&nbsp;1, 2014 and ending on March&nbsp;11, 2015: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>3,145,816&nbsp;Common
Shares were issued on various dates during this period pursuant to our dividend reinvestment plan for aggregate deemed consideration
of approximately $106.7&nbsp;million, of which 388,501&nbsp;Common Shares (for&nbsp;aggregate deemed consideration of approximately $7.5&nbsp;million) were issued subsequent to
year&nbsp;end.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>1,176,158&nbsp;Common
Shares were issued on various dates during this period pursuant to outstanding awards granted under our Share Award Incentive Plan,
of which 333,947&nbsp;Common Shares were issued subsequent to year&nbsp;end.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>682,607&nbsp;Common
Shares were issued on various dates during this period pursuant to outstanding rights granted under our Common Share Rights Incentive
Plan for aggregate consideration of approximately $25.7&nbsp;million, all of which were issued during the twelve months ended December&nbsp;31,&nbsp;2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>2,092,616&nbsp;share
awards were granted on various dates during this period under our Share Award Incentive Plan, of which 1,076,775&nbsp;share awards
were granted subsequent to year&nbsp;end.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Following
closing of the acquisition of Aurora on June&nbsp;11, 2014, we exchanged the 38,433,000&nbsp;subscription receipts issued in
February&nbsp;2014 for gross proceeds of approximately $1.5&nbsp;billion, for 38,433,000&nbsp;Common&nbsp;Shares. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=26,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=40425,FOLIO='22',FILE='DISK131:[15ZAR9.15ZAR73909]DG73909A.;5',USER='IMORTON',CD='19-MAR-2015;13:59' -->
<A NAME="page_dg73909_1_23"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg73909_market_for_securities"> </A>
<A NAME="toc_dg73909_10"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET FOR SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares are listed and posted for trading on the TSX and the NYSE under the trading symbol "BTE". The Common Shares commenced
trading on the TSX on January&nbsp;7, 2011 and on the NYSE on January&nbsp;3, 2011. The following table sets forth certain trading information for the Common Shares in Canada and the
United&nbsp;States for the periods indicated. </FONT></P>
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<P style="font-family:times;text-align:justify"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Canada Composite Trading </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>United&nbsp;States Composite Trading </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price Range </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price Range </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
Traded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
(US$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low<BR>
(US$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
Traded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2011<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>153,631,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61.96</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>79,445,292</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>153,598,017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,366,309</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47.61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.37</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>154,850,873</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.71</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43,934,391</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>439,977,152</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>107,631,897</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><U>2014</U></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,653,728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.51</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,269,728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,415,630</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.81</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,612,392</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45.66</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,338,266</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.32</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,495,175</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>April</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,358,463</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.39</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,356,366</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,431,424</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.96</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,728,728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,244,890</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,976,673</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45.80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,616,193</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,430,220</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48.78</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,406,478</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44.79</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,862,358</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48.49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.73</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,566,432</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,216,443</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.87</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,883,470</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.35</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,325,187</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61,955,126</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,838,774</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.88</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>102,107,052</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.96</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,519,853</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><U>2015</U></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>57,691,944</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,344,670</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.88</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,246,857</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,098,664</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>
Note: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
trading data for Canada Composite Trading is for the period from January&nbsp;7 to December&nbsp;31, 2011. The trading data for United&nbsp;States
Composite Trading is for the period from January&nbsp;3 to December&nbsp;31,&nbsp;2011. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;11,&nbsp;2015, the last trading day prior to the date of the public announcement of the Offering, the Closing price of the Common Shares on the TSX was $18.23 and
US$14.29 on the NYSE and March&nbsp;18, 2015, the last trading day prior to the date of this short form prospectus, the closing price of the Common Shares was $18.84 on the TSX and US$14.96 on the
NYSE (in each case, as&nbsp;reported by such stock exchanges). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=27,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=522738,FOLIO='23',FILE='DISK131:[15ZAR9.15ZAR73909]DG73909A.;5',USER='IMORTON',CD='19-MAR-2015;13:59' -->
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NAME="page_di73909_1_24"> </A>


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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_dividends_to_shareholders"> </A>
<A NAME="toc_di73909_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DIVIDENDS TO SHAREHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our dividend policy is to pay a monthly dividend on our Common Shares on or about the 15<SUP>th</SUP>&nbsp;day following the end
of each calendar month to Shareholders of record on or about the last business day of each such calendar month. See "</FONT><FONT SIZE=2><I>Description of Common Shares</I></FONT><FONT SIZE=2>". The
following table sets forth the dividends that we have paid on our Common&nbsp;Shares. </FONT></P>
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<P style="font-family:times;text-align:justify"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Dividends per<BR>
Common Share ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:24pt;"><FONT SIZE=1><B>Month

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>April</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Credit Facilities, we are restricted from paying dividends to Shareholders if a default or event of default has occurred and is continuing and, if no default or event of
default has occurred which is continuing, where the dividend would or would reasonably be expected to have a material adverse effect on us or on our subsidiaries' ability to fulfill their obligations
under the Credit Facilities or under any hedge agreements with lenders (or&nbsp;their affiliates) under the Credit Facilities. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indentures governing our Senior Notes also contain certain limitations on maximum cumulative dividends. Restricted payments include the declaration or payment of any dividend or
distribution by us and the payment of interest or principal on subordinated debt owed by us. Under Debt Indenture&nbsp;#1, we and certain of our subsidiaries are restricted from making any
restricted payments unless at the time of, and immediately after giving effect to, the proposed restricted payment, no default or event of default under Debt Indenture&nbsp;#1 has occurred and is
continuing, and either: (i)&nbsp;(a) we could incur at least $1.00 of additional indebtedness (other than certain permitted debt) in accordance with the "Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock" covenant in the Debt Indenture&nbsp;#1; (b)&nbsp;the ratio of consolidated debt to consolidated cash flow from operations does not exceed 3.0 to 1.0; and
(c)&nbsp;the aggregate amount of all restricted payments declared or made after August&nbsp;26, 2009 (other than certain permitted restricted payments) does not exceed the sum of: (A)&nbsp;80%
of consolidated cash flow from operations accrued on a cumulative basis since August&nbsp;26, 2009, plus (B)&nbsp;100% of the aggregate net cash proceeds received by us after August&nbsp;26,
2009 from (x)&nbsp;the issuance by us of convertible debentures, or (y)&nbsp;capital contributions in respect of certain permitted equity that we receive from any person; plus (C)&nbsp;the
aggregate net proceeds, including the fair market value of property received after August&nbsp;26, 2009 other than cash (as&nbsp;determined by the Board of Directors), received by us from any
person, other than a subsidiary, from the issuance or sale of debt securities (including convertible debentures) or disqualified stock that have been converted into or exchanged for certain permitted
equity of us, plus the aggregate net cash proceeds received by us at the time of such conversion or exchange; or (ii)&nbsp;the aggregate amount of all restricted payments declared or made after
August&nbsp;26, 2009 pursuant to this paragraph&nbsp;(ii) does not exceed the sum of restricted payments that were permitted to be made under paragraph&nbsp;(i) but were not actually made
(and&nbsp;have not previously been expended under this paragraph&nbsp;(ii)), plus $50,000,000. As at the date of this short form prospectus, we are in compliance with these covenants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=736846,FOLIO='24',FILE='DISK131:[15ZAR9.15ZAR73909]DI73909A.;4',USER='DCOMBA',CD='19-MAR-2015;12:48' -->
<A NAME="page_di73909_1_25"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
Indenture&nbsp;#2 also contains certain limitations on Restricted Payments (as&nbsp;defined in the Debt Indenture&nbsp;#2) which can be made, directly or indirectly, by us and
certain of our subsidiaries. Restricted Payments include, subject to certain exceptions, the declaration or payment of any dividend or other payment or distribution on account of Equity Interests
(as&nbsp;defined in Debt Indenture&nbsp;#2), the repurchase, redemption or other acquisition for value of Equity Interests, the payment of interest or principal on subordinated debt, and certain
other Investments other than Permitted Investments (in&nbsp;each, as defined in Debt Indenture&nbsp;#2). Subject to certain exceptions and limitations, we and our restricted subsidiaries are
restricted from making any restricted payments unless at the time of, and immediately after giving effect to, the proposed restricted payment: (a)&nbsp;no default or event of default under Debt
Indenture&nbsp;#2 has occurred and is continuing; (b)&nbsp;in respect of certain restricted payments, we would, at the time of such restricted payment have been permitted to incur at least
U.S.$1.00 of additional indebtedness pursuant to the fixed charge coverage ratio test of 2.00:1.00&nbsp;as set forth in Debt Indenture&nbsp;#2; and (c)&nbsp;the aggregate amount of restricted
payments declared or made after June&nbsp;6, 2014 (other than certain permitted restricted payments) does not exceed the sum of: (x)&nbsp;80% of our consolidated cash flow from operations accrued
on a cumulative basis since April&nbsp;1, 2014, plus (y)&nbsp;100% of the aggregate net cash proceeds and the fair market value of property or securities other than
cash in each case received by us since June&nbsp;11, 2014 as a contribution to our common equity capital or from the issue or sale of our equity interests, plus (z)&nbsp;certain other amounts as
described in Debt Indenture&nbsp;#2. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at the date of this short form prospectus, we are in compliance with these covenants. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Cash dividends are not guaranteed. Our historical cash dividends may not be reflective of future cash dividends, which will be subject to review by the Board of
Directors taking into account our prevailing financial circumstances at the relevant time. Although we intend to pay dividends to Shareholders, these cash dividends may be reduced or suspended. The
actual amount distributed will depend on numerous factors, including profitability, debt covenants and obligations, fluctuations in working capital, the timing and amount of capital expenditures,
applicable law and other factors beyond our control. See "</B></FONT><FONT SIZE=2><B><I>Risk&nbsp;Factors</I></B></FONT><FONT SIZE=2><B>".</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_certain_canadian_federal_income_tax_considerations"> </A>
<A NAME="toc_di73909_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Prospective investors should be aware that the purchase of Common Shares has tax consequences, which are not
described in this short form prospectus. Accordingly, prospective investors are advised to consult their own tax advisors with respect to the tax aspects of investing in, holding and disposing of the
Common&nbsp;Shares.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the opinion of Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, counsel to the Corporation, and McCarthy T&eacute;trault&nbsp;LLP, counsel to the Underwriters (collectively,
"</FONT><FONT SIZE=2><B>Counsel</B></FONT><FONT SIZE=2>"), the following is a fair and adequate summary of the principal Canadian federal income tax considerations pursuant to the Tax&nbsp;Act
generally applicable to a subscriber who acquires the Common Shares pursuant to the Offering and who, for purposes of the Tax&nbsp;Act, holds the Common Shares as capital property and deals at arm's
length with, and is not affiliated with the Corporation and the Underwriters. Generally, the Common Shares will be considered to be capital property to a holder provided the holder does not hold the
Common Shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure in the nature of trade.
Certain holders resident in Canada who might not otherwise be considered to hold their Common Shares as capital property may, in certain circumstances, be entitled to have their Common Shares and
every other "Canadian security" as defined in the Tax&nbsp;Act treated as capital property by making the irrevocable election permitted by subsection&nbsp;39(4) of the Tax&nbsp;Act. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is not applicable to a holder: (i)&nbsp;that is a "financial institution", as defined in the Tax&nbsp;Act for purposes of the mark-to-market rules; (ii)&nbsp;an
interest in which would be a "tax shelter investment" as defined in the Tax&nbsp;Act; (iii)&nbsp;that is a "specified financial institution" as defined in the Tax&nbsp;Act; (iv)&nbsp;whose
functional currency for the purposes of the Tax&nbsp;Act is a currency other than Canadian currency; (v)&nbsp;that is a partnership; (vi)&nbsp;that is exempt from tax under Part&nbsp;I of the
Tax&nbsp;Act; or (vii)&nbsp;that has or will enter into a "derivative forward agreement" as defined in the Tax&nbsp;Act, in respect of the Common Shares. </FONT><FONT SIZE=2><B>Any such holders
should consult their own tax advisor with respect to an investment in the Common&nbsp;Shares.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based upon the provisions of the Tax&nbsp;Act in force as of the date hereof and Counsel's understanding of the current published administrative and assessing practices
of the Canada Revenue Agency ("</FONT><FONT SIZE=2><B>CRA</B></FONT><FONT SIZE=2>"). Except for specifically proposed amendments (the&nbsp;"</FONT><FONT SIZE=2><B>Proposed
Amendments</B></FONT><FONT SIZE=2>") to the Tax&nbsp;Act that have </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="1",CHK=504568,FOLIO='25',FILE='DISK131:[15ZAR9.15ZAR73909]DI73909A.;4',USER='DCOMBA',CD='19-MAR-2015;12:48' -->
<A NAME="page_di73909_1_26"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>been
publicly announced by the federal Minister of Finance prior to the date hereof, this summary does not take into account or anticipate changes in the income tax law, whether by legislative,
governmental or judicial action, nor any changes in the administrative or assessing practices of the CRA. This summary does not take into account or anticipate provincial, territorial or foreign tax
considerations, which may differ significantly from those discussed herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any prospective purchaser or holder
of Common Shares, and no representations with respect to the income tax consequences to any prospective purchaser or holder are made. Consequently, prospective holders of Common Shares should consult
their own tax advisors with respect to their particular circumstances.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Holders Resident in Canada  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following portion of the summary is applicable to a holder of Common Shares who, for purposes of the Tax&nbsp;Act, is, or is
deemed to be resident in Canada (a&nbsp;"</FONT><FONT SIZE=2><B>Resident Holder</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Disposition of Common Shares  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, a disposition or a deemed disposition of a Common Share by a Resident Holder (other than to the Corporation or in
tax-deferred transaction) will result in the Resident Holder recognizing a capital gain (or&nbsp;a capital loss) equal to the amount by which the proceeds of disposition of the Common Share exceeds
(or&nbsp;are less than) the aggregate of the adjusted cost base to the Resident Holder of such Common Shares immediately before the disposition or deemed disposition and any reasonable costs of
disposition. For this purpose, the adjusted cost base to a Resident Holder of a Common Share will be determined at any time by averaging the cost of such Common Share with the adjusted cost base of
all other Common Shares owned by the Resident Holder as capital property at that time. Such capital gain (or&nbsp;capital loss) will be subject to the tax treatment described below under
"</FONT><FONT SIZE=2><I>Holders Resident in Canada&nbsp;&#151;&nbsp;Taxation of Capital Gains and Capital Losses</I></FONT><FONT SIZE=2>". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Taxation of Capital Gains and Capital Losses  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, one-half of any capital gain (a&nbsp;"</FONT><FONT SIZE=2><B>taxable capital gain</B></FONT><FONT SIZE=2>") recognized by
a Resident Holder in a taxation year must be included in the Resident Holder's income for the year, and one-half of any capital loss (an&nbsp;"</FONT><FONT SIZE=2><B>allowable capital
loss</B></FONT><FONT SIZE=2>") recognized by a Resident Holder in a taxation year must be deducted from taxable capital gains recognized by the Resident Holder in that year. Allowable capital losses
in excess of taxable capital gains recognized in a taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any
subsequent taxation year against net taxable capital gains recognized in such years, to the extent and under the circumstances described in the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of any capital loss recognized by a Resident Holder that is a corporation on the disposition of a Common Share may be reduced by the amount of dividends received or deemed to
be received by it on such Common Share (or&nbsp;on a share for which the Common Share has been substituted) to the extent and under the circumstances described by the Tax&nbsp;Act. Similar rules
may apply where a corporation is a member of a partnership or a beneficiary of a trust that owns Common Shares, directly or indirectly, through a partnership or a&nbsp;trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation", as defined in the Tax&nbsp;Act, may be liable to pay a refundable tax of
6<SUP>2</SUP>/<SMALL>3</SMALL>% on certain investment income, including taxable capital&nbsp;gains. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
gains recognized by an individual (including certain trusts) may give rise to liability for alternative minimum tax as calculated under the detailed rules set out in the
Tax&nbsp;Act. Resident Holders who are individuals should consult their own tax advisors in this&nbsp;regard. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Receipt of Dividends on Common Shares  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received or deemed to be received on Common Shares held by a Resident Holder will be included in the Resident Holder's income
for the purposes of the Tax&nbsp;Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di73909_1_27"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
dividends received by a Resident Holder that is an individual (other than certain trusts) will be subject to the gross-up and dividend tax credit rules in the Tax&nbsp;Act
normally applicable to dividends received from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit in respect of dividends designated by us as "eligible dividends".
There may be limitations on our ability to designate dividends as "eligible dividends". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable
dividends received by a Resident Holder who is an individual (other than certain trusts) may result in such Resident Holder being liable for alternative minimum tax under the
Tax&nbsp;Act. Resident Holders who are individuals should consult their own tax advisors in this&nbsp;regard. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Resident Holder that is a corporation will include such dividends in computing its income and generally will be entitled to deduct the amount of such dividends in computing its taxable
income. A Resident Holder that is a "private corporation" or "subject corporation" (as&nbsp;such terms are defined in the Tax&nbsp;Act) may be liable under Part&nbsp;IV of the Tax&nbsp;Act to
pay a refundable tax of 33<SUP>1</SUP>/<SMALL>3</SMALL>% of dividends received or deemed to be received on the Common Shares to the extent such dividends are deductible in computing the Resident Holder's
taxable&nbsp;income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Holders Not Resident in Canada  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This portion of the summary applies to a holder of Common Shares who, for purposes of the Tax&nbsp;Act, is not, and is not deemed to
be, resident in Canada and does not use or hold the Common Shares in connection with carrying on a business in Canada (a&nbsp;"</FONT><FONT SIZE=2><B>Non-Resident Holder</B></FONT><FONT SIZE=2>").
This summary does not apply to a Non-Resident Holder that carries on, or is deemed to carry on an insurance business in Canada and elsewhere. Prospective holders of Common Shares who are not resident
in Canada should consult their own tax advisors with respect to their particular circumstances in their country of&nbsp;residence. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Disposition of Common Shares  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-Resident Holder will not be subject to tax under the Tax&nbsp;Act in respect of any capital gain recognized by such
Non-Resident Holder on a disposition of a Common Share unless the Common Shares constitute "taxable Canadian property" (as&nbsp;defined in the Tax&nbsp;Act) of the Non-Resident Holder at the time
of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax&nbsp;convention between Canada and the country in which the Non-Resident Holder is resident. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
provided the Common Shares are then listed on a "designated stock exchange" for purposes of the Tax&nbsp;Act (which currently includes the TSX), the Common Shares will not
constitute "taxable Canadian property" to a Non-Resident Holder at the time of the disposition or deemed disposition thereof unless at any particular time during the 60&nbsp;month period immediately
preceding the disposition, (a)&nbsp;the Non-Resident
Holder, persons with whom the Non-Resident Holder did not deal at arm's length, one or more partnerships in which the Non-Resident Holder or such persons holds a membership interest (either directly
or indirectly through one or more partnerships), or any combination of the foregoing, owned 25% or more of the issued shares of any class or series of shares of the capital stock of the Corporation;
and (b)&nbsp;the Common Shares derived (directly or indirectly) more than 50% of their fair market value from "real or immovable property situated in Canada", "Canadian resource properties", "timber
resource properties" or options or interests in respect of any such property (all&nbsp;as defined for purposes of the Tax&nbsp;Act). Notwithstanding the foregoing, in certain circumstances set out
in the Tax&nbsp;Act, Common Shares could be deemed to be taxable Canadian property. Non-Resident Holders whose Common Shares may constitute taxable Canadian property should consult their own
tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Common Shares are considered taxable Canadian property to a Non-Resident Holder, an applicable income tax treaty or convention may exempt that Non-Resident Holder from tax under
the Tax&nbsp;Act in respect of their disposition. If a Non-Resident Holder to whom Common Shares are taxable Canadian property is not exempt from tax under the Tax&nbsp;Act by virtue of an
applicable tax treaty or convention, the consequences described under "</FONT><FONT SIZE=2><I>Holders Resident in Canada&nbsp;&#151;&nbsp;Disposition of Common
Shares</I></FONT><FONT SIZE=2>" will generally apply. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Receipt of Dividends on Common Shares  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dividends paid or credited, or deemed to be paid or credited, on the Common Shares to a Non-Resident Holder will be subject to
Canadian withholding tax at the rate of 25% of the gross amount of the dividend unless the rate is reduced under the provisions of an applicable income tax treaty or convention between Canada and the
Non-Resident Holder's country of residence. For instance, where the Non-Resident Holder is a resident of the United&nbsp;States that is entitled to full benefits under the </FONT> <FONT SIZE=2><I>Canada United&nbsp;States Income Tax Convention
(1980)</I></FONT><FONT SIZE=2> (the&nbsp;"</FONT><FONT SIZE=2><B>Convention</B></FONT><FONT SIZE=2>") and is the beneficial
owner of the dividends, the rate of Canadian withholding tax applicable to dividends is generally reduced to 15%. Not all persons who are residents of the U.S.&nbsp;for purposes of the Convention
will qualify for the benefits of the Convention. A Non-Resident Holder who is a resident of the U.S.&nbsp;is advised to consult its tax advisor in this regard. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_certain_united_states___di702294"> </A>
<A NAME="toc_di73909_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of certain United&nbsp;States federal income tax consequences to United&nbsp;States Holders
(as&nbsp;defined below) relating to the acquisition, ownership and disposition of Common Shares. This discussion is based on existing provisions of the United&nbsp;States Internal Revenue Code of
1986, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>Code</B></FONT><FONT SIZE=2>"), its legislative history, existing final, temporary and proposed Treasury Regulations promulgated thereunder,
administrative pronouncements or practice, judicial decisions, and interpretations of the foregoing, all as of the date hereof. Future legislative, judicial or administrative modifications,
revocations or interpretations, which may or may not be retroactive, may result in United&nbsp;States federal income tax consequences significantly different from those discussed herein. This
discussion is not binding on the Internal Revenue Service (the&nbsp;"</FONT><FONT SIZE=2><B>IRS</B></FONT><FONT SIZE=2>"). No ruling has been or will be sought or obtained from the IRS with respect
to any of the United&nbsp;States federal income tax consequences discussed herein. There can be no assurance that the IRS will not challenge any of the conclusions described herein or that a
United&nbsp;States court will not sustain such&nbsp;challenge. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a "United&nbsp;States Holder" is a beneficial owner of Common Shares that is (i)&nbsp;an individual who is a citizen or a resident alien of the
United&nbsp;States for U.S.&nbsp;federal income tax purposes, (ii)&nbsp;a corporation (or&nbsp;other entity treated as a corporation for United&nbsp;States federal income tax purposes)
created or organized in or under the laws of the United&nbsp;States, any state thereof, or the District of Columbia, (iii)&nbsp;an estate the income of which is subject to United&nbsp;States
federal income taxation regardless of its source, or (iv)&nbsp;a trust (A)&nbsp;if a court within the United&nbsp;States is able to exercise primary supervision over its administration and one
or more United&nbsp;States persons have authority to control all substantial decisions of the trust, or (B)&nbsp;that has a valid election in effect under applicable Treasury regulations to be
treated as a United&nbsp;States&nbsp;person. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership or other pass-through entity holds Common Shares, the tax treatment of a partner in or owner of the partnership or pass-through entity will generally depend upon the
status of the partner or owner and the activities of the entity. Partners, partnerships or other pass-through entities considering holding Common Shares should consult their tax advisors regarding the
tax consequences of the acquisition, ownership and disposition of Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion does not address any United&nbsp;States federal alternative minimum tax, United&nbsp;States federal estate, gift, or other non-income tax; or state, local or
non-United&nbsp;States tax consequences of the acquisition, ownership and disposition of Common Shares. In addition, this discussion does not address the United&nbsp;States federal income tax
consequences to certain categories of United&nbsp;States Holders subject to special rules, including United&nbsp;States Holders that are (i)&nbsp;banks, financial institutions or insurance
companies; (ii)&nbsp;regulated investment companies or real estate investment trusts; (iii)&nbsp;brokers or dealers in securities or currencies or traders in securities that elect to use a
mark-to-market method of accounting; (iv)&nbsp;tax-exempt organizations, qualified retirement plans, individual retirement accounts or other tax-deferred accounts; (v)&nbsp;holders that hold the
Common Shares as part of a hedge, straddle, conversion transaction or a synthetic security or other integrated transaction; (vi)&nbsp;holders that have a "functional currency" other than the
U.S.&nbsp;dollar; (vii)&nbsp;holders that own directly, indirectly or constructively 10% or more of the voting power of our stock; (viii)&nbsp;United&nbsp;States expatriates; and
(ix)&nbsp;holders that purchase or otherwise acquire Common Shares other than through this </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Offering.
Further, this discussion does not address the indirect consequences to holders of equity interests in entities that own the Common Shares or to holders of the Common Shares that are not
United&nbsp;States&nbsp;Holders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion assumes that Common Shares are held as "capital assets" (generally, property held for investment), within the meaning of Section&nbsp;1221 of the Code, in the hands of
a United&nbsp;States Holder at all relevant times and that we are not and will not become, a passive foreign investment company, or PFIC, as discussed under "</FONT><FONT SIZE=2><I>Certain
United&nbsp;States Federal Income Tax Considerations&nbsp;&#151;&nbsp;Passive Foreign Investment Company Considerations</I></FONT><FONT SIZE=2>." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion is for general information only and is not intended to be, nor should it be construed to be, legal or tax advice to any holder or prospective holder of Common
Shares and no opinion or representation with respect to the United&nbsp;States federal income tax consequences to any such holder or prospective holder is made. Prospective purchasers are urged to
consult their tax advisors as to the particular consequences to them under United&nbsp;States federal, state and local, and applicable foreign, tax laws of the acquisition, ownership and disposition
of Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Distributions on Common Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross amount of any distribution we pay will generally be subject to United&nbsp;States federal income tax as dividend income to
the extent paid out of our current or accumulated earnings and profits, as determined under United&nbsp;States federal income tax principles. Such amount will be includable in gross income by a
United&nbsp;States Holder as ordinary income on the date such United&nbsp;States Holder actually or constructively receives the distribution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
dividends received by non-corporate United&nbsp;States Holders from a qualified foreign corporation ("</FONT><FONT SIZE=2><B>QFC</B></FONT><FONT SIZE=2>") may be eligible for
reduced rates of taxation ("</FONT><FONT SIZE=2><B>qualified dividends</B></FONT><FONT SIZE=2>"). A QFC includes a foreign corporation that is eligible for the benefits of a comprehensive income tax
treaty with the United&nbsp;States that the United&nbsp;States Treasury Department determines to be satisfactory for these purposes and that includes an exchange of information provision. The
United&nbsp;States Treasury has determined that the United&nbsp;States&nbsp;&#151;&nbsp;Canada Income Tax Convention meets these requirements, and we believe we are eligible
for the benefits of the Tax Convention. A foreign corporation is also treated as a QFC with respect to dividends paid by that corporation on ordinary shares that are readily tradable on an established
securities market in the United&nbsp;States. U.S.&nbsp;Treasury guidance indicates that our Common Shares are readily tradable on an established securities market in the United&nbsp;States;
however, there can be no assurance that the Common Shares will be considered readily tradable on an established securities market in future&nbsp;years. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that we are currently, and will continue to be, a QFC so as to allow all dividends we pay to be qualified dividends for United&nbsp;States federal income tax purposes.
Distributions in excess of our current and accumulated earnings and profits will be treated first as a non-taxable return of capital reducing a United&nbsp;States Holder's tax basis in Common
Shares. Any distribution in excess of such tax basis will be treated as capital gain and will be either long-term or short-term capital gain depending upon whether the United&nbsp;States Holder held
the Common Shares for more than one year. See "</FONT><FONT SIZE=2><I>Certain United&nbsp;States Federal Income Tax Considerations&nbsp;&#151;&nbsp;Sale, Exchange, or Other
Taxable Disposition of Common Shares</I></FONT><FONT SIZE=2>". Dividends we pay generally will not be eligible for the dividends-received deduction available to certain United&nbsp;States corporate
Shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limitations on foreign taxes eligible for credit against a United&nbsp;States Holder's United&nbsp;States federal income tax liability are calculated separately with respect to
specific classes of income. For foreign tax credit purposes, dividends received by a United&nbsp;States Holder with respect to shares of a foreign corporation generally constitute foreign-source
income and are treated as "passive category" or "general category" income. Subject to certain limitations, any Canadian tax withheld with respect to distributions made on the Common Shares may be
treated as foreign taxes eligible for credit against a United&nbsp;States Holder's United&nbsp;States federal income tax liability. Alternatively, a United&nbsp;States Holder may, subject to
applicable limitations, elect to deduct the otherwise creditable Canadian withholding taxes for United&nbsp;States federal income tax purposes. The rules governing the foreign tax credit are complex
and their application depends on each taxpayer's particular circumstances. Accordingly, United&nbsp;States Holders are urged to consult their own tax advisors regarding the availability of the
foreign tax credit under their particular circumstances. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
gross amount of distributions paid in any foreign currency will be included by each United&nbsp;States Holder in gross income in a U.S.&nbsp;dollar amount calculated by reference
to the exchange rate in effect on the day the distributions are paid, regardless of whether the payment is in fact converted into U.S.&nbsp;dollars. If the foreign currency is converted into
U.S.&nbsp;dollars on the date of the payment, the United&nbsp;States Holder should not be required to recognize any foreign currency gain or loss with respect to the receipt of the foreign
currency distributions. If instead the foreign currency is converted at a later date, any currency gains or losses resulting from the conversion of the foreign currency will be treated as
United&nbsp;States source ordinary income or&nbsp;loss. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Sale, Exchange, or Other Taxable Disposition of Common Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A United&nbsp;States Holder will generally recognize capital gain or loss upon the sale, exchange or other taxable disposition of the
Common Shares measured by the difference between the amount received and the United&nbsp;States Holder's adjusted tax basis in the Common Shares. Any gain or loss will be long-term capital gain or
loss if the Common Shares have been held for more than one year and will generally be United&nbsp;States source gain or loss. Long-term capital gains recognized by non-corporate United&nbsp;States
Holders are generally subject to United&nbsp;States federal income tax at preferred rates. A holder's ability to deduct capital losses is subject to&nbsp;limitations. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
cash-basis United&nbsp;States Holders that receive foreign currency in connection with a sale or other taxable disposition of Common Shares, the amount realized will be based upon
the U.S.&nbsp;dollar value of the foreign currency received with respect to such Common Shares as determined on the settlement date of such sale or other taxable disposition. Accrual-basis
United&nbsp;States Holders may elect the same treatment required of cash-basis taxpayers with respect to a sale or other taxable disposition of Common Shares, provided that the election is applied
consistently from year to year. Such election cannot be changed without the consent of the IRS. Accrual-basis United&nbsp;States Holders that do not elect to be treated as cash-basis taxpayers
(pursuant to the Treasury Regulations applicable to foreign currency transactions) for this purpose may have a foreign currency gain or loss for United&nbsp;States federal income tax purposes
because of differences between the U.S.&nbsp;dollar value of the foreign currency received prevailing on the date of such sale or other taxable disposition and the value prevailing on the date of
payment. Any such currency gain or loss will generally be treated as ordinary income or loss that is United&nbsp;States source, in addition to the gain or loss, if any, recognized on the sale or
other taxable disposition of Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Passive Foreign Investment Company Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special, adverse, United&nbsp;States federal income tax rules apply to United&nbsp;States persons owning stock of a PFIC. A foreign
corporation will be considered a PFIC for any taxable year in which (i)&nbsp;75% or more of its gross income is passive income, or (ii)&nbsp;50% or more of the average value (or, if elected, the
adjusted tax basis) of its assets are considered "passive assets" (generally, assets that generate passive income). We believe we are not currently a PFIC for United&nbsp;States federal income tax
purposes, and we do not expect to become a PFIC in the future. However, the determination of PFIC status for any year is very fact specific, and there can be no assurance in this regard. Accordingly,
it is possible that we may become a PFIC in the current taxable year or in future years. If we are classified as a PFIC in any year during which a holder holds Common Shares, we generally will
continue to be treated as a PFIC to such a holder in all succeeding years, regardless of whether we continue to meet the income or asset test discussed above. United&nbsp;States Holders are urged to
consult their own tax advisors regarding the adverse tax consequences of owning the Common Shares were we to be a PFIC and certain elections that may be made that are designed to lessen those adverse
consequences. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Additional Tax on Passive Income  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An additional 3.8% tax is generally imposed on the "net investment income" of individuals, estates and trusts whose income exceeds
certain thresholds. "Net investment income" generally includes the following: (1)&nbsp;gross income from interest and dividends other than from the conduct of a non-passive trade or business;
(2)&nbsp;other gross income from a passive trade or business; and (3)&nbsp;net gain attributable to the disposition of property other than property held in a non-passive trade or business.
Therefore, dividends on, and capital gains from the sale or other taxable disposition of, the Common Shares may be subject to this additional&nbsp;tax. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> United&nbsp;States Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under United&nbsp;States federal income tax law and regulations, certain categories of United&nbsp;States Holders must file
information returns with respect to their investment in, or involvement in, a foreign corporation. Penalties for failure to file certain of these information returns are substantial. In addition, new
United&nbsp;States return disclosure obligations (and&nbsp;related penalties for failure to disclose) have also been imposed on United&nbsp;States individuals who hold certain specified foreign
financial assets in excess of U.S.$50,000. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also may include
the Common Shares. United&nbsp;States Holders of Common Shares should consult with their own tax advisors regarding the requirements of filing any information returns. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
on Common Shares and proceeds from the sale or other disposition of Common Shares that are paid in the United&nbsp;States or by a United&nbsp;States-related financial
intermediary will be subject to United&nbsp;States information reporting rules, unless a United&nbsp;States Holder is a corporation or other exempt recipient. In addition, payments that are
subject to information reporting may be subject to backup withholding (currently at a 28% rate) if a United&nbsp;States Holder does not provide its taxpayer identification number and otherwise
comply with the backup withholding rules. Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules are available to be credited against a United&nbsp;States
Holder's United&nbsp;States federal income tax liability and may be refunded to the extent they exceed such liability, provided the required information is provided to the IRS in a
timely&nbsp;manner. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_legal_matters"> </A>
<A NAME="toc_di73909_4"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to Canadian law in connection with the Common Shares offered hereby will be passed upon on our behalf by
Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, Calgary, Alberta and on behalf of the Underwriters by McCarthy T&eacute;trault&nbsp;LLP, Calgary, Alberta. Certain legal matters relating to
United&nbsp;States law in connection with the Common Shares offered hereby will be passed upon on our behalf by Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP, New&nbsp;York,
New&nbsp;York and on behalf of the Underwriters by Vinson&nbsp;&amp; Elkins&nbsp;LLP, Houston,&nbsp;Texas. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_interest_of_experts"> </A>
<A NAME="toc_di73909_5"> </A>
<BR></FONT><FONT SIZE=2><B>  INTEREST OF EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, the partners and associates of each of Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP and McCarthy
T&eacute;trault&nbsp;LLP each beneficially own, directly or indirectly, less than 1% of our outstanding Common&nbsp;Shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO
Audit (WA) Pty&nbsp;Ltd., the former external auditor of Aurora, has confirmed that they are independent of Aurora in accordance with Canadian Auditing Standards as adopted by the
Canadian Auditing and Assurance Standards Board. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to certain of our reserves and resources included in the Annual Information Form and incorporated by reference into this short form prospectus, was calculated based
on an evaluation of, and reports on, our crude oil and natural gas reserves and resources conducted and prepared by Sproule, Ryder Scott or McDaniel, our independent qualified reserves evaluators. As
of the date hereof, none of the designated professionals of Sproule, Ryder Scott and McDaniel have any registered or beneficial interests, direct or indirect, in any of our or our associates or
affiliates securities or other property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, none of the aforementioned persons or companies, nor any director, officer or employee of any of the aforementioned persons or companies, is or is expected to be elected,
appointed or employed as a director, officer or employee of Baytex or of any associate or affiliate of Baytex, except for John Brussa, a director of Baytex, who is a partner at Burnet,
Duckworth&nbsp;&amp; Palmer&nbsp;LLP, a law firm that renders legal services to&nbsp;us. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte&nbsp;LLP,
Independent Registered Public Accounting Firm, are independent of us within the meaning of the Rules of Professional Conduct of the Institute of Chartered
Accountants of&nbsp;Alberta. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di73909_documents_filed_as_par__di702235"> </A>
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<BR></FONT><FONT SIZE=2><B>  DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been or will be filed with the SEC as part of the registration statement of which this short form
prospectus forms&nbsp;a part: (i)&nbsp;the documents listed under the heading "</FONT><FONT SIZE=2><I>Documents Incorporated by Reference</I></FONT><FONT SIZE=2>"; (ii)&nbsp;consents of
independent auditors and engineers and legal counsel; and (iii)&nbsp;powers of attorney pursuant to which amendments to the registration statement may be&nbsp;signed. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja73901_part_ii_information_not_requir__par03037"> </A>
<A NAME="toc_ja73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II    <BR>    <BR>    INFORMATION NOT REQUIRED TO BE DELIVERED<BR>  TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Indemnification of Directors and Officers  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
constituting documents of Baytex Energy Corp. ("Baytex" or the "Registrant") contain the following provisions with respect to the protection and indemnification of our directors
and&nbsp;officers: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Limitation of Liability  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director or officer for the time being of Baytex shall be liable for the acts, receipts, neglects or defaults of any other director,
officer or employee, or for joining in any receipt or act for conformity, or for any loss, damage or expense happening to Baytex through the insufficiency or deficiency of title to any property
acquired by Baytex or for or on behalf of Baytex or for the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to Baytex shall be placed or invested, or for
any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm or corporation, including any person, firm or corporation with whom or with which any moneys, securities
or effects shall be lodged or deposited, or for any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities or other assets of or
belonging to Baytex or for any other loss, damage or misfortune whatsoever which may happen in the execution of the duties of his or her respective office or trust or in relation thereto unless the
same shall happen by or through his or her failure to exercise the powers and to discharge the duties of his or her office honestly, in good faith and with a view to the best interests of Baytex and
to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Indemnity  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baytex hereby indemnifies, to the maximum extent permitted under the Business Corporations Act (Alberta) ("ABCA"), each director and
officer and each former director and officer, and may indemnify a person who acts or acted at Baytex's request as a director or officer of a body corporate of which Baytex is or was a shareholder or
creditor, and their heirs and legal representatives, against all costs, charges and expenses, including any amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in
respect of any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been a director or officer of Baytex or such
body&nbsp;corporate. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Insurance  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baytex may purchase and maintain insurance for the benefit of any person against any liability incurred by him
or&nbsp;her: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
his or her capacity as a director or officer of Baytex, except where the liability relates to his or her failure to act honestly and in good faith with a
view to the best interests of Baytex;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
his or her capacity as a director or officer of another body corporate where he or she acts or acted in that capacity at Baytex's request, except where
the liability relates to his or her failure to act honestly and in good faith with a view to the best interests of the body&nbsp;corporate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have entered into agreements, if applicable, with each of our directors and officers to evidence our obligations to indemnify such directors and officers as described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;124
of the ABCA provides as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>124&nbsp;(1)&nbsp;Except
in respect of an action by or on behalf of the corporation or body corporate to procure a judgment in its favour, a corporation may indemnify a director or officer of the
corporation, a former director or officer of the corporation or a person who acts or acted at the corporation's request as a director or officer of a body corporate of which the corporation is or was
a shareholder or creditor, and the director's </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

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<A NAME="page_ja73901_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2>or
officer's heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the director or
officer in respect of any civil, criminal or administrative action or proceeding to which the director or officer is made a party by reason of being or having been a director or officer of that
corporation or body corporate,&nbsp;if  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
director or officer acted honestly and in good faith with a view to the best interests of the corporation,&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or officer had reasonable grounds for
believing that the director's or officer's conduct was&nbsp;lawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;A
corporation may, with the approval of the Court, indemnify a person referred to in subsection&nbsp;(1) in respect of an action by or on behalf of the corporation or body
corporate to procure a judgment in its favour, to which the person is made a party by reason of being or having been a director or an officer of the
corporation or body corporate, against all costs, charges and expenses reasonably incurred by the person in connection with the action if the person fulfils the conditions set out in
subsection&nbsp;(1)(a) and&nbsp;(b). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Notwithstanding
anything in this section, a person referred to in subsection&nbsp;(1) is entitled to indemnity from the corporation in respect of all costs, charges and
expenses reasonably incurred by the person in connection with the defence of any civil, criminal or administrative action or proceeding to which the person is made a party by reason of being or having
been a director or officer of the corporation or body corporate, if the person seeking indemnity  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>was
substantially successful on the merits in the person's defence of the action or&nbsp;proceeding,
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fulfils
the conditions set out in subsection&nbsp;(1)(a) and&nbsp;(b), and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>is
fairly and reasonably entitled to indemnity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.1)&nbsp;A
corporation may advance funds to a person in order to defray the costs, charges and expenses of a proceeding referred to in subsection&nbsp;(1) or&nbsp;(2), but if the
person does not meet the conditions of subsection&nbsp;(3) he or she shall repay the funds&nbsp;advanced. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;A
corporation may purchase and maintain insurance for the benefit of any person referred to in subsection&nbsp;(1) against any liability incurred by the&nbsp;person </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the person's capacity as a director or officer of the corporation, except when the liability relates to the person's failure to act honestly and in good
faith with a view to the best interests of the corporation,&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
the person's capacity as a director or officer of another body corporate if the person acts or acted in that capacity at the corporation's request,
except when the liability relates to the person's failure to act honestly and in good faith with a view to the best interests of the body&nbsp;corporate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;A
corporation or a person referred to in subsection&nbsp;(1) may apply to the Court for an order approving an indemnity under this section and the Court may so order and
make any further order it thinks&nbsp;fit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;On
an application under subsection&nbsp;(5), the Court may order notice to be given to any interested person and that person is entitled to appear and be heard in person or
by&nbsp;counsel. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
contemplated by Section&nbsp;124(4) of the ABCA, the Registrant has purchased insurance against potential claims against its directors and officers and against loss for which the Registrant may
be required or permitted by law to indemnify such directors and&nbsp;officers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>*&nbsp;*&nbsp;*
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Registrant
pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S.&nbsp;Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933, as amended, and is therefore unenforceable.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ka73901_form_f-10_exhibits_of_baytex_energy_corp."> </A>
<A NAME="toc_ka73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FORM F-10    <BR>    <BR>    EXHIBITS OF BAYTEX ENERGY CORP.    <BR>    </B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>EXHIBIT<BR>
NUMBER </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DESCRIPTION </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Underwriting Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Annual Information Form for the year ended December&nbsp;31, 2014, dated March&nbsp;9, 2015 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended
December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Audited consolidated financial statements as at December&nbsp;31, 2014 and 2013 and for the years then ended, together with the notes thereto and the auditor's report thereon (incorporated by reference to
Exhibit&nbsp;99.2 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Supplemental Disclosures about Extraction Activities&nbsp;&#151;&nbsp;Oil and Gas prepared in accordance with Accounting Standards Codification 932 "Extractive Activities&nbsp;&#151;&nbsp;Oil&nbsp;&amp; Gas" (incorporated
by reference to Exhibit&nbsp;99.12 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Management's discussion and analysis of operating and financial results for the year ended December&nbsp;31, 2014 and 2013 (incorporated by reference to Exhibit&nbsp;99.3 to&nbsp;our Annual Report on Form&nbsp;40-F for
the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;2, 2014 relating to the annual and special meeting of shareholders held on May&nbsp;15, 2014 (incorporated by reference to Exhibit&nbsp;99.2
to&nbsp;our Report on Form&nbsp;6-K filed with the SEC on April&nbsp;10, 2014 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;1, 2013 relating to the annual and special meeting of shareholders held on May&nbsp;14, 2013 (incorporated by reference to Exhibit&nbsp;99.2
to&nbsp;our Report on Form&nbsp;6-K filed with the SEC on April&nbsp;10, 2013 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Business Acquisition Report in respect of the acquisition of all of the issued and outstanding shares of Aurora dated July&nbsp;30, 2014 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;our Report on Form&nbsp;6-K
filed with the SEC on July&nbsp;30, 2014 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Material change report dated March&nbsp;18, 2015 (incorporated by reference to Exhibit&nbsp;99.1 to our Report on Form 6-K filed with the SEC on March&nbsp;18, 2015 (File No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The template version of the term sheet for the Offering dated March&nbsp;12, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Deloitte&nbsp;LLP, Independent Registered Public Accounting Firm.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of BDO Audit (WA) Pty&nbsp;Ltd., independent registered chartered accountants for Aurora Oil&nbsp;&amp; Gas Limited.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Sproule Unconventional Limited, independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of McDaniel&nbsp;&amp; Associates Consultants&nbsp;Ltd., independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Ryder Scott Company&nbsp;L.P., independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, legal counsel.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of McCarthy T&eacute;trault&nbsp;LLP, legal counsel.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Powers of Attorney (included on the signature page of the initial filing of this Registration Statement).</FONT></TD>
</TR>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Previously
filed. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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NAME="page_la73901_1_1"> </A>


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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="la73901_part_iii_undertaking_a__la702253"> </A>
<A NAME="toc_la73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART III    <BR>    <BR>    UNDERTAKING AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="la73901_item_1._undertaking"> </A>
<A NAME="toc_la73901_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertaking    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form&nbsp;F-10 or&nbsp;to transactions in said
securities.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="la73901_item_2._consent_to_service_of_process"> </A>
<A NAME="toc_la73901_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to&nbsp;Service of Process    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A written Appointment of Agent for Service of Process and Undertaking on Form&nbsp;F-X for the Registrant and its agent for service
of process was filed with the SEC concurrently with the initial filing of this Registration Statement on Form&nbsp;F-10. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
change to the name or address of the agent for service of process of the Registrant shall be communicated promptly to the Commission by amendment to Form&nbsp;F-X referencing the
file number of this Registration Statement on Form&nbsp;F-10. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-1</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma73901_signatures"> </A>
<A NAME="toc_ma73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form&nbsp;F-10 and&nbsp;has duly caused this amendment no.&nbsp;2 to the registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Alberta, Canada, on March&nbsp;19,&nbsp;2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> BAYTEX ENERGY CORP.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JAMES L. BOWZER<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: James L. Bowzer<BR>
Title: </FONT><FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Amendment No.&nbsp;2 to the Registration Statement has been signed below by the following persons in the capacities
indicated and on the dates indicated. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="268pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Signature </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Capacity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Date </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;JAMES L. BOWZER<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> James L. Bowzer</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>President, Chief Executive Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;RODNEY D. GRAY<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Rodney D. Gray</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Financial Officer<BR>
(Principal Financial&nbsp;&amp; Accounting Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Raymond T. Chan</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chairman</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John A. Brussa</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Edward Chwyl</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Naveen Dargan</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> R.E.T. Goepel</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Gregory K. Melchin</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-2</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Signature </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Capacity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Date </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>*<BR>


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</FONT> <FONT SIZE=2> Mary Ellen Peters</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


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</FONT> <FONT SIZE=2> Dale O. Shwed</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>March&nbsp;19, 2015</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR><BR><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="49%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> *By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JAMES L. BOWZER<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: James L. Bowzer<BR>
Title: </FONT><FONT SIZE=2><I>Attorney- in- fact</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ma73901_1_4"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma73901_authorized_representative"> </A>
<A NAME="toc_ma73901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933, as amended, the undersigned has signed this
Amendment No.&nbsp;2 to the Registration Statement, in the capacity of the duly authorized representative of the Registrant in the United&nbsp;States, on March&nbsp;19,&nbsp;2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B>BAYTEX ENERGY USA,&nbsp;INC.</B></FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MICHAEL L. VERM<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Michael L. Verm<BR>
Title: </FONT><FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-4</FONT></P>

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<A NAME="toc_na73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INDEX OF EXHIBITS OF BAYTEX ENERGY CORP.<BR>  to<BR>  FORM F-10    <BR>    </B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>EXHIBIT<BR>
NUMBER </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DESCRIPTION </B></FONT></TH>
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<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Underwriting Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Annual Information Form for the year ended December&nbsp;31, 2014, dated March&nbsp;9, 2015 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended
December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Audited consolidated financial statements as at December&nbsp;31, 2014 and 2013 and for the years then ended, together with the notes thereto and the auditor's report thereon (incorporated by reference to
Exhibit&nbsp;99.2 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
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<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Supplemental Disclosures about Extraction Activities&nbsp;&#151;&nbsp;Oil and Gas prepared in accordance with Accounting Standards Codification 932 "Extractive Activities&nbsp;&#151;&nbsp;Oil&nbsp;&amp; Gas" (incorporated
by reference to Exhibit&nbsp;99.12 to&nbsp;our Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Management's discussion and analysis of operating and financial results for the year ended December&nbsp;31, 2014 and 2013 (incorporated by reference to Exhibit&nbsp;99.3 to&nbsp;our Annual Report on Form&nbsp;40-F for
the fiscal year ended December&nbsp;31, 2014 filed with the SEC on March&nbsp;9, 2015 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;2, 2014 relating to the annual and special meeting of shareholders held on May&nbsp;15, 2014 (incorporated by reference to Exhibit&nbsp;99.2
to&nbsp;our Report on Form&nbsp;6-K filed with the SEC on April&nbsp;10, 2014 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Information Circular&nbsp;&#151;&nbsp;Proxy Statement dated April&nbsp;1, 2013 relating to the annual and special meeting of shareholders held on May&nbsp;14, 2013 (incorporated by reference to Exhibit&nbsp;99.2
to&nbsp;our Report on Form&nbsp;6-K filed with the SEC on April&nbsp;10, 2013 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Business Acquisition Report in respect of the acquisition of all of the issued and outstanding shares of Aurora dated July&nbsp;30, 2014 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;our Report on Form&nbsp;6-K
filed with the SEC on July&nbsp;30, 2014 (File&nbsp;No.&nbsp;001-32754)).</FONT></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Material change report dated March&nbsp;18, 2015 (incorporated by reference to Exhibit&nbsp;99.1 to our Report on Form 6-K filed with the SEC on March&nbsp;18, 2015 (File No.&nbsp;001-32754)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The template version of the term sheet for the Offering dated March&nbsp;12, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Deloitte&nbsp;LLP, Independent Registered Public Accounting Firm.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of BDO Audit (WA) Pty&nbsp;Ltd., independent registered chartered accountants for Aurora Oil&nbsp;&amp; Gas Limited.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Sproule Unconventional Limited, independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of McDaniel&nbsp;&amp; Associates Consultants&nbsp;Ltd., independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Ryder Scott Company&nbsp;L.P., independent engineers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP, legal counsel.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of McCarthy T&eacute;trault&nbsp;LLP, legal counsel.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Powers of Attorney (included on the signature page of the initial filing of this Registration Statement).</FONT></TD>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi73909_1">IMPORTANT NOTICE ABOUT INFORMATION IN THIS SHORT FORM PROSPECTUS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ja73901_1">PART II INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka73901_1">FORM F-10 EXHIBITS OF BAYTEX ENERGY CORP.</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_la73901_1">PART III UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</A></FONT><BR>
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<TYPE>EX-3.1
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<DESCRIPTION>EXHIBIT 3.1 - UNDERWRITING AGREEMENT
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<BR></FONT><FONT SIZE=2><B>  UNDERWRITING AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Effective
as of March&nbsp;11, 2015 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Baytex
Energy Corp.<BR>
2800, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue SW<BR>
Calgary, Alberta T2P&nbsp;0R3 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Attention:&nbsp;&nbsp;James
L. Bowzer,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, Scotia Capital&nbsp;Inc. and RBC&nbsp;Dominion Securities&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Co-Lead Underwriters</B></FONT><FONT SIZE=2>"), together
with CIBC&nbsp;World Markets&nbsp;Inc., BMO&nbsp;Nesbitt Burns&nbsp;Inc., National Bank Financial&nbsp;Inc., TD&nbsp;Securities&nbsp;Inc., Barclays Capital Canada&nbsp;Inc., Desjardins
Securities&nbsp;Inc., Merrill Lynch Canada&nbsp;Inc., Peters&nbsp;&amp;&nbsp;Co. Limited, AltaCorp Capital&nbsp;Inc., FirstEnergy Capital Corp., Macquarie Capital Markets Canada&nbsp;Ltd. and
Raymond James&nbsp;Ltd. (collectively, the "</FONT><FONT SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>" and each, an "</FONT><FONT SIZE=2><B>Underwriter</B></FONT><FONT SIZE=2>"), understand that
Baytex Energy Corp. (the&nbsp;"</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>") proposes to issue and sell to the Underwriters 31,700,000&nbsp;common shares in the capital of the
Corporation (the&nbsp;"</FONT><FONT SIZE=2><B>Firm Shares</B></FONT><FONT SIZE=2>") pursuant to the Canadian Prospectus (as&nbsp;defined herein) and the U.S.&nbsp;Registration Statement
(as&nbsp;defined herein) at a price of $17.35 per Firm Share (the&nbsp;"</FONT><FONT SIZE=2><B>Offering</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
and subject to the terms and conditions contained in this Agreement, the Underwriters hereby severally, and not jointly, agree to purchase from the Corporation on the Closing Date
(as&nbsp;defined herein), in the respective percentages set forth in subsection&nbsp;15(a) hereof, and&nbsp;the Corporation hereby agrees to sell to the Underwriters, all but not less than all
of the Firm Shares, at a price of $17.35 per Firm Share, for an aggregate purchase price of $549,995,000. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation hereby grants to the Underwriters an option (the&nbsp;"</FONT><FONT SIZE=2><B>Over-Allotment Option</B></FONT><FONT SIZE=2>"), which may be exercised in the
Underwriters' sole discretion and without obligation, exercisable in whole or in part and in one or more tranches at any time and from time to time commencing on the Closing Date (as&nbsp;defined
herein) and ending at 5:00&nbsp;p.m. (Calgary time) on the date that is 30&nbsp;days after the Closing Date, by written notice delivered to the Corporation by the Co-Lead Underwriters on behalf of
the Underwriters, to purchase up to an additional 4,755,000&nbsp;common shares in the capital of the Corporation (the&nbsp;"</FONT><FONT SIZE=2><B>Option Shares</B></FONT><FONT SIZE=2>") on the
same terms and conditions as the Firm Shares. The Firm Shares together with any Option Shares are collectively referred to herein as the "</FONT><FONT SIZE=2><B>Offered
Shares</B></FONT><FONT SIZE=2>". In the event and to the extent that the Underwriters exercise the Over-Allotment Option, subject to the terms and conditions hereof, the Underwriters hereby severally,
and not jointly, agree to purchase from the Corporation the number of Option Shares as to which the Over-Allotment Option shall have been exercised in the respective percentages set forth in
subsection&nbsp;15(a) hereof, and&nbsp;the Corporation hereby agrees to issue and sell such number of Option Shares to the Underwriters at the purchase price of $17.35 per Option Share. The
Underwriters may only exercise the Over-Allotment Option for the purposes of covering over-allotments made in connection with the sale of the Firm Shares, if any, and for market stabilization
purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation understands that the Underwriters will have the right to solicit orders and obtain substituted purchasers for the Offered Shares on behalf of the Corporation and the
obligation of the Underwriters to purchase the Offered Shares shall be reduced by the number of Offered Shares purchased by the substituted purchasers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions of the agreement between the Corporation and the Underwriters are as set forth&nbsp;below. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions and Principles of Interpretation  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
this Agreement: </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1933 Act</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1934 Act</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>ABCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Alberta), R.S.A.&nbsp;2000, c.B-9, as amended, including
the regulations promulgated thereunder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Additional Closing Date</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;11(b); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Additional Closing Time</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;11(b); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>affiliate</B></FONT><FONT SIZE=2>" has the meaning given to it in National Instrument&nbsp;45-106&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Prospectus
and&nbsp;Registration Exemptions</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>" means this Underwriting Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>AIF</B></FONT><FONT SIZE=2>" means the annual information form of the Corporation for the year ended December&nbsp;31, 2014 dated March&nbsp;9,&nbsp;2015; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>ASC</B></FONT><FONT SIZE=2>" means the Alberta Securities Commission; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Business Day</B></FONT><FONT SIZE=2>" means a day that is not a Saturday, a Sunday or a statutory or civic holiday in the City of&nbsp;Calgary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Final Prospectus</B></FONT><FONT SIZE=2>" means the final short form prospectus of the Corporation (in&nbsp;both the English and French language versions thereof,
unless the context otherwise requires) qualifying the Offered Shares for distribution in each of the Qualifying Provinces and any and all documents incorporated by reference therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Offering Documents</B></FONT><FONT SIZE=2>" means each of the Canadian Prospectus and any Canadian Prospectus Amendment; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Preliminary Prospectus</B></FONT><FONT SIZE=2>" means an amended and restated preliminary short form prospectus of the Corporation (in&nbsp;both the English and
French language versions thereof, unless the context otherwise requires) respecting the Offered Shares to be filed by the Corporation with the Canadian Securities Regulators in each of the Qualifying
Provinces and any and all documents incorporated by reference therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Prospectus</B></FONT><FONT SIZE=2>" means, collectively, the Canadian Preliminary Prospectus and the Canadian Final Prospectus; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Prospectus Amendment</B></FONT><FONT SIZE=2>" means any amendment to the Canadian Preliminary Prospectus or the Canadian Final Prospectus, including any amendment to
the documents incorporated by reference therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Securities Laws</B></FONT><FONT SIZE=2>" means, collectively, and, as the context may require, the securities Laws of each of the Qualifying Provinces and the
respective regulations and rules made under those securities Laws together with all applicable published policy statements, blanket orders and rulings of the Canadian Securities Regulators and all
discretionary orders or rulings, if any, of the Canadian Securities Regulators applicable to the transactions contemplated by this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Securities Regulators</B></FONT><FONT SIZE=2>" means the applicable securities commission or regulatory authority in each of the Qualifying Provinces; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Claim</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;13(a); </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>" means April&nbsp;2, 2015 or such earlier or later date as the Underwriters and the Corporation may agree for the Closing, provided that
in no event shall such date be later than the date that is 42&nbsp;days after the date of the Final Passport System Decision Document; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Time</B></FONT><FONT SIZE=2>" means 6:00&nbsp;a.m. (Calgary time) on the Closing Date, or such other time on the subject Closing Date as the Underwriters
may&nbsp;determine; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means common shares in the capital of the Corporation as constituted on the date of this&nbsp;Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporation's Canadian Counsel</B></FONT><FONT SIZE=2>" means Burnet, Duckworth&nbsp;&amp; Palmer&nbsp;LLP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporation's Information Record</B></FONT><FONT SIZE=2>" means any statement contained in any press release, material change report, financial statement, annual information
form, annual or interim report, proxy circular or other document of the Corporation which has been or is publicly disseminated by the Corporation, pursuant to any Canadian Securities Laws and which
has been filed on SEDAR after December&nbsp;31,&nbsp;2013; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporation's U.S.&nbsp;Counsel</B></FONT><FONT SIZE=2>" means Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Designated Underwriter</B></FONT><FONT SIZE=2>" means Scotia Capital&nbsp;Inc.; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>distribution</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>material change</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>material fact</B></FONT><FONT SIZE=2>" and
"</FONT><FONT SIZE=2><B>misrepresentation</B></FONT><FONT SIZE=2>" have the respective meanings given to them in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2>&nbsp;(Alberta); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>DRIP</B></FONT><FONT SIZE=2>" means the dividend reinvestment plan of the Corporation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Due Diligence Responses</B></FONT><FONT SIZE=2>" means the written and verbal responses provided by the Corporation together with all written materials provided to the
Underwriters' counsel during the Due Diligence Session, as given by any director or senior officer of the Corporation, at a Due Diligence Session; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Due Diligence Session</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;2(i); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>due inquiry</B></FONT><FONT SIZE=2>", when used in relation to the Corporation, means after inquiries in connection with such facts and circumstances that would ordinarily be
made by senior officers of exploration and production firms in the discharge of their duties have been made of the appropriate senior officers or employees of the Corporation who may reasonably be
expected to have knowledge of facts which are material with respect to the fact in&nbsp;question; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>" means the Electronic Data Gathering Analysis and Retrieval system of the&nbsp;SEC; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Effective Time</B></FONT><FONT SIZE=2>" means each date and time that any part of the U.S.&nbsp;Registration Statement or any post-effective amendments thereto became or
becomes effective; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Financial Statements</B></FONT><FONT SIZE=2>" means the audited consolidated financial statements of the Corporation as at and for the years ended December&nbsp;31, 2014 and
2013, together with the notes thereto and the report of the auditor thereon; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Final Passport System Decision Document</B></FONT><FONT SIZE=2>" means a receipt for the Canadian Final Prospectus issued in accordance with the Passport System; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FINRA</B></FONT><FONT SIZE=2>" means the Financial Industry Regulatory Authority,&nbsp;Inc., the U.S.&nbsp;broker-dealer self-regulatory organization; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Form&nbsp;F-10</B></FONT><FONT SIZE=2>" means Form&nbsp;F-10 as promulgated under the 1933 Act; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Form&nbsp;F-X</B></FONT><FONT SIZE=2>" means Form&nbsp;F-X as promulgated under the 1933 Act; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>free writing prospectus</B></FONT><FONT SIZE=2>" means any issuer free writing prospectus, as defined in Rule&nbsp;433(h) under the 1933 Act, of the Corporation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Authority</B></FONT><FONT SIZE=2>" means any government, regulatory authority, governmental department, agency, commission, bureau, official, minister, Crown
corporation, court, body, board, tribunal or dispute </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>settlement
panel or other law, rule or regulation-making organization or entity: (a)&nbsp;having or purporting to have jurisdiction on behalf of any nation, province, territory or state or any other
geographic or political subdivision of any of them; or (b)&nbsp;exercising, or entitled or purporting to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing
authority or power; and any corporation or other entity owned or controlled (through share ownership or otherwise) by any of the&nbsp;foregoing; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>IFRS</B></FONT><FONT SIZE=2>" means International Financial Reporting Standards as adopted by the International Accounting Standards Board; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>includes</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>including</B></FONT><FONT SIZE=2>" means includes or including (as&nbsp;applicable) without limitation and
shall not be construed to limit any general statement which it follows to the specific or similar items or matters immediately following&nbsp;it; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Indemnified Party</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;13(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>knowledge</B></FONT><FONT SIZE=2>" means to the best of a Person's knowledge, information and belief after due&nbsp;inquiry; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Laws</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>law</B></FONT><FONT SIZE=2>" includes all constitutions, treaties, laws, statutes, codes, ordinances, orders,
decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international, any judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental
Authority, and any policies, voluntary restraints, practices or guidelines of any Governmental Authority, and including any principles of common law and&nbsp;equity; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Marketing Materials</B></FONT><FONT SIZE=2>" has the meaning ascribed to "marketing materials" under NI&nbsp;41-101; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Material Adverse Effect</B></FONT><FONT SIZE=2>" when used in connection with the Corporation, means any change, event, violation, inaccuracy, circumstance or effect that has
a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Corporation and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of&nbsp;business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>McDaniel</B></FONT><FONT SIZE=2>" means McDaniel&nbsp;&amp; Associates Consultants&nbsp;Ltd., independent petroleum consultants of Calgary, Alberta; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>McDaniel Report</B></FONT><FONT SIZE=2>" means the independent engineering evaluation of the oil, natural gas liquids and natural gas contingent resources attributable to the
Corporation prepared by McDaniel effective December&nbsp;31,&nbsp;2014; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NI&nbsp;41-101</B></FONT><FONT SIZE=2>" means National Instrument&nbsp;41-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>General Prospectus
Requirements</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NI&nbsp;44-101</B></FONT><FONT SIZE=2>" means National Instrument&nbsp;44-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Short Form Prospectus
Distributions</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means the New&nbsp;York Stock Exchange; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offering Documents</B></FONT><FONT SIZE=2>" means the Canadian Offering Documents and the U.S.&nbsp;Offering Documents; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Passport System</B></FONT><FONT SIZE=2>" means the passport system procedures provided for under National
Policy&nbsp;11-202&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Process for Prospectus Reviews in Multiple Jurisdictions</I></FONT><FONT SIZE=2> and Multilateral
Instrument&nbsp;11-102&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Passport System</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" includes an individual, a partnership, a corporation, a company, a trust, an unincorporated organization, a union, a government or any
department or agency thereof (collectively an "</FONT><FONT SIZE=2><B>entity</B></FONT><FONT SIZE=2>") and the heirs, executors, administrators, successors, or other legal representatives as the case
may be, of such&nbsp;entity; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Preliminary Passport System Decision Document</B></FONT><FONT SIZE=2>" means a receipt for the Canadian Preliminary Prospectus issued in accordance with the Passport System; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Qualifying Provinces</B></FONT><FONT SIZE=2>" means each of the provinces of Canada; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Ryder Scott</B></FONT><FONT SIZE=2>" means Ryder Scott Company&nbsp;L.P., independent petroleum consultants of Houston,&nbsp;Texas; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Ryder Scott Report</B></FONT><FONT SIZE=2>" means the independent engineering evaluation of the oil, natural gas liquids and natural gas reserves attributable to the
Corporation prepared by Ryder Scott effective December&nbsp;31, 2014 and dated February&nbsp;18,&nbsp;2015; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Securities and Exchange Commission; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Laws</B></FONT><FONT SIZE=2>" means the Canadian Securities Laws and the U.S.&nbsp;Securities&nbsp;Laws; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEDAR</B></FONT><FONT SIZE=2>" means the System for Electronic Document Analysis and Retrieval of the Canadian Securities Administrators; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Selling Firm</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;5(a); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Sproule</B></FONT><FONT SIZE=2>" means Sproule Unconventional Limited, independent petroleum consultants of Calgary, Alberta; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Sproule Reserves Report</B></FONT><FONT SIZE=2>" means the independent engineering evaluation of the oil, natural gas liquids and natural gas reserves and contingent resources
attributable to the Corporation prepared by Sproule effective December&nbsp;31, 2014 and dated February&nbsp;17,&nbsp;2015; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>subsidiary</B></FONT><FONT SIZE=2>" has the meaning given to it in National Instrument&nbsp;45-106 </FONT><FONT SIZE=2><I>Prospectus and Registration
Exemptions;</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Swap</B></FONT><FONT SIZE=2>" means any transaction which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity
index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, forward sale, exchange traded futures contract or any other similar transaction; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada), as amended, re-enacted or replaced from time
to&nbsp;time; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Template Version</B></FONT><FONT SIZE=2>" has the meaning ascribed to "template version" under NI&nbsp;41-101 and includes any revised template version of Marketing
Materials as contemplated by NI&nbsp;41-101; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriters' Canadian Counsel</B></FONT><FONT SIZE=2>" means McCarthy T&eacute;trault&nbsp;LLP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriters' Information</B></FONT><FONT SIZE=2>" means statements in or omissions from the Offering Documents made in reliance upon and in conformity with information
furnished in writing to the Corporation by the Underwriters expressly for use&nbsp;therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriters' U.S.&nbsp;Counsel</B></FONT><FONT SIZE=2>" means Vinson&nbsp;&amp; Elkins&nbsp;LLP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriting Fee</B></FONT><FONT SIZE=2>" has the meaning given to it in subsection&nbsp;8(a); </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>United&nbsp;States</B></FONT><FONT SIZE=2>" or&nbsp;"</FONT><FONT SIZE=2><B>U.S.</B></FONT><FONT SIZE=2>" means the United&nbsp;States of America, its territories and
possessions, any state of the United&nbsp;States and the District of&nbsp;Columbia; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Amended Prospectus</B></FONT><FONT SIZE=2>" means a prospectus included in any U.S.&nbsp;Registration Statement Amendment; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Final Registration Statement</B></FONT><FONT SIZE=2>" means the amended registration statement on Form&nbsp;F-10 to&nbsp;be filed by the Corporation with the
SEC, including the U.S.&nbsp;Final Prospectus, the exhibits and any schedules thereto, the documents incorporated by reference therein and the documents otherwise deemed under applicable rules and
regulations of the SEC to be a part thereof or included therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Initial Registration Statement</B></FONT><FONT SIZE=2>" means the amended registration statement on Form&nbsp;F-10 to&nbsp;be filed by the Corporation with the
SEC, including the U.S.&nbsp;Preliminary Prospectus, the exhibits and any schedules thereto, the documents incorporated by reference therein and the documents otherwise deemed under applicable rules
and regulations of the SEC to be a part thereof or included therein; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Final Prospectus</B></FONT><FONT SIZE=2>" means the Canadian Final Prospectus, with such deletions therefrom and additions thereto as are permitted or required by
Form&nbsp;F-10 and&nbsp;the applicable rules and regulations of the SEC, including the documents incorporated by reference therein; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Offering Documents</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Initial Registration Statement, the U.S.&nbsp;Final Registration Statement, any
U.S.&nbsp;Registration Statement Amendment, the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Final
Prospectus, any U.S.&nbsp;Amended Prospectus, any free writing prospectus or any information that the Corporation has filed, or is required to file, pursuant to Rule&nbsp;433(d) under the 1933
Act, or any amendment or supplement thereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Preliminary Prospectus</B></FONT><FONT SIZE=2>" means, as of any time prior to the time the U.S.&nbsp;Final Registration Statement is declared or becomes
effective, the Canadian Preliminary Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and&nbsp;the applicable rules and regulations of
the SEC, including the documents incorporated by reference therein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Registration Statement</B></FONT><FONT SIZE=2>" means, collectively, the U.S.&nbsp;Initial Registration Statement, the U.S.&nbsp;Final Registration Statement
and any U.S.&nbsp;Registration Statement Amendment; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Registration Statement Amendment</B></FONT><FONT SIZE=2>" means any amendment to the U.S.&nbsp;Initial Registration Statement, other than with respect to the
filing of the U.S.&nbsp;Final Registration Statement, and any post-effective amendment to the U.S.&nbsp;Final Registration Statement filed with the SEC during the distribution of the
Offered&nbsp;Shares; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Securities Laws</B></FONT><FONT SIZE=2>" means the 1933 Act, the 1934 Act and applicable securities laws of any state of the United&nbsp;States. </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Except
where the context otherwise requires, reference herein to the Corporation and facts relating to the Corporation shall include reference to Baytex
Energy Corp. and all of its subsidiaries, taken as a&nbsp;whole.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unless
otherwise expressly provided in this Agreement, words importing only the singular number include the plural and </FONT><FONT SIZE=2><I>vice
versa</I></FONT><FONT SIZE=2> and words importing gender include all genders. References to "sections" are to the appropriate section of this&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
funds referred to in this Agreement shall be in Canadian dollars unless otherwise noted. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification for Sale  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation represents and warrants to the Underwriters that it is eligible to use the short form prospectus offering qualification system described in
NI&nbsp;44-101 for the distribution of the Offered Shares, that no order having the effect of ceasing or suspending the distribution of the Offered Shares has been issued by any Canadian Securities
Regulator and that no proceeding for that purpose has been initiated or, to the best of the Corporation's knowledge, threatened by any Canadian Securities Regulator.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation covenants with the Underwriters that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>promptly
following the execution of this Agreement, the Corporation shall elect the Passport System and file the Canadian Preliminary Prospectus, in the
form heretofore delivered or made available to the Underwriters, and such other documents required under the Canadian Securities Laws with the Canadian Securities Regulators in each of the Qualifying
Provinces and designate the ASC as the principal regulator under the Passport System;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Canadian Preliminary Prospectus shall amend and restate a preliminary short form prospectus filed by the Corporation in each of the Qualifying
Provinces on March&nbsp;11, 2015 respecting the offering of the Offered&nbsp;Shares. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_oa73901_1_7"> </A>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation covenants with the Underwriters that it shall comply with the Passport System and&nbsp;shall:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>obtain
from the ASC a Preliminary Passport System Decision Document dated March&nbsp;11, 2015, evidencing that a receipt for the Canadian Preliminary
Prospectus has been issued or deemed to have been issued in each of the Qualifying Provinces;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>forthwith
after any comments with respect to the Canadian Preliminary Prospectus have been received and resolved from the Canadian Securities Regulators
and in any event by not later than 5:00&nbsp;p.m. (Calgary time) on March&nbsp;19, 2015, prepare and file the Canadian Final Prospectus and such other documents required under the Canadian
Securities Laws with the Canadian Securities Regulators in each of the Qualifying Provinces;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>obtain
from the ASC a Final Passport System Decision Document dated March&nbsp;19, 2015 evidencing that a receipt for the Canadian Final Prospectus has
been issued in Alberta and Ontario and has been deemed to have been issued in each of the Qualifying Provinces other than Alberta and Ontario or otherwise evidencing that a receipt for the Canadian
Final Prospectus has been issued or deemed to have been issued in each of the Qualifying Provinces;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>otherwise
fulfill all legal requirements to enable the Offered Shares to be offered and sold to the public in each of the Qualifying Provinces through the
Underwriters or any other investment dealer or broker registered in the applicable Qualifying Province;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>until
the completion of the distribution of the Offered Shares, promptly take all additional steps and proceedings that from time to time may be required
under the Canadian Securities Laws to continue to qualify the Offered Shares for distribution or, in the event that the Offered Shares have, for any reason, ceased to so qualify, to again qualify the
Offered Shares for distribution in each Qualifying Province.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation represents and warrants to the Underwriters that it meets the general eligibility requirements for use of Form&nbsp;F-10 under the 1933
Act, no stop order suspending the effectiveness of the U.S.&nbsp;Registration Statement has been issued and no proceeding for that purpose has been initiated or, to the best of Corporation's
knowledge, threatened by the&nbsp;SEC.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation represents and warrants to the Underwriters that the Corporation has filed with the SEC an appointment of agent for service of process upon
the Corporation on Form&nbsp;F-X in conjunction with the filing of the U.S.&nbsp;Registration Statement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation covenants with the Underwriters that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>immediately
following the filing of the Canadian Preliminary Prospectus, it will file the U.S.&nbsp;Initial Registration Statement, in the form heretofore
delivered or made available to the Underwriters, with the SEC;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
U.S.&nbsp;Initial Registration Statement shall amend a registration statement on Form&nbsp;F-10 filed by the Corporation with SEC on
March&nbsp;11, 2015 respecting the offering of the Offered&nbsp;Shares.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation covenants with the Underwriters that it shall:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>immediately
following the filing of the Canadian Final Prospectus and in any event by not later than 5:00&nbsp;p.m. (Calgary time) on March&nbsp;19,
2015, prepare and file with the SEC the U.S.&nbsp;Final Registration Statement, such to become effective under the 1933 Act upon the filing thereof pursuant to Rule&nbsp;467(a) under the 1933
Act;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>promptly
from time to time to take such action as the Underwriters may reasonably request to qualify the Offered Shares for offering and sale under the
securities laws of such jurisdictions in the United&nbsp;States as the Underwriters may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings in such
jurisdictions for as long as reasonably required to complete the distribution of the Offered Shares, provided that in </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=7,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=651166,FOLIO='7',FILE='DISK104:[15ZAR1.15ZAR73901]OA73901A.;6',USER='LPENROD',CD='14-MAR-2015;03:07' -->
<A NAME="page_oa73901_1_8"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>connection
therewith the Corporation shall not be required to qualify as a foreign corporation or to file&nbsp;a general consent to service of process in any jurisdiction. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Prior
to the filing of the Canadian Final Prospectus and the U.S.&nbsp;Final Registration Statement or any Canadian Prospectus Amendment or any
U.S.&nbsp;Final Registration Statement or any documents incorporated by reference therein, the Corporation shall have allowed the Underwriters and the Underwriters' counsel to participate fully in
the preparation of, and, acting reasonably, to approve the form of, such documents and to have reviewed any documents incorporated by reference therein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>During
the period from the date hereof until completion of the distribution of the Offered Shares, the Corporation shall allow the Underwriters to conduct
all due diligence which they may reasonably require in order to fulfill their obligations as underwriters and in order to enable the Underwriters responsibly to execute the certificates required to be
executed by them in the Canadian Prospectus or in any Canadian Prospectus Amendment. Without limiting the generality of the foregoing, the Corporation shall make available its directors, senior
management and audit committee, and shall use all commercially reasonable efforts to cause its auditors, independent engineers, legal counsel and other experts whose reports are included or
incorporated by reference in the Canadian Prospectus to be available to answer any questions which the Underwriters may have and to participate in one or more due diligence sessions to be held prior
to the Closing Time (collectively, the "</FONT><FONT SIZE=2><B>Due Diligence Session</B></FONT><FONT SIZE=2>"). The Underwriters shall distribute a list of written questions to be answered in advance
of such Due Diligence Session and the Corporation shall provide written responses to such questions in advance of the Due Diligence Session and shall use all commercially reasonable efforts to have
the above-mentioned auditors, independent engineers, legal counsel and other experts provide written responses to such questions in advance of the Due Diligence Session.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will ensure that management of the Corporation will make themselves available to assist in the marketing of the Offered Shares at such times
and in such manner as the Underwriters may reasonably request, including, without limitation, to participate in meetings with institutional investors as reasonably requested by the Underwriters.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>During
the period from the date hereof until completion of the distribution of the Offered&nbsp;Shares:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation shall prepare, in consultation with the Designated Underwriter, and approve in writing, prior to such time any Marketing Materials are
provided to potential investors in respect of the Offered Shares, a Template Version of any Marketing Materials reasonably requested to be provided by the Underwriters to any such potential investor,
such Marketing Materials to comply with Canadian Securities Laws and to be acceptable in form and substance to the Underwriters and their counsel, acting reasonably;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Designated Underwriter shall, on behalf of the Underwriters, approve a Template Version of any such Marketing Materials in writing prior to such time
such Marketing Materials are provided to potential investors in respect of the Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation shall file&nbsp;a Template Version of the English version of any such Marketing Materials on SEDAR as soon as reasonably practical after
such Marketing Materials are approved in writing by the Corporation and the Designated Underwriter and in any event on or before the day the Marketing Materials are first provided to any potential
investor in respect of the Offered Shares, and any comparables shall be removed from the template version in accordance with NI&nbsp;44-101 prior to filing such on SEDAR (provided that if any such
comparables are removed, the Corporation shall deliver a complete Template Version of any such marketing materials to the Canadian Securities Regulators), and the Corporation shall provide a copy of
such filed Template Version to the Underwriters as soon as practicable following such filing. The French language version of any such marketing materials shall be filed on SEDAR prior to or
concurrently with the filing of the Canadian Final Prospectus as contemplated herein and a copy thereof shall be delivered to the Underwriters as soon as </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>practicable
following such filing. Following the approvals set forth in subsections&nbsp;2(k)(i) and&nbsp;2(k)(ii), the Underwriters may provide a limited use version of such Marketing Materials
to potential investors in respect of the Offered Shares in accordance with Canadian Securities&nbsp;Laws;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation shall file&nbsp;a Template Version of the English version of any such Marketing Materials on EDGAR as soon as reasonably practical after
such Marketing Materials are approved in writing by the Corporation and the Designated Underwriter and in any event on or before the day the Marketing Materials are first provided to any potential
investor in respect of the Offered Shares, and the Corporation shall provide a copy of such filed Template Version to the Underwriters as soon as practicable following such filing;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and the Underwriters covenant and agree:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
to provide any potential investor of Offered Shares with any Marketing Materials unless a Template Version of such Marketing Materials has been filed by
the Corporation with the Canadian Securities Regulators and the SEC on or before the day such Marketing Materials are first provided to any potential investor of Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>not
to provide any potential investor with any materials or information in relation to the distribution of the Offered Shares or regarding the Corporation
other than: (a)&nbsp;such Marketing Materials that have been approved and filed in accordance with this subsection&nbsp;2(k); (b)&nbsp;the Canadian Offering Documents; (c)&nbsp;the
U.S.&nbsp;Offering Documents; and (d)&nbsp;the Template Version of any Marketing Materials approved in writing by the Corporation and the Designated Underwriter;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
any Marketing Materials approved and filed in accordance with this subsection&nbsp;2(k), and the Template Version of any Marketing Materials approved
in writing by the Corporation and the Designated Underwriter, shall only be provided to potential investors of Offered Shares in the Qualifying Provinces and the United&nbsp;States. </FONT></DD></DL>
</DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliveries in Connection with the Offering Documents  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Prior
to or contemporaneously, as nearly as practicable, with the filing with the Canadian Securities Regulators of the Canadian Preliminary Prospectus, the
Corporation shall deliver or cause to be delivered without charge to the Underwriters and the Underwriters' counsel:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of the Canadian Preliminary Prospectus, in each of the English and French languages, signed as required by Canadian Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>signed
copies of the U.S.&nbsp;Initial Registration Statement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of any documents incorporated by reference in the Canadian Preliminary Prospectus and the U.S.&nbsp;Initial Registration Statement which have not
previously been delivered to the Underwriters and are not otherwise available on&nbsp;SEDAR;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
opinion of Qu&eacute;bec counsel, addressed to the Corporation, the Underwriters and their respective counsel and dated the date of the Canadian
Preliminary Prospectus to the effect that the French language version of the Canadian Preliminary Prospectus (including the documents incorporated by reference therein, but excluding financial
statements and other financial information included or incorporated by reference therein which are the subject of the opinions of the auditors referred to below, as to which no opinion need be
expressed by Qu&eacute;bec counsel) is in all material respects a complete and proper translation of the English language version thereof;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
opinion of the Corporation's auditors, addressed to the Corporation, the Underwriters and their respective counsel and dated the date of the Canadian
Preliminary Prospectus to the effect that the French language version of the financial statements and other financial information of the Corporation set forth or incorporated by reference in the
Canadian </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Preliminary
Prospectus is in all material respects a complete and proper translation of the English language version thereof;  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Prior
to or contemporaneously, as nearly as practicable, with the filing with the Canadian Securities Regulators of the Canadian Final Prospectus, the
Corporation shall deliver or cause to be delivered without charge to the Underwriters and the Underwriters' counsel:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of the Canadian Final Prospectus, in each of the English and French languages, signed as required by Canadian Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>signed
copies of the U.S.&nbsp;Final Registration Statement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of any documents incorporated by reference in the Canadian Final Prospectus and the U.S.&nbsp;Final Registration Statement which have not
previously been delivered to the Underwriters and are not otherwise available on&nbsp;SEDAR;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
opinion of Qu&eacute;bec counsel, addressed to the Corporation, the Underwriters and their respective counsel and dated the date of the Canadian
Final Prospectus to the effect that the French language version of the Canadian Final Prospectus (including the documents incorporated by reference therein, but excluding financial statements and
other financial information included or incorporated by reference therein which are the subject of the opinions of the auditors referred to below, as to which no opinion need be expressed by
Qu&eacute;bec counsel) is in all material respects a complete and proper translation of the English language version thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an
opinion of the Corporation's auditors, addressed to the Corporation, the Underwriters and their respective counsel and dated the date of the Canadian
Final Prospectus to the effect that the French language version of the financial statements and other financial information of the Corporation set forth or incorporated by reference in the Canadian
Final Prospectus is in all material respects a complete and proper translation of the English language version thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
"comfort letter" from each of the Corporation's auditors and Aurora Oil&nbsp;&amp; Gas Limited's ("</FONT><FONT SIZE=2><B>Aurora</B></FONT><FONT SIZE=2>")
auditors, dated the date of the Canadian Final Prospectus, addressed to the Underwriters and satisfactory in form and substance to the Underwriters and the Underwriters' counsel, acting reasonably, to
the effect that they have carried out certain procedures performed for the purposes of comparing certain specified financial information and percentages appearing in the Canadian Final Prospectus and
the documents incorporated therein by reference with indicated amounts in the financial statements or accounting records of the Corporation or Aurora, as applicable, and have found such information
and percentages to be in agreement, which comfort letter shall be based on the applicable auditors' review having a cut-off date of not more than two Business Days prior to the date of the Canadian
Final Prospectus;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
"reserve engineer comfort letter" from each of the Corporation's reserve engineers, dated the date of the Canadian Final Prospectus, addressed to the
Underwriters and satisfactory in form and substance to the Underwriters and the Underwriters' counsel, acting reasonably, to the effect that the Underwriters may rely upon the reports prepared by the
reserve engineers as if such report were addressed to the Underwriters.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Prior
to or contemporaneously, as nearly as practicable, with the filing thereof, the Corporation shall deliver or cause to be delivered without charge to
the Underwriters and the Underwriters' counsel:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of the English and French language versions of any Canadian Prospectus Amendment, signed as required by Canadian Securities Laws, together with
opinions and comfort letters similar to those referenced in subsection&nbsp;3(b);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>signed
copies of any U.S.&nbsp;Registration Statement Amendment; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of any documents deemed to be incorporated by reference in the Canadian Preliminary Prospectus after the filing of the Canadian Preliminary
Prospectus and prior to the filing of the Canadian Final Prospectus, together with the opinions similar to those referenced in subsection&nbsp;3(a);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>copies
of any documents deemed to be incorporated by reference in the Canadian Final Prospectus after the filing of the Canadian Final Prospectus, together
with opinions and comfort letters similar to those referenced in subsection&nbsp;3(b).
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
opinion or comfort letter referred to in subsections&nbsp;3(a), 3(b) and&nbsp;3(c) shall be in form and substance acceptable to the Underwriters and
the Underwriters' counsel, acting reasonably.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
deliveries referred to in subsections&nbsp;3(a), 3(b) and&nbsp;3(c) shall constitute the Corporation's consent to the use by the Underwriters and
Selling Firms of the applicable Offering Documents so delivered in connection with the offering and sale of the Offered&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation shall cause commercial copies of the Canadian Preliminary Prospectus, the Canadian Final Prospectus, the U.S.&nbsp;Preliminary Prospectus,
the U.S.&nbsp;Final Prospectus, any Canadian Prospectus Amendment and any U.S.&nbsp;Amended Prospectus to be delivered to the Underwriters without charge, in such numbers and in such cities as the
Underwriters may reasonably request by written instructions to the printer of such documents. Such delivery shall be effected as soon as possible after the filing, as applicable, of the Canadian
Preliminary Prospectus, the Canadian Final Prospectus, the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Final Prospectus, the Canadian Prospectus Amendment or U.S.&nbsp;Amended Prospectus
with the Canadian Securities Regulators or SEC, as applicable, but in any event on or before 3:00&nbsp;p.m. (Calgary time) on the first Business Day following receipt of the Preliminary Passport
System Decision Document or the Final Passport System Decision Document, as&nbsp;applicable. </FONT></DD></DL>
</UL>


<P style="font-family:times;"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations of the Corporation Respecting the Offering Documents  </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation represents and warrants to, and agrees with, each of the Underwriters&nbsp;that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
document filed or to be filed with the Canadian Securities Regulators and incorporated by reference in any Canadian Offering Document, when such
document was or is filed with the Canadian Securities Regulators, complied as to form, or will comply as to form when so filed, in all material respects with the applicable requirements of Canadian
Securities Laws, except in those respects for which exemptive relief has been obtained and with respect to which exemptive relief the Corporation is in full compliance, and none of such documents, as
of their respective dates, contained or will contain a misrepresentation, an untrue statement of material fact or omitted or will omit to state a material fact required to be stated therein or that is
necessary to make a statement therein not misleading in the light of the circumstances under which it was&nbsp;made;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
document filed or to be filed with the SEC and incorporated by reference in any U.S.&nbsp;Offering Document, when such document was or is filed with
the SEC, conformed or will conform in all material respects to the applicable requirements of the 1934 Act and the rules and regulations of the SEC thereunder and none of such documents, as of their
respective dates, contained or will contain an untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein or necessary to make a statement
therein not misleading in light of the circumstances under which it was&nbsp;made;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Canadian Preliminary Prospectus conforms in, all material respects, with the applicable requirements of Canadian Securities Laws and the Canadian Final
Prospectus, any Canadian Prospectus Amendment, if applicable, and the Marketing Materials will conform, in all material respects, with the applicable requirements of Canadian Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Canadian Preliminary Prospectus, as of its filing date, will not, and the Canadian Final Prospectus and, any Canadian Prospectus Amendment, if
applicable, as of their respective filing dates and as of the Closing Date and as of any Additional Closing Date, if applicable, will not, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or that is necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any Underwriters' Information;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Canadian Preliminary Prospectus, as of its filing date, will constitute, and the Canadian Final Prospectus and, any Canadian Prospectus Amendment, if
applicable, as of their respective filing dates and as of the Closing Date and as of the Additional Closing Date, if applicable, will constitute, full, true and plain disclosure of all material facts
relating to the Offered Shares and the Corporation within the meaning set forth in the Canadian Securities Laws; provided, however, that this representation and warranty shall not apply to any
Underwriters' Information;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
U.S.&nbsp;Registration Statement, at the Effective Time, and the U.S.&nbsp;Final Prospectus, as of its date and as of the Closing Date and as of any
Additional Closing Date, if applicable, will conform in all material respects to the applicable requirements of the 1933 Act and the rules and regulations of the SEC&nbsp;thereunder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
U.S.&nbsp;Registration Statement, at the Effective Time, will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the representations and warranties set forth in this paragraph shall not apply to any
Underwriters' Information;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
U.S.&nbsp;Final Prospectus, as of its date (including the Effective Time) and as of the Closing Date and as of any Additional Closing Date, if
applicable, will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, however, that the representations and warranties set forth in this paragraph shall not apply to any Underwriters' Information;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
free writing prospectus, when considered together with the U.S.&nbsp;Final Prospectus, will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the representations and
warranties set forth in this paragraph shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Corporation by or on behalf
of the Underwriters expressly for use in the free writing prospectus;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
U.S.&nbsp;Preliminary Prospectus conforms to the Canadian Preliminary Prospectus and the U.S.&nbsp;Final Prospectus and any U.S.&nbsp;Amended
Prospectus, if applicable, will conform to the Canadian Final Prospectus and the related Canadian Prospectus Amendment, respectively, in each case except for such deletions therefrom and additions
thereto as are permitted or required by Form&nbsp;F-10 and&nbsp;the applicable rules and regulations of the&nbsp;SEC;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Form&nbsp;F-X conforms in all material respects with the requirements of the 1933 Act and the rules and regulations of the SEC under the
1933&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
the time of filing the U.S.&nbsp;Registration Statement and any post-effective amendments thereto, at the earliest time after the filing of the
U.S.&nbsp;Registration Statement that the Corporation or another offering participant made a </FONT><FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> offer (within the meaning of
Rule&nbsp;164(h)(2) under the 1933 Act) of the Offered Shares and at the date hereof, the Corporation was not and is not an "ineligible issuer," as defined in Rule&nbsp;405 under the
1933&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
free writing prospectus that the Corporation is required to file pursuant to Rule&nbsp;433(d) under the 1933 Act, has been, or will be, filed with the
SEC in accordance with the requirements of the 1933 Act and the rules and regulations of the SEC applicable to free writing prospectuses thereunder; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
free writing prospectus that the Corporation has filed, or will file, pursuant to Rule&nbsp;433(d) under the 1933 Act or that was prepared by or
behalf of or used or referred to by the Corporation complies or will comply in all material respects with the requirements of the 1933 Act and the applicable rules and regulations of the
SEC&nbsp;thereunder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
for the free writing prospectuses, if any, identified in </FONT><FONT SIZE=2><B>Schedule&nbsp;"B"</B></FONT><FONT SIZE=2> hereto,
and&nbsp;electronic road shows, if any, each furnished to the Underwriters before first use, the Corporation has not prepared, used or referred to, and will not, without the prior consent of the
Co-Lead Underwriters, prepare, use or refer to, any free writing prospectus;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>prior
to the announcement of the offering contemplated by this Agreement, the Corporation's management approved the Marketing Materials prepared as of such
time of announcement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
statements set forth in each of the Offering Documents under the heading "Description of Common Shares", insofar as they purport to constitute a summary
of the terms of the Common Shares, are fair and adequate summaries of the matters referred to therein;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not occurred any material change, or any development involving a prospective material change, in the business, operations, revenues, capital,
properties, assets, liabilities (absolute, accrued, contingent or otherwise), condition (financial or otherwise) or results of operations of the Corporation from that set forth in or contemplated by
each of the Offering Documents (exclusive of any amendments or supplements thereto subsequent to the date of this Agreement). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights and Obligations of Underwriters  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
Underwriter shall be permitted to appoint additional investment dealers or brokers (each, a "</FONT><FONT SIZE=2><B>Selling
Firm</B></FONT><FONT SIZE=2>") as its agents in connection with the offering and sale of the Offered Shares, and each such Underwriter may determine the remuneration payable by the Underwriter to such
Selling&nbsp;Firm.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the terms and conditions set forth in this Agreement and the Offering Documents, the Underwriters may offer the Offered Shares, directly and
through Selling Firms or any affiliate of an Underwriter, (i)&nbsp;in each of the Qualifying Provinces pursuant to applicable Canadian Securities Laws, (ii)&nbsp;in the United&nbsp;States
pursuant to applicable United&nbsp;States federal and state securities laws, and (iii)&nbsp;in any jurisdiction outside of Canada and the United&nbsp;States in accordance with applicable
securities laws in such other jurisdiction provided that such does not require registration of any of the Offered Shares or the filing of a prospectus or any similar document or subject the
Corporation to any continuous disclosure or other similar reporting requirements to which it is not currently subject, in each case as set forth in the Offering Documents, and each Underwriter shall
require any Selling Firm appointed by such Underwriter to agree to the&nbsp;foregoing.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
Underwriter shall conduct its activities in connection with the proposed offer and sale of the Offered Shares in compliance with all Canadian
Securities Laws, all applicable United&nbsp;States federal and state securities laws and all applicable securities laws in such other jurisdictions outside of Canada and the United&nbsp;States and
cause a similar covenant to be contained in any agreement entered into with any Selling Firm appointed in connection with the distribution of the Offered Shares pursuant to Section&nbsp;5(a).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Designated Underwriter will notify the Corporation when, in their opinion, the distribution of the Offered Shares has terminated and will provide to the
Corporation, as soon as practicable (and&nbsp;in any event within 30&nbsp;days) after the distribution of the Offered Shares has terminated, a breakdown of the number of Offered Shares distributed
in each of the Qualifying Provinces where such breakdown is required for the purpose of calculating fees payable to the Canadian Securities Regulators.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Notwithstanding
the foregoing provisions of this Section&nbsp;5, no Underwriter will be liable to Corporation under this Section&nbsp;5 with respect to
a default by another Underwriter or any Selling Firm, as the case may be, if the former Underwriter is not also in&nbsp;default. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<UL>
</UL>
</UL>
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</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Change and Other Covenants of the Corporation  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>During
the period commencing on the date hereof and ending on the completion of the distribution of the Offered Shares or at any time when a prospectus
relating to the Offered Shares is required to be delivered under the 1933 Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the 1933 Act), the
Corporation shall promptly notify the Underwriters in writing&nbsp;of:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
material change, occurrence or development (actual, anticipated, contemplated or threatened) in the business, financial condition, properties, affairs,
operations, assets, liabilities (absolute, accrued, contingent or otherwise), revenue, control or capital of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
issuance by any Canadian Securities Regulator, the SEC or any other competent authority of any order to cease or suspend trading of any securities of
the Corporation or of the institution or threat of institution of any proceedings for that&nbsp;purpose;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
receipt by the Corporation of any communication from any Canadian Securities Regulator, the SEC, the TSX, the NYSE or any other competent authority
relating to the Offering Documents, any other part of the public record of the Corporation or the distribution of the Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
change in any material fact contained in the Offering Documents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
occurrence or discovery of any material fact, event or change, which fact, event or change is, or may be, of such a nature as to render any statement in
the Marketing Materials, the Canadian Prospectus, any Canadian Prospectus Amendment or otherwise in the Corporation's Information Record misleading or untrue in any material respect or which would
result in a misrepresentation in the Canadian Prospectus, any Canadian Prospectus Amendment or otherwise in the Corporation's Information Record or which would result in the Canadian Prospectus, any
Canadian Prospectus Amendment or the Corporation's Information Record not complying (to&nbsp;the extent that such compliance is required) with Canadian Securities Laws;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
material change that results in it being necessary to amend the U.S.&nbsp;Registration Statement or to amend or supplement the
U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Final Prospectus or any U.S.&nbsp;Amended Prospectus in order that such document will not include any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the case of the U.S.&nbsp;Registration Statement, not misleading, and in the case of
the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Final Prospectus or any U.S.&nbsp;Amended Prospectus, in light of the circumstances under which such statements are made, not misleading, or
makes it necessary to amend or supplement the U.S.&nbsp;Registration Statement, U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Final Prospectus or any U.S.&nbsp;Amended Prospectus to comply
with the requirements of the 1933 Act and the published rules and regulations thereunder.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will in good faith discuss with the Co-Lead Underwriters, on behalf of the Underwriters, as promptly as possible any change, circumstance or
event of the nature described in subsection&nbsp;6(a), and the Corporation shall promptly, and in any event within any applicable time limitation, comply, to the reasonable satisfaction of the
Underwriters, with all applicable filings and other requirements under Canadian Securities Laws and U.S.&nbsp;Securities Laws as a result of such fact or change, including the filing of any Canadian
Prospectus Amendment or any U.S.&nbsp;Amended Prospectus. However, the Corporation shall not file any Canadian Prospectus Amendment, U.S.&nbsp;Amended Prospectus or other document without first
consulting with the Underwriters with respect to the form and content thereof and shall allow the Underwriters to participate fully in the preparation of any Canadian Prospectus Amendment,
U.S.&nbsp;Amended Prospectus or other document and conduct any and all due diligence which in the opinion of the Underwriters is required in order to enable the Underwriters to responsibly execute
any certificates required to be executed by the Underwriters in any Canadian Prospectus Amendment and to fulfill their obligations under Canadian Securities Laws and
U.S.&nbsp;Securities&nbsp;Laws. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation shall in good faith discuss with the Co-Lead Underwriters on behalf of the Underwriters, any change, event or circumstance (actual or
proposed within the knowledge of the Corporation) which is of such a nature that there is reasonable doubt whether notice need be given to the Underwriters pursuant to the subsection&nbsp;6(a).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>During
the period commencing on the date hereof and ending on the completion of the distribution of the Offered Shares, the Corporation will promptly
provide to the Underwriters, for review by the Underwriters and the Underwriters' counsel, prior to filing or&nbsp;issuance:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
annual audited or interim unaudited financial statement of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
proposed document, including, without limitation, any amendment to the AIF, new annual information form, business acquisition report, material change
report, interim report, or information circular, which may be incorporated, or deemed to be incorporated, by reference in the Canadian Prospectus;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
press release of the Corporation (other than press releases announcing monthly dividends).
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation will not take any action that would result in an Underwriter or the Corporation being required to file with the SEC pursuant to
Rule&nbsp;433(d) under the 1933 Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation shall use its reasonable best efforts to file or cause to be filed with the TSX all necessary documentation and to obtain the approval of
the TSX to the listing of the Offered Shares on the facilities of the TSX by the Closing Date, subject only to standard listing conditions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation shall use its reasonable best efforts to have the Offered Shares approved for listing on the NYSE, subject only to notice of official
issuance, on or prior to the filing with the Canadian Securities Regulators of the Canadian Final Prospectus or as soon as practicable thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation shall use the net proceeds from the sale of the Offered Shares as described in the Offering Documents. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Corporation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation represents and warrants to, and covenants with, the Underwriters, and acknowledges that each of the Underwriters is relying upon such representations, warranties and covenants in
entering into this Agreement,&nbsp;that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is a corporation duly incorporated and validly subsisting under the ABCA, and has all requisite corporate capacity, power and authority to
carry on its business as it is now being conducted and as described in the Offering Documents and to own its properties and&nbsp;assets;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than as described in the AIF under the heading "Baytex Energy Corp.&nbsp;&#151;&nbsp;Intercorporate Relationships", the
Corporation has no material subsidiaries, is not "affiliated" with or a "holding corporation" of any other body corporate (within the meaning of the ABCA) other than its subsidiaries, and is not a
partner of any partnerships or limited partnerships and each of the subsidiaries of the Corporation has been duly incorporated, formed or organized, as applicable, and is a valid and subsisting
corporation, partnership or trust in good standing under the laws of the jurisdiction in which it was incorporated, formed or organized, and has all requisite power, authority and capacity to carry on
its business and to own, lease and operate its properties and&nbsp;assets;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
of the ownership interests in each of the subsidiaries of the Corporation, including those described in the AIF under the heading "Baytex Energy
Corp.&nbsp;&#151;&nbsp;Intercorporate Relationships", are legally and beneficially owned, directly or indirectly, by the Corporation and the Corporation is the legal and
beneficial owner in each case free and clear of any liens, pledges, charges, encumbrances, security interests or other adverse claims whatsoever; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries is duly registered to do business and is in good standing in each jurisdiction in which the character of their
properties, owned or leased, or the nature of their activities make such registration necessary, except where the failure to be so registered or in good standing would not have a Material
Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries has conducted and is conducting and will conduct its business in compliance in all material respects with all
applicable laws, rules and regulations and, in particular, all applicable licensing and environmental legislation, regulations or by-laws or other lawful requirements of any governmental or regulatory
bodies applicable to it of each jurisdiction in which it carries on business and holds all licences, registrations and qualifications in all jurisdictions in which it carries on business which are
necessary or desirable to carry on the business of the Corporation and each of its subsidiaries, respectively, as now conducted and as contemplated to be conducted in the Offering Documents (except
where the failure to so conduct its business or to hold such licences, registrations or qualifications would not, individually or in the aggregate, have a Material Adverse Effect), all such licences,
registrations or qualifications are valid and existing and in good standing (except where the lack of such valid or existing license would not have a Material Adverse Effect) and none of such
licences, registrations or qualifications contains any burdensome term, provision, condition or limitation which has or is likely to have, individually or in the aggregate, any Material Adverse
Effect, and the Corporation is not aware of any legislation, regulation, rule or lawful requirements currently in force or proposed to be brought into force which the Corporation anticipates the
Corporation or any of its subsidiaries will be unable to comply with without having a Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than the minutes of the meeting of the board of directors held on March&nbsp;4, 2015 and the meetings of the Audit Committee of the board of
directors held on February&nbsp;25, 2015 and March&nbsp;4, 2015, which are currently in draft form, the minute books of the Corporation and its subsidiaries are, in all material respects, true and
correct and contain copies of all minutes of all meetings and all resolutions of the directors, committees of directors and shareholders of the Corporation and the subsidiaries, respectively, and all
such meetings were duly called and properly held and all consent resolutions were properly adopted;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
books of account and other records of the Corporation and its subsidiaries, whether of a financial or accounting nature or otherwise, have been
maintained in accordance with prudent business practices;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries has duly and on a timely basis, filed all tax returns required to be filed by it, has paid all taxes due and
payable by it and has paid all assessments and reassessments and all other taxes, governmental charges, penalties, interest and other fines due and payable by it and which were claimed by any
governmental authority to be due and owing and adequate provision has been made for taxes payable for any completed fiscal period for which tax returns are not yet required and there are no
agreements, waivers, or other arrangements providing for an extension of time with respect to the filing of any tax return or payment of any tax (other than form&nbsp;7704 "Application for Automatic
Extensions of Time to File Certain Business Income Tax, Information, and other Returns" filed with the United&nbsp;States Internal Service), governmental charge or deficiency by the Corporation or
its subsidiaries and to the best of the knowledge, information and belief of the Corporation, other than as disclosed in the Due Diligence Responses, there are no actions, suits, proceedings,
investigations or claims threatened or pending against the Corporation or its subsidiaries in respect of taxes, governmental charges or assessments or any matters under discussion with any
governmental authority relating to taxes, governmental charges or assessments asserted by any such authority. The Corporation and each of its subsidiaries has duly and timely withheld from any amount
paid or credited by it to or for the account or benefit of any person, including any employee, officer, director, or non-resident person, the amount of all taxes and other deductions required by
applicable law to be withheld and has duly and timely remitted the withheld amount to the appropriate taxing or other authority and has duly and timely issued tax reporting slips or returns in respect
of any amount so paid or credited by it as required by applicable&nbsp;law; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
filings made by the Corporation and its subsidiaries under which the Corporation or any of its subsidiaries has received or is entitled to government
incentives, have been made in accordance, in all material respects, with all applicable legislation and contain no misrepresentations of material fact or omit to state any material fact which could
cause any material amount previously paid to the Corporation or its subsidiaries or previously accrued on the accounts thereof to be recovered or&nbsp;disallowed;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>except
to the extent that any violation or other matter referred to in this subsection does not have, individually or in the aggregate, a Material
Adverse&nbsp;Effect:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries, is not in violation of any applicable federal, provincial, municipal or local laws, regulations, orders,
government decrees or ordinances with respect to environmental, health or safety matters (collectively, "</FONT><FONT SIZE=2><B>Environmental Laws</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries, has operated its business at all times and have received, handled, used, stored, treated, shipped and
disposed of all contaminants without violation of Environmental&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
have been no spills, releases, deposits or discharges of hazardous or toxic substances, contaminants or wastes into the earth, air or into any body
of water or any municipal or other sewer or drain water systems by the Corporation or any of its subsidiaries or their respective properties that have not been remedied or that are not presently
being&nbsp;remedied;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
orders, directions or notices have been issued and remain outstanding pursuant to any Environmental Laws relating to the business or assets of the
Corporation or its subsidiaries;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries, has not failed to report to the proper Governmental Authority the occurrence of any event which is required to
be so reported by any Environmental Law;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries, holds all licences, permits and approvals required under any Environmental Laws in connection with the
operation of its business and the ownership and use of its assets, all such licences, permits and approvals are in full force and effect, and except for (1)&nbsp;notifications and conditions of
general application to assets of the type owned by the Corporation or its subsidiaries, and (2)&nbsp;notifications relating to reclamation obligations under provincial law, the Corporation and each
of its subsidiaries has not received any notification pursuant to any Environmental Laws that any work, repairs, constructions or capital expenditures are required to be made by it as a condition of
continued compliance with any Environmental Laws, or any licence, permit or approval issued pursuant thereto, or that any licence, permit or approval referred to above is about to be reviewed, made
subject to limitation or conditions, revoked, withdrawn or&nbsp;terminated;
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
and all operations of the Corporation and each of its subsidiaries and, to the knowledge of the Corporation, any and all operations by third parties on
or in respect of the assets and properties of the Corporation, have been conducted in accordance with good oil and gas industry practices and in material compliance with applicable laws, rules,
regulations, orders and directions of governmental and other competent authorities, except where the failure to so operate would not have a Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
consent, approval, permit, authorization, order or filing with any court or governmental agency, securities authority or other jurisdiction or agency is
required by the Corporation or necessary for the execution, delivery and the performance by the Corporation of its obligations under this Agreement, other than such consents, approvals,
authorizations, registrations or qualifications as are contemplated in this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has full corporate capacity, power and authority to enter into this Agreement and to perform its obligations set out herein and this
Agreement is duly authorized, executed and delivered by the Corporation and is a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms
except that the validity, binding </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>effect
and enforceability of the terms of this Agreement are subject to the qualification that such validity, binding effect and enforceability may be limited by: (i)&nbsp;applicable bankruptcy,
insolvency, moratorium, reorganization or other laws affecting creditors' rights generally; (ii)&nbsp;equitable remedies, including the remedies of specific performance and injunctive relief, being
available only in the discretion of the applicable court; (iii)&nbsp;the statutory and inherent powers of a court to grant relief from forfeiture, to stay execution of proceedings before it and to
stay executions on judgments; (iv)&nbsp;the applicable laws regarding limitations of actions; (v)&nbsp;enforceability of provisions which purport to sever any provision which is prohibited or
unenforceable under applicable law without affecting the enforceability or validity of the remainder of such document would be determined only in the discretion of the court;
(vi)&nbsp;enforceability of the provisions exculpating a party from liability or duty otherwise owed by it may be limited under applicable law; and (vii)&nbsp;that rights to indemnity,
contribution and waiver under the documents may be limited or unavailable under applicable&nbsp;law;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
action, approval, consent or vote on the part of the holders of Common Shares or the holders of any other security of the Corporation is or shall be
necessary to consummate the transactions contemplated by this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has full corporate capacity, power and authority to issue the Offered Shares and to grant the Over-Allotment Option and, at the Closing
Time, the Firm Shares and, if applicable, the Option Shares, will be duly and validly authorized, allotted and reserved for issuance in accordance with this Agreement and, upon receipt of the purchase
price therefor, the Offered Shares will be duly and validly issued as fully paid and non-assessable Common&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has the necessary corporate power and authority to execute, deliver and file the Offering Documents and, prior to the filing of the Offering
Documents, all requisite action will have been taken by the Corporation to authorize the execution, delivery and filing of the Offering Documents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
attributes and characteristics of the Offered Shares will conform in all material respects to the attributes and characteristics thereof described in
the Offering Documents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is not in default or breach of, and the execution and delivery of, and the performance of and compliance with the terms of this Agreement by
the Corporation does not and will not result in any breach of, or constitute a default under, and does not and will not create a state of facts which, after notice or lapse of time or both, would
result in a breach of or constitute a default under, (i)&nbsp;any term or provision of the articles, by-laws or constating documents of the Corporation, as applicable, (ii)&nbsp;any resolutions of
shareholders or directors (or&nbsp;any committee thereof) of the Corporation, (iii)&nbsp;any indenture, mortgage, note, contract, agreement (written or oral), instrument, lease or other document
to which the Corporation is a party or by which it is bound, or (iv)&nbsp;any law, judgment, decree, order, statute, rule or regulation applicable to the Corporation, which default or breach might
reasonably be expected to have a Material Adverse Effect or would impair the ability of the Corporation to consummate the transactions contemplated hereby or to duly observe and perform any of its
covenants or obligations contained in this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Financial Statements are complete and correct in all material respects and fairly present, in accordance with IFRS, consistently applied, the financial
position and condition of the Corporation at the dates thereof and the results of the operations of the Corporation for the periods then ended and reflect in accordance with IFRS, consistently
applied, all material assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of the Corporation as at the dates&nbsp;thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has no liabilities, obligations, indebtedness or commitments, whether accrued, absolute, contingent or otherwise, which are not disclosed or
referred to in the Financial Statements, other than liabilities, obligations, or indebtedness or commitments: (i)&nbsp;incurred in the normal course of business; (ii)&nbsp;which would not have a
Material Adverse Effect; or (iii)&nbsp;which have been disclosed in the Corporation's Information Record as of the date of this&nbsp;Agreement; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any adverse material change in the capital, assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of the
Corporation from the position set forth in the Financial Statements;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any adverse material change in the business, operations, capital, properties, assets, liabilities (absolute, accrued, contingent or
otherwise), condition (financial or otherwise) or results of operations of the Corporation since December&nbsp;31, 2014 except as disclosed in the Corporation's Information Record as of the
date&nbsp;hereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(w)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>based
upon representations made by the Corporation's auditors, Deloitte&nbsp;LLP are "independent" within the meaning of the 1933 Act and the requirements
of Public Company Accounting Oversight Board Rule&nbsp;3520, Auditor Independence, and&nbsp;the rules of professional conduct governing auditors in the Province of&nbsp;Alberta;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
has not been any "disagreement" or "reportable event" (within the meaning of Section&nbsp;4.11 of National
Instrument&nbsp;51-102&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Continuous Disclosure Obligations</I></FONT><FONT SIZE=2> of the Canadian Securities Administrators) with the
Corporation's auditors and the Corporation has no current intention to change auditors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation maintains disclosure controls and procedures that comply with the requirements of National
Instrument&nbsp;52-109&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Certification of Disclosure in Issuers' Annual and Interim Filings</I></FONT><FONT SIZE=2> and
Rule&nbsp;13a-15(e) under the 1934 Act; such disclosure controls and procedures have been designed to ensure material information relating to the Corporation is made known to the Corporation's
principal executive officer and principal financial officer by others within its entities and that information required to be disclosed by the Corporation in the reports that it files or submits under
Canadian Securities Laws and U.S.&nbsp;Securities Laws is recorded, processed, summarized and reported within the time periods specified in such securities laws; subject to the limitations described
in the Corporation's management discussion and analysis for the years ended December&nbsp;31, 2014 and 2013 dated March&nbsp;4, 2015, such disclosure controls and procedures were effective as of
December&nbsp;31, 2014 at a reasonable assurance level;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its subsidiaries has its properties and assets insured against loss or damage by insurable hazards or risks consistent with
standard industry practice. Such insurance coverage is of a type and in an amount typical to the business in which the Corporation and its subsidiaries operate as conducted by a reasonably prudent
person based on the advice of reputable insurance brokers consulted by such person. In the last twelve months the Corporation and its subsidiaries have not made any material claim on any policy of
insurance or been refused any insurance coverage sought or applied for. The Corporation does not have any reason to believe that it will not be able to renew the existing insurance coverage of the
Corporation and its subsidiaries as and when such coverage expires or obtain similar coverage from similar insurers as may be necessary to continue with its businesses at a cost that would not have a
Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(aa)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
the best of the Corporation's knowledge, all material accounts receivable recorded on the books of the Corporation are bona&nbsp;fide and are good and
collectible without set off or counterclaim;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(bb)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is not a party to or bound by any agreement of guarantee, indemnification (other than an indemnification of directors and officers in
accordance with the by-laws of the Corporation and applicable laws, indemnification agreements or covenants that are entered into arising in the ordinary course of business, including operating and
similar agreements, sale agreements, indemnification and contribution provisions in agency and underwriting agreements, transfer agency agreements and credit borrowing agreements) or any other like
commitment of the obligations, liabilities (contingent or otherwise) of indebtedness of any other&nbsp;person;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(cc)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation does not have any loans or other indebtedness which have been made to or from any of its shareholders, officers, directors or employees or
any other person, other than to or from its subsidiaries, not dealing at arm's length with the Corporation that are currently outstanding; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(dd)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than as disclosed in the Offering Documents, there are no actions, suits, proceedings or inquiries in existence or, to the knowledge of the
Corporation, pending or threatened against or affecting the Corporation or its subsidiaries at law or in equity before any court or before or by any federal, provincial, municipal, state or other
governmental department, commission, board, bureau, agency or instrumentality which in any way materially adversely affects, or may in any way materially adversely affect, the business, operations,
capital, properties, assets, liabilities (absolute, accrued, contingent or otherwise), condition (financial or otherwise) or results of operations of the Corporation, its subsidiaries or their
properties or assets (taken as a whole) or which affects or may affect the distribution of the Offered Shares or which would impair the ability of the Corporation to consummate the transactions
contemplated by this Agreement or to duly observe and perform any of its covenants or obligations contained in this Agreement and the Corporation is not aware of any existing ground on which such
action, suit, proceeding or inquiry might be commenced with any reasonable likelihood of&nbsp;success;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ee)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
information and statements set forth in the Corporation's Information Record were true, correct and complete and did not contain any misrepresentation,
as of the date of such information or statement, and the Corporation has not filed any confidential material change report that is still maintained on a confidential basis;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ff)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
authorized capital of the Corporation consists of an unlimited number of Common Shares and 10,000,000&nbsp;preferred shares, issuable in series of
which, as at March&nbsp;10, 2015, 168,829,697&nbsp;Common Shares and nil preferred shares are currently issued and outstanding, all of which shares are validly issued, fully paid and
non-assessable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(gg)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no contracts, agreements or understandings between the Corporation and any person granting such person the right to require the Corporation to
file&nbsp;a prospectus under Canadian Securities Laws or a registration statement under the 1933 Act with respect to any securities of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(hh)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
person, firm, corporation or other entity holds any securities convertible or exchangeable into securities of the Corporation or has any agreement,
warrant, option, right or privilege (whether pre-emptive or contractual) being or capable of becoming an agreement, warrant, option or right (whether or not on condition(s)) for the purchase or other
acquisition of any unissued securities of the Corporation except for 2,179,518&nbsp;Common Shares issuable pursuant to the stock based incentive plans of the Corporation in effect as of the date of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
are no contracts or documents which are required to be described in any of the Offering Documents or to be filed as exhibits thereto which have not
been so described and filed as required; there are no reports or information that in accordance with the requirements of the ASC must be made publicly available in connection with the offering of the
Offered Shares that have not been made publicly available as required; and there are no documents, other than the Canadian Offering Documents, required to be filed with the ASC in connection with the
Offering that have not been filed as&nbsp;required;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(jj)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the directors, officers or employees of the Corporation, any person who owns, directly or indirectly, more than 10% of any class of securities of
the Corporation, or any associate or affiliate of any of the foregoing, had or has any material interest, direct or indirect, in any material transaction or any proposed material transaction with the
Corporation which, as the case may be, materially affects, is material to or will materially affect the Corporation other than as set out in the Corporation's Information Record;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(kk)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Valiant
Trust Company, at its principal offices in Calgary, Alberta and Toronto, Ontario, has been duly appointed registrar and transfer agent of the
Common Shares in&nbsp;Canada;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ll)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>First
American Stock Transfer&nbsp;Inc., at its principal office in Phoenix, Arizona, has been duly appointed registrar and transfer agent of the Common
Shares in the United&nbsp;States; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(mm)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
Canadian Securities Regulator, the SEC, any securities commission or similar regulatory authority, the TSX, the NYSE or any other competent authority
has issued any order which is currently outstanding, preventing or suspending trading in any securities of the Corporation, no such proceeding is, to the knowledge of the Corporation, pending,
contemplated or threatened and the Corporation is not in default of any material requirement of Canadian Securities Laws or U.S.&nbsp;Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(nn)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
issued and outstanding Common Shares are listed and posted for trading on the TSX and the NYSE and the Corporation is in compliance in all material
respects with the by-laws, rules and regulations of the TSX and&nbsp;NYSE;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(oo)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is a reporting issuer in each of the Qualifying Provinces;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(pp)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
the knowledge of the Corporation, no insider of the Corporation has a present intention to sell any securities of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(qq)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than as provided for in this Agreement, the Corporation has not incurred any obligation or liability, contingent or otherwise, for brokerage fees,
finder's fees, underwriter's or agent's commission or other similar forms of compensation with respect to the transactions contemplated hereby;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(rr)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
definitive form of certificate for the Common Shares has been and will, on the Closing Date, be, duly approved and adopted by the Corporation and
comply with all legal requirements relating thereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ss)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation had made available to Sproule, prior to the issuance of the Sproule Report, for the purpose of preparing the Sproule Report, all
information requested by Sproule, which information did not contain any misrepresentation at the time such information was provided. Except with respect to changes in commodity prices and royalties,
there has been no material adverse change in any production, cost, reserves, resources or other relevant information provided to Sproule since the dates that such information was so provided. The
Corporation believes that the Sproule Report reasonably presents the quantity and pre-tax present worth values on an aggregate basis of the oil and gas reserves and resources attributable to the crude
oil, natural gas liquids and natural gas properties evaluated in such report as at December&nbsp;31, 2014 based upon information available at the time the Sproule Report was prepared, and the
Corporation believes that at the date of such report it did not (and&nbsp;as of the date hereof, except as may be attributable to changes in commodity prices and production since the date of such
report does not) overstate the aggregate quantity or pre-tax present worth values of such reserves and resources or the estimated production volumes therefrom;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(tt)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation had made available to Ryder Scott, prior to the issuance of the Ryder Scott Report, for the purpose of preparing the Ryder Scott Report,
all information requested by Ryder Scott, which information did not contain any misrepresentation at the time such information was provided. Except with respect to changes in commodity prices and
royalties, there has been no material adverse change in any production, cost, reserves or other relevant information provided to Ryder Scott since the dates that such information was so provided. The
Corporation believes that the Ryder Scott Report reasonably presents the quantity and pre-tax present worth values on an aggregate basis of the oil and gas reserves attributable to the crude oil,
natural gas liquids and natural gas properties evaluated in such report as at December&nbsp;31, 2014 based upon information available at the time the Ryder Scott Report was prepared, and the
Corporation believes that at the date of such report it did not (and&nbsp;as of the date hereof, except as may be attributable to changes in commodity prices and production since the date of such
report does not) overstate the aggregate quantity or pre-tax present worth values of such reserves or the estimated production volumes therefrom;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(uu)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation had made available to McDaniel, prior to the issuance of the McDaniel Report, for the purpose of preparing the McDaniel Report, all
information requested by McDaniel, which information did not contain any misrepresentation at the time such information was provided. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>Except
with respect to changes in commodity prices and royalties, there has been no material adverse change in any production, cost, reserves, resources or other relevant information provided to
McDaniel since the dates that such information was so provided. The Corporation believes that the McDaniel Report reasonably presents the quantity and pre-tax present worth values on an aggregate
basis of the oil and gas resources attributable to the crude oil, natural gas liquids and natural gas properties evaluated in such report as at December&nbsp;31, 2014 based upon information
available at the time the McDaniel Report was prepared, and the Corporation believes that at the date of such report it did not (and&nbsp;as of the date hereof, except as may be attributable to
changes in commodity prices and production since the date of such report does not) overstate the aggregate quantity or pre-tax present worth values of such resources or the estimated production
volumes therefrom;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
properties and assets of the Corporation are free and clear of all mortgages, pledges, liens, charges and encumbrances other than those encumbrances
that are standard in the oil and gas industry, encumbrances pursuant to the Corporation's credit facility or encumbrances which do not and will not have a Material Adverse Effect on the ownership or
operation of such assets and properties ("</FONT><FONT SIZE=2><B>Permitted Encumbrances</B></FONT><FONT SIZE=2>") and, other than Permitted Encumbrances, the Corporation and its subsidiaries have not
done any act or suffered or permitted any action to be done whereby any person has acquired or may acquire an interest in or to the material properties and assets of the Corporation or its
subsidiaries, nor has it done any act, omitted to do any act or permitted any act to be done that may adversely affect or defeat its title to any of its material properties or&nbsp;assets;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ww)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>although
it does not warrant title, the Corporation does not have reason to believe that the Corporation and its subsidiaries do not have title to or the
right to produce and sell its petroleum, natural gas and related hydrocarbons (for&nbsp;the purpose of this subsection, the foregoing are referred to as the
"</FONT><FONT SIZE=2><B>Interest</B></FONT><FONT SIZE=2>") and does represent and warrant that the Interest is free and clear of adverse claims created by, through or under the Corporation or its
subsidiaries and except for those arising in the ordinary course of business, and that, to its knowledge, the Corporation and its subsidiaries hold the Interest under valid and subsisting leases,
licenses, permits, concessions, concession agreements, contracts, subleases, reservations or other agreements except where the failure to so hold its Interest would not have a Material
Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xx)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
the knowledge of the Corporation, there are no defects, failures or impairments in the title of the Corporation and its subsidiaries to its oil and gas
properties, whether or not an action, suit, proceeding or inquiry is pending or threatened and whether or not discovered by any third party, which, individually or in aggregate, could have a Material
Adverse Effect on items&nbsp;(A), (B)&nbsp;and&nbsp;(C) set forth immediately below and the Corporation and its subsidiaries are not aware of any pending or threatened action, suit, proceeding
or inquiry which, in aggregate, could have a Material Adverse Effect on: (A)&nbsp;the quantity of and pre-tax present value of estimated future net revenue from the oil and natural gas reserves of
the Corporation as shown in the Sproule Report; (B)&nbsp;the current production of the Corporation; or (C)&nbsp;the current cash flow of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(yy)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
the knowledge of the Corporation, none of its directors or officers are subject to an order or ruling of any securities regulatory authority or stock
exchange prohibiting such individual from acting as a director or officer of a public company or of a company listed on a particular stock&nbsp;exchange;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(zz)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than as disclosed in the Financial Statements, to the Underwriters in writing at the Due Diligence Session or in the Corporation's Information
Record, as of the date of this Agreement the Corporation is not a party to any&nbsp;Swap;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(aaa)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Due Diligence Responses of the Corporation were and will be true and correct where they relate to matters of fact, and in all material respects as at
the time such responses are given and such responses taken as a whole shall not omit any fact or information necessary to make any of the responses not misleading in light of the circumstances in
which such responses were given, and the Corporation and its directors and officers will have responded in a thorough and complete fashion. Where the Due Diligence Responses reflect the opinion or
view of the Corporation or its </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>directors
or officers (including, Due Diligence Responses or portions of such Due Diligence Responses, which are forward looking or otherwise related to projections, forecasts or estimates of future
performance or results (operating, financial or otherwise)) ("</FONT><FONT SIZE=2><B>Forward Looking Statements</B></FONT><FONT SIZE=2>"), such opinions or views are subject to the qualifications and
provisions set forth in the Due Diligence Responses and will be honestly held and believed to be reasonable at the time they are given provided, however, it shall not constitute a breach of this
paragraph solely if the actual results vary or differ from those contained in Forward-Looking Statements;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(bbb)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>other
than the DRIP, the employee share award incentive plan and the common share incentive rights plan, the Corporation is not a party to any shareholder
rights plan or any other similar form of plan, agreement, contract or instrument that shall trigger any rights to acquire Common Shares or other securities of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ccc)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>neither
the Corporation nor, to its knowledge, any of its shareholders is a party to any unanimous shareholders agreement, pooling agreement, voting trust
or other similar type of arrangements in respect of outstanding securities of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ddd)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
operations of the Corporation are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements of the money laundering statutes of all jurisdictions, the rules and regulations thereunder (collectively, the "</FONT><FONT SIZE=2><B>Money Laundering Laws</B></FONT><FONT SIZE=2>") and
no action, suit or proceeding by or before any court, Governmental Authority or any arbitrator of non-governmental authority involving the Corporation with respect to the Money Laundering Laws is to
the best knowledge of the Corporation pending or&nbsp;threatened;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(eee)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>neither
the Corporation nor, to the knowledge of the Corporation, any officer, director, employee or agent of the Corporation has, directly or indirectly
(a)&nbsp;paid or delivered any fee, commission or other sum of money or item of property, however characterized, to any broker, finder, agent, client representative, employee, political party or
campaign, government official or other person, which any officer, director, employee or agent of any the Corporation knew or had reason to believe, or ought to have known, was in violation of the </FONT> <FONT SIZE=2><I>Corruption of Foreign Public
Officials Act</I></FONT><FONT SIZE=2> (Canada), the United&nbsp;States </FONT><FONT SIZE=2><I>Foreign Corrupt Practices Act of
1977</I></FONT><FONT SIZE=2>, as amended, or any applicable law implementing the provisions of the </FONT><FONT SIZE=2><I>OECD Convention on Combating Bribery of Foreign Public Officials in
International Business Transactions</I></FONT><FONT SIZE=2>, or the </FONT><FONT SIZE=2><I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</I></FONT><FONT SIZE=2> (Canada); or
(b)&nbsp;made or received any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(fff)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and its subsidiaries are not, and to the knowledge of the Corporation, no director, officer, agent, employee, affiliate or person acting
on behalf of the Corporation or any of its subsidiaries is, the target of any United&nbsp;States sanctions administered by the Office of Foreign Assets Control of the United&nbsp;States Treasury
Department ("</FONT><FONT SIZE=2><B>OFAC</B></FONT><FONT SIZE=2>"); neither the Corporation nor any of its subsidiaries nor, to the knowledge of the Corporation, any director, officer agent, employee
affiliate or person acting on behalf of the Corporation or any of its subsidiaries, is an individual or entity that is, or is owned or controlled by a person that is (i)&nbsp;the target of any
sanctions administered or enforced by OFAC or any sanctioning authority controlled by the Government of Canada ("</FONT><FONT SIZE=2><B>Sanctions</B></FONT><FONT SIZE=2>"), nor (ii)&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions; and the Corporation will not directly or indirectly use any proceeds of the distribution of the Offered Shares, or
lend, contribute or otherwise make available such proceeds to the Corporation or to any affiliated entity, joint venture partner or other person or entity, to finance any investments in, or make any
payments to, any country or person targeted by any of the Sanctions;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ggg)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is not required, and upon the issuance and sale of the Offered Shares as herein contemplated and the application of the net proceeds
therefrom as described in the Offering Documents, will not be required, to seek an order permitting registration as an "investment company" under the </FONT><FONT SIZE=2><I>Investment Company
Act</I></FONT><FONT SIZE=2> of 1940, as&nbsp;amended. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
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<UL>
</UL>
</UL>
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</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting Fee  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
consideration for their services in underwriting the distribution of and purchasing the Offered Shares, the Corporation agrees to pay the Underwriters a
cash fee equal to 4.0% of the gross proceeds of the sale of the Offered Shares (including any proceeds received in respect of the Over-Allotment Option)
(the&nbsp;"</FONT><FONT SIZE=2><B>Underwriting Fee</B></FONT><FONT SIZE=2>") payable as&nbsp;follows:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
the Closing Time, a fee of $0.694 per Firm Share (being an aggregate of $21,999,800 if all of the Firm Shares are purchased by the
Underwriters);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
any Additional Closing Time, a fee of $0.694 per Option Share purchased (being an aggregate of $3,299,970 if the Over-Allotment Option is exercised
in&nbsp;full);
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
greater certainty, the services provided by the Underwriters in connection herewith will not be subject to the Goods and Services Tax or Harmonized
Sales Tax ("</FONT><FONT SIZE=2><B>GST</B></FONT><FONT SIZE=2>") provided for in the </FONT><FONT SIZE=2><I>Excise Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada) and taxable supplies provided will
be incidental to the exempt financial services provided. However, in the event that the Canada Revenue Agency determines that GST provided for in the </FONT><FONT SIZE=2><I>Excise
Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada) is exigible on the Underwriting Fee, the Corporation agrees to pay the amount of GST forthwith upon the request of the Underwriters. The Corporation
also agrees to pay the Underwriters' expenses as set forth in Section&nbsp;9&nbsp;hereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Whether
or not the transactions contemplated by this Agreement are completed, all expenses of or incidental to the transactions set out in this Agreement
(excluding the fees and disbursements of the Underwriters' Canadian Counsel and the Underwriters' U.S.&nbsp;Counsel and the out-of-pocket expenses of the Underwriters, which shall be dealt with as
provided in 9(b)) shall be borne by the Corporation without duplication, including, but not limited to, expenses payable in connection with the qualification of the Offered Shares for distribution to
the public, the fees and disbursements of the Corporation's Canadian Counsel and the Corporation's U.S.&nbsp;Counsel, the fees and expenses of the auditors of the Corporation, the fees relating to
listing the Offered Shares on the TSX and NYSE, all costs incurred in connection with the preparation and printing of the Offering Documents and any filing fees incidental to any required review by
FINRA of the terms of the sale of the Offered Shares. The Corporation shall also be responsible for any exigible GST on the foregoing amounts.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
fees and disbursements of the Underwriters' Canadian Counsel and the Underwriters' U.S.&nbsp;Counsel and the out-of-pocket expenses of the
Underwriters shall be borne by the Underwriters except where this Agreement has been terminated by the Underwriters pursuant to Section&nbsp;12, in which case all such reasonable fees, disbursements
and expenses, plus any exigible GST thereon, shall borne by the Corporation and shall be payable by the Corporation immediately upon receiving an invoice therefor from the Underwriters. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Closing Documents and Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
obligations of the Underwriters hereunder to purchase the Offered Shares shall be conditional&nbsp;upon: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
representations and warranties and other statements of the Corporation herein being, at the date of this Agreement and at and as of the Closing Time,
true and correct in all material respects (or, if qualified by materiality, in all&nbsp;respects);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation having performed in all material respects, at the Closing Time, all of its obligations hereunder to be&nbsp;performed;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>prior
to the Closing Time, FINRA shall have advised the Underwriters in writing that it has not objected to the underwriting and other terms and
arrangements relating to the&nbsp;Offering;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>receipt
by the Underwriters of favourable legal opinions of the Corporation's Canadian Counsel as at the Closing Time addressed to the Underwriters and the
Underwriters' Canadian Counsel, in </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_oe73901_1_25"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>form
and substance reasonably satisfactory to the Underwriters, with respect to such matters as the Underwriters may reasonably request relating to the Corporation and the Offering, including, without
limitation,&nbsp;that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation and each of its material subsidiaries (as&nbsp;designated by the Underwriters) have been duly created, incorporated, or amalgamated, as
the case may be, and are validly subsisting and have all requisite corporate capacity, power and authority to own and lease their properties and assets and to carry on their respective businesses as
now conducted by them and as described in the Offering Documents and are qualified to carry on business under the laws of each of the jurisdictions in which they carry on a material portion of their
respective businesses;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has full corporate power and authority to enter into this Agreement and to perform its obligations set out herein and this Agreement has
been duly authorized, executed and delivered by the Corporation and constitutes a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its
terms, except that the validity, binding effect and enforceability of the terms of this Agreement are subject to the qualification that such validity, binding effect and enforceability may be limited
by: (i)&nbsp;applicable bankruptcy, insolvency, moratorium, reorganization or other laws affecting creditors' rights generally; (ii)&nbsp;equitable remedies, including the remedies of specific
performance and injunctive relief, being available only in the discretion of the applicable court; (iii)&nbsp;the statutory and inherent powers of a court to grant relief from forfeiture, to stay
execution of proceedings before it and to stay executions on judgments; (iv)&nbsp;the applicable laws regarding limitations of actions; (v)&nbsp;enforceability of provisions which purport to sever
any provision which is prohibited or unenforceable under applicable law without affecting the enforceability or validity of the remainder of such document would be determined only in the discretion of
the court; (vi)&nbsp;enforceability of the provisions exculpating a party from liability or duty otherwise owed by it may be limited under applicable law; and (vii)&nbsp;the rights to indemnity,
contribution and waiver under the documents which may be limited or unavailable under applicable&nbsp;law;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
execution and delivery of this Agreement and the fulfillment of the terms hereof by the Corporation, and the performance of and compliance with the
terms of this Agreement by the Corporation does not and will not result in a breach of, or constitute a default under, and does not and will not create a state of facts which, after notice or lapse of
time or both, will result in a breach of or constitute a default under: (a)&nbsp;any applicable laws of the Province of Alberta or the federal laws of Canada applicable therein; (b)&nbsp;any term
or provision of the articles, by-laws or other constating documents, as applicable, of the Corporation; (c)&nbsp;of which counsel is aware, any resolutions of the shareholders or directors
(or&nbsp;any committee thereof) of the Corporation; (d)&nbsp;of which counsel is aware, any indenture, mortgage, note, contract, agreement (written or oral), instrument, lease or other document to
which the Corporation is a party or by which it is bound; or (e)&nbsp;of which counsel is aware, any judgment, decree or order, of any court, governmental agency or body or regulatory authority
having jurisdiction over or binding the Corporation or its properties or&nbsp;assets;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is a reporting issuer in each of the Provinces of Canada, and is not included in a list of defaulting reporting issuers maintained pursuant
to the applicable securities legislation of such provinces, and is eligible to participate in NI&nbsp;44-101 in each of the Qualifying Provinces;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Firm Shares and, if applicable, the Option Shares have been duly allotted and will, upon issuance in accordance with this Agreement, be validly issued
as fully paid and non-assessable Common&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
attributes of the Offered Shares conform in all material respects with the description thereof contained in the Canadian Final Prospectus; </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=25,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=663903,FOLIO='25',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_26"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offered Shares are "qualified investments" as set out under the heading "Eligibility for Investment" in the Canadian Final Prospectus and
U.S.&nbsp;Final Prospectus;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
statements as to matters of the federal laws of Canada set out in the Canadian Final Prospectus and U.S.&nbsp;Final Prospectus under the heading
"Certain Canadian Federal Income Tax Considerations" are accurate in all material respects, subject to the limitations and qualifications stated or referred to in such prospectuses;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
withholding tax imposed under the federal laws of Canada or the laws of the Province of Alberta will be payable in respect of the payment or crediting
of the commissions contemplated by this Agreement by the Corporation to an Underwriter that is not a resident of Canada and is not deemed to be a resident of Canada for the purposes of the
Tax&nbsp;Act, provided that the Underwriter deals at arm's length with the Corporation (as&nbsp;such term is understood for purposes of the Tax&nbsp;Act), and that such commissions are payable
in respect of services rendered by the Underwriter wholly outside of Canada that are performed in the ordinary course of business carried on by the Underwriter that includes the performance of such
services for a fee and that any such amount is reasonable in the circumstances;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
goods and services tax imposed under the federal laws of Canada or provincial taxes under the laws of the Province of Alberta will be payable by the
Corporation or collectable by an Underwriter in respect of the payment of commissions as contemplated by this Agreement to an Underwriter that is not a resident of Canada, provided that such
commissions are in respect of services performed by the Underwriter wholly outside of Canada or the resale of Offered Shares by an Underwriter to U.S.&nbsp;residents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
stamp duty, documentary taxes or similar taxes are payable by the Corporation under the federal laws of Canada or the laws of the Province of Alberta in
connection with the sale and delivery of the Offered Shares pursuant to this Agreement by the Underwriters or the resale of Offered Shares by an Underwriter to U.S.&nbsp;residents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
necessary documents have been filed, all necessary proceedings have been taken and all legal requirements have been fulfilled as required under the
Canadian Securities Laws of each of the Qualifying Provinces in order to qualify the Firm Shares and, if applicable, the Option Shares for distribution and sale to the public in each of such
Qualifying Provinces by or through persons duly registered under the applicable laws of such provinces who have complied with the relevant provisions of Canadian Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
offer, purchase and sale of the Firm Shares and, if applicable, the Option Shares in Qu&eacute;bec complied with all applicable laws of
Qu&eacute;bec relating to the use of the French language provided that purchasers of the securities in Qu&eacute;bec have received a copy of the Canadian Prospectus in the French
language and an order confirmation in the French language or in bilingual&nbsp;form;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
filing, proceeding, approval, consent or authorization is required to be made, taken or obtained by the Corporation under Canadian Securities Laws to
permit the issuance by the Corporation of the Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has the necessary corporate power and authority to execute and deliver the Offering Documents and all necessary corporate action has been
taken by the Corporation to authorize the execution, delivery and filing by it of the Offering Documents;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Offered Shares are conditionally approved for listing on the TSX and, upon notification to the TSX of the issuance and sale thereof and fulfillment of
the conditions of the TSX, will be issued and posted for trading on the&nbsp;TSX;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Valiant
Trust Company, at its principal offices in Calgary, Alberta and Toronto, Ontario has been duly appointed the transfer agent and registrar for the
Common&nbsp;Shares; </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=26,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=206634,FOLIO='26',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_27"> </A>
<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xviii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
form and terms of the definitive certificates representing the Offered Shares have been duly approved and adopted by the board of directors of the
Corporation and comply with all legal requirements (including the requirements of the TSX) relating thereto;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xix)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>as
to the authorized and issued capital of the Corporation. </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>It
is understood that the Corporation's Canadian Counsel may rely on the opinions of local counsel acceptable to them as to matters governed by the laws of jurisdictions other than where they are
qualified to practice law, and on certificates of officers of the Corporation, the transfer agent of the Corporation and the Corporation's auditors as to relevant matters of&nbsp;fact; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>receipt
by the Underwriters of favourable legal opinions of the Corporation's U.S.&nbsp;Counsel as at the Closing Time addressed to the Underwriters, in
form and substance reasonably satisfactory to the Underwriters, with respect to such matters as the Underwriters may reasonably request relating to the Corporation and the Offering,
including:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
the statements in the U.S.&nbsp;Offering Documents under the heading "Certain United&nbsp;States Federal Income Tax Considerations," to the extent
that they constitute summaries of United&nbsp;States federal law or regulation or legal conclusions have been reviewed by Corporation's U.S.&nbsp;Counsel and fairly summarize the matters described
under that heading in all material respects;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
the issuance and sale of the Offered Shares by the Corporation, the execution and delivery by the Corporation of this Agreement and the performance by
the Corporation of its obligations under this Agreement will not (i)&nbsp;breach or result in a default under any agreement, indenture or instrument listed on Schedule&nbsp;I to&nbsp;such
opinion (which schedule shall list all indentures governed by the laws of the State of New&nbsp;York relating to public offerings in the United&nbsp;States or private placements in the
United&nbsp;States made pursuant to Rule&nbsp;144A under the 1933 Act completed by the Corporation or any subsidiary, in each case, which have been identified by the Corporation as being material
to the Corporation and its subsidiaries considered as one enterprise) or (ii)&nbsp;violate those laws, rules and regulations of the United&nbsp;States of America and the State of New&nbsp;York
("</FONT><FONT SIZE=2><B>Applicable Law</B></FONT><FONT SIZE=2>"), in each case which in such counsel's experience are normally applicable to the transactions of the type contemplated by this
Agreement or any judgment, order or decree of any New&nbsp;York or federal court or governmental authority binding upon the Corporation listed on Schedule&nbsp;II to&nbsp;such opinion.
"Applicable Law" shall not include federal securities laws (except for purposes of the opinion referenced in paragraph&nbsp;(iii) below) or state securities laws, anti-fraud laws, or any law, rule
or regulation that is applicable to the Corporation, the Offered Shares, this Agreement or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory
regime applicable to any party to this Agreement or any of its affiliates due to the specific assets or business of such party or such affiliate. With respect to clause&nbsp;(i) above, such counsel
shall express no opinion with respect to any provision of any agreement, indenture or instrument listed on Schedule&nbsp;I to&nbsp;the extent that an opinion with respect to such provision would
require making any financial, accounting or mathematical calculation or determination.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
no consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority, which has not been
obtained, taken or made is required by the Corporation under any Applicable Law or under any judgment, order or decree listed on Schedule&nbsp;II to&nbsp;such counsel's opinion for the issuance
and sale of the Offered Shares by the Corporation, the execution and delivery by the Corporation of this Agreement and the performance by the Corporation of its obligations hereunder. "Governmental
Authority" shall mean any executive, legislative, judicial, administrative or regulatory body of the State of New&nbsp;York or the United&nbsp;States of&nbsp;America;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
the Corporation is not and, after giving effect to the offering and sale of the Offered Shares and the application of the proceeds therefrom as
described in the U.S.&nbsp;Offering Documents under the heading "Use of Proceeds", will not be required to be registered as an </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>investment
company under the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder;&nbsp;and  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>statements
set forth in the narrative portion of such counsel's opinion letter to the effect that (A)&nbsp;the U.S.&nbsp;Initial Registration Statement
was filed with the SEC on March&nbsp;12, 2015, the U.S.&nbsp;Final Registration Statement was filed with the SEC on March&nbsp;19, 2015 and the U.S.&nbsp;Final Registration Statement became
effective on March&nbsp;19, 2015; (B)&nbsp;the Form&nbsp;F-X was filed with the SEC prior to the effectiveness of the U.S.&nbsp;Registration Statement; and (C)&nbsp;the SEC's website
indicates that no stop order suspending the effectiveness of the U.S.&nbsp;Registration Statement has been&nbsp;issued;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>receipt
by the Underwriters of negative assurance (10b-5) letters of the Corporation's U.S.&nbsp;Counsel and the Underwriters' U.S.&nbsp;Counsel that
are customary for transactions of this nature, addressed to the Underwriters and dated as of the Closing Date, in form and content acceptable to the Underwriters, acting reasonably;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>receipt
by the Underwriters of a certificate of the Corporation dated the Closing Date addressed to the Underwriters and signed on behalf of the Corporation
by the President and Chief Executive Officer and the Chief Financial Officer of the Corporation or such other officers of the Corporation satisfactory to the Underwriters, acting reasonably,
certifying, on behalf of the Corporation and without personal liability,&nbsp;that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation has complied with and satisfied all terms and conditions of this Agreement on its part to be complied with or satisfied at or prior to the
Closing&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
representations and warranties of the Corporation set forth in this Agreement are true and correct in all material respects at the Closing Time (except
for those representations and warranties that are subject to a materiality qualification, which are to be true and correct as of the Closing Time in all respects), as if made at such time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
event of a nature referred to in subsections&nbsp;6(a) or&nbsp;12(a)(i), 12(a)(ii) and 12(a)(iv) has occurred or to the knowledge of such officer
is pending, contemplated or threatened (excluding any requirement to make any determination as to any Underwriter's opinion); </FONT></DD></DL>
</DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>and
each such statement shall be true and the Underwriters shall have no knowledge to the&nbsp;contrary;  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>comfort
letters of the Corporation's auditors and Aurora's auditors addressed to the Underwriters and dated the Closing Date, satisfactory in form and
substance to the Underwriters, acting reasonably, bringing the information contained in the comfort letters referred to in subsection&nbsp;3(b)(vi) hereof up to the Closing Time, which comfort
letters shall be based on the applicable auditors' review having a cut-off date of not more than two Business Days prior to the Closing&nbsp;Date;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>comfort
letters of the Corporation's reserve engineers addressed to the Underwriters dated the Closing Date, satisfactory in form and substance to the
Underwriters, acting reasonably, bringing the information contained in the comfort letters referred to in subsection&nbsp;3(b)(vii) hereof up to the Closing&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evidence
satisfactory to the Underwriters that: (A)&nbsp;the Corporation has obtained all necessary approvals of the TSX for the issuance and listing of
the Offered Shares, subject only to the filing of the Canadian Prospectuses and ancillary documentation in respect of the Offered Shares and required documents which are in the possession of the
Corporation on the Closing Date and payment of applicable fees, and (B)&nbsp;the Offered Shares have been listed and admitted and authorized for trading on the NYSE, subject only to the official
notice of issuance;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>such
other certificates and documents as the Underwriters may request, acting reasonably. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=28,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=772918,FOLIO='28',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Closing  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
sale of the Firm Shares to be purchased hereunder shall be completed at the Closing Time at the offices of the Corporation's counsel in Calgary, Alberta
or at such other place as the Corporation and the Underwriters may agree. Subject to the conditions set forth in Section&nbsp;10, the Underwriters, on the Closing Date, shall deliver to the
Corporation, by wire transfer, the amount of $17.35 per Firm Share (being an aggregate of $549,995,000) against delivery by the Corporation&nbsp;of:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
opinions, certificates and documents referred to in Section&nbsp;10; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>definitive
certificates or evidence of book-entry registration representing, in the aggregate, all of the Firm Shares registered in the name of
CDS&nbsp;&amp;&nbsp;Co. or its nominee or in such name or names as the Underwriters shall notify the Corporation in writing not less than 24&nbsp;hours prior to the Closing Time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>payment
to the Designated Underwriter on behalf of the Underwriters by wire transfer of the portion of the Underwriting Fee referred to in
subsection&nbsp;8(a)(i).
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
sale of all or any of the Option Shares, if applicable, shall be completed at the offices of the Corporation's counsel in Calgary, Alberta or at such
other place as the Corporation and the Underwriters may agree, on the date (an&nbsp;"</FONT><FONT SIZE=2><B>Additional Closing Date</B></FONT><FONT SIZE=2>") and at the time
(an&nbsp;"</FONT><FONT SIZE=2><B>Additional Closing Time</B></FONT><FONT SIZE=2>") specified by the Underwriters in a written notice given by the Underwriters pursuant to their election to purchase
such Option Shares (provided that in no event shall such Additional Closing Time be earlier than the Closing Time or earlier than four or later than 10&nbsp;Business Days after the date of the
written notice of the Underwriters to the Corporation in respect of the Option Shares), or at such other time and date as the Underwriters and the Corporation may agree upon in writing. Subject to the
conditions set forth in Section&nbsp;10 (with the references therein to the Closing Time changed to the Additional Closing Time), the Underwriters, at the Additional Closing Time, shall deliver to
the Corporation, by wire transfer, the amount of $17.35 per Option Share agreed to be purchased by the Underwriters from the Corporation pursuant to the exercise of the Over-Allotment Option (being an
aggregate of $82,499,250 if the Over-Allotment Option is exercised in full), against delivery by the Corporation&nbsp;of:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
opinions, certificates and documents referred to in Section&nbsp;10 (with the references therein to the Closing Time and Closing Date changed to the
Additional Closing Time and Additional Closing Date respectively);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>definitive
certificates or evidence of book-entry registration representing, in the aggregate, all of the Option Shares agreed to be purchased from the
Underwriters from the Corporation pursuant to the exercise of the Over-Allotment Option registered in the name of CDS&nbsp;&amp;&nbsp;Co. or its nominee or in such name or names as the Underwriters
shall notify the Corporation in writing not less than 24&nbsp;hours prior to the Additional Closing Time;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>payment
to the Designated Underwriter on behalf of the Underwriters by wire transfer of the portion of the Underwriting Fee referred to in
subsection&nbsp;8(a)(ii). </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Termination Rights  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
addition to any other rights or remedies available to the Underwriters, the Underwriters, or any of them, may, without liability, terminate their
obligations hereunder, by written notice to the Corporation in the event that after the date hereof and at or prior to the Closing Time or Additional Closing Time,
as&nbsp;applicable:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
order to cease or suspend trading in any securities of the Corporation, prohibiting or restricting the distribution of any of the Offered Shares,
suspending the effectiveness of the U.S.&nbsp;Registration Statement or preventing or suspending the use of any prospectus relating to the Offered Shares has been issued or made, or proceedings are
announced, commenced or threatened for the making of any such order, by any Canadian Securities Regulator, the SEC, any securities commission or similar regulatory authority, the TSX, the NYSE or any
other </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=29,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=426350,FOLIO='29',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_30"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>competent
authority, and such order or proceeding has not been rescinded, revoked or withdrawn or such announced, commenced or threatened proceeding has not been terminated or&nbsp;withdrawn; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
inquiry, action, suit, investigation or other proceeding (whether formal or informal) in relation to the Corporation or any of its directors or senior
officers is announced, commenced or threatened by any federal, provincial, state, municipal, other governmental agency or by any Canadian Securities Regulator, the SEC, any securities commission or
similar regulatory authority, the TSX, the NYSE or any other competent authority, or there is a change in law, regulation or policy or the interpretation or administration thereof, if, in the sole
opinion of the Underwriters, or any one of them, acting reasonably, the change, announcement, commencement or threatening thereof, as the case may be adversely effects the distribution or trading of
the Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence of national or
international consequence, including, without limitation, any military conflict, civil insurrection, act of terrorism, war or like event, or a governmental action, law, regulation, inquiry or any
occurrence of any nature whatsoever, which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, seriously adversely affects or involves, or will seriously adversely affect
or involve, the financial markets generally or the business, operations or affairs of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>there
should occur or be discovered any material adverse change or development in the operations, capital or condition (financial or otherwise), business
or business prospects of the Corporation or the properties, assets, prospects, liabilities or obligations (absolute, accrued, contingent or otherwise) of the Corporation which, in the sole opinion of
the Underwriters, or any one of them, acting reasonably, has or could reasonably be expected to have a material adverse effect on the market price, value or marketability of the Offered&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation is in breach of, default under or non-compliance with any covenant, term or condition of this Agreement in any material respect, or any
representation or warranty given by the Corporation in this Agreement becomes or is false in any material respect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Underwriters shall become aware of any material information with respect to the Corporation which had not been publicly disclosed or disclosed in
writing to the Underwriters prior to the date hereof which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, could be expected to have a material adverse effect on the
market price or value of the Offered Shares, the Common Shares or any other securities of the Corporation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
general moratorium on commercial banking activities is declared by either United&nbsp;States federal, New&nbsp;York or state authorities or a
material disruption in commercial banking or securities settlement or clearance services in Canada or in the United&nbsp;States occurs;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Corporation fails to obtain the approval of the TSX for the listing of the Firm Shares or the Option Shares, as&nbsp;applicable.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Underwriters, or any of them, may exercise any or all of the rights provided for in Section&nbsp;10 or subsections&nbsp;12(a) notwithstanding any
material change, change, event or state of facts and (except where the Underwriter purporting to exercise any of such rights is in breach of its obligations under this Agreement) notwithstanding any
act or thing taken or done by the Underwriters or any inaction by the Underwriters, whether before or after the occurrence of any material change, change, event or state of facts including, without
limitation, any act of the Underwriters related to the offering or continued offering of the Offered Shares for sale and any act taken by the Underwriters in connection with any amendment to the
Offering Documents and the Underwriters shall only be considered to have waived or be estopped from exercising or relying upon any of their rights under or pursuant to Section&nbsp;10 or
subsection&nbsp;12(a) if such waiver or estoppel is delivered to the Corporation or its counsel in writing and specifically waives or estops such exercise or&nbsp;reliance. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=30,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=376328,FOLIO='30',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_31"> </A>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
termination pursuant to the terms of this Agreement shall be effected by notice in writing delivered to the Corporation with a copy to the other
Underwriters provided that no termination shall discharge or otherwise affect any obligation of the Corporation under Sections&nbsp;9, 13, 14 or&nbsp;16. The rights of the Underwriters to
terminate their obligations hereunder are in addition to, and without prejudice to, any other rights or remedies they may&nbsp;have.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
notice of termination given by an Underwriter under this Section&nbsp;12 shall not be binding upon any other Underwriter. In the event that one or more
but not all of the Underwriters shall exercise its rights of termination herein, then the provisions of subsections&nbsp;15(b) and&nbsp;15(c) shall&nbsp;apply.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
an Underwriter elects to terminate its obligation to purchase the Offered Shares as aforesaid, whether the reason for such termination is within or
beyond the control of the Corporation, the liability of the Corporation hereunder with respect to such Underwriter shall be limited to the payment of expenses referred to in Section&nbsp;9, the
indemnity referred to in Section&nbsp;13 and&nbsp;the contribution rights referred to in Section&nbsp;14. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;Indemnities  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation agrees to indemnify and save harmless each of the Underwriters and their respective affiliates and their respective directors, officers,
employees, shareholders, agents and each person who controls the Underwriters within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act (collectively, the
"</FONT><FONT SIZE=2><B>Indemnified Parties</B></FONT><FONT SIZE=2>" and each an "</FONT><FONT SIZE=2><B>Indemnified Party</B></FONT><FONT SIZE=2>") from and against all losses (other than a loss of
profits), claims, actions, damages, liabilities, costs or expenses, joint or several, including the reasonable fees and expenses of their counsel that may be incurred in advising with respect to
and/or defending any action, suit, proceeding, investigation or claim that may be made or threatened against any Indemnified Party or in enforcing this indemnity (collectively,
"</FONT><FONT SIZE=2><B>Claims</B></FONT><FONT SIZE=2>" and each, a "</FONT><FONT SIZE=2><B>Claim</B></FONT><FONT SIZE=2>") in any way caused by, or arising directly or indirectly from, or in
consequence&nbsp;of:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
information or statement (except Underwriters' Information) in the Canadian Offering Documents being or being alleged to be a misrepresentation or
untrue, or any omission or alleged omission to state therein any fact or information (except Underwriters' Information) required to be stated therein or necessary to make any of the statements therein
not misleading in light of the circumstances in which they were&nbsp;made;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
untrue statement or alleged untrue statement of a material fact in the U.S.&nbsp;Offering Documents, or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, or any untrue statement or alleged untrue statement of a material fact in the
U.S.&nbsp;Offering Documents, or any omission or alleged omission of a material fact (except facts or information relating solely to the Underwriters or any of them that has been provided in writing
to the Corporation by or on behalf of any Underwriter through the Co-Lead Underwriters specifically for inclusion therein) required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not&nbsp;misleading;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
order made or any inquiry, investigation (whether formal or informal) or other proceeding commenced or threatened by any one or more competent
authorities (not&nbsp;based solely upon the activities or the alleged activities of the Underwriters or the Selling Firm members, if any) prohibiting, restricting, relating to or materially
affecting the trading or distribution of the Offered Shares;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any
breach of, default under or non-compliance by the Corporation with any requirements of Canadian Securities Laws, U.S.&nbsp;Securities Laws, the
by-laws, rules or regulations of the TSX or NYSE or any representation, warranty, term or condition of this Agreement or in any certificate or other document delivered by or on behalf of the
Corporation hereunder or pursuant hereto; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=31,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=484202,FOLIO='31',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_32"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>provided
that, if and to the extent that a court of competent jurisdiction in a final judgment from which no appeal can be made or a Governmental Authority in a final ruling from which no appeal can
be made shall determine that the liabilities, claims, actions, suits, proceedings, losses, costs, damages or expenses resulted from the gross negligence, fraud, fraudulent misrepresentation or wilful
misconduct of an Indemnified Party claiming indemnity, this indemnity shall cease to apply to such Indemnified Party. For greater certainty, the Corporation and the Underwriters agree that the
foregoing shall not disentitle an Underwriter from claiming indemnification hereunder to the extent that the gross negligence, if any, relates to the Underwriters' failure to conduct adequate "due
diligence".  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any Claim is asserted against any Indemnified Party, such Indemnified Party will notify the Corporation as soon as possible of the nature of such Claim,
but failure to notify the Corporation shall not relieve the Corporation of any obligation which it may have to such Indemnified Party under this Section&nbsp;13 except to the extent by which the
Corporation is prejudiced by such failure, and the Corporation shall be entitled (but&nbsp;not required) to assume the defence of any suit brought to enforce such Claim. However, the defence shall
be conducted through legal counsel acceptable to the Indemnified Party, acting reasonably, and no settlement of any such Claim or admission of liability may be made by the Corporation or the
Indemnified Party without the prior written consent of the other party (unless such settlement, compromise or judgment (i)&nbsp;includes an unconditional release of the Indemnified Party from all
liability arising out of such action or claim and (ii)&nbsp;does not include any statement as to or an admission of fault, culpability or a failure to act, by or on behalf of an Indemnified Party),
such consent not to be unreasonably withheld and the Corporation shall not be liable for any settlement of any such Claim unless it has consented in writing to such settlement, such consent not to be
unreasonably withheld.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation hereby acknowledges that the Underwriters contracting as acting as agents for the other Indemnified Parties under this Section&nbsp;13
and&nbsp;under Section&nbsp;14 with respect to all such Indemnified Parties and the Underwriters shall obtain and hold the rights and benefits of this Section&nbsp;13 and&nbsp;under
Section&nbsp;14 in trust for and on behalf of such Indemnified Parties.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
any such Claim, the Indemnified Party shall have the right to retain separate counsel to act on his or its behalf; provided that the fees and
disbursements of such counsel shall be paid by the Indemnified Party unless: (i)&nbsp;the Corporation and the Indemnified Party shall have mutually agreed to the retention of the other counsel;
(ii)&nbsp;the Corporation has not assumed the defence of the Claim within 10&nbsp;days of receiving written notice of such Claim; or (iii)&nbsp;the named parties to any such Claim (including any
added third or impleaded party) include both the Indemnified Party and the Corporation and the representation of both parties by the same counsel would be inappropriate due to the actual or potential
differing interests between them; provided that the Corporation shall only be required to pay the fees of one set of counsel in each of Canada and the United&nbsp;States pursuant to this
subsection&nbsp;13(d) for all Indemnified Parties and it being understood, however, that the Corporation shall not, in connection with any one such action or separate but substantially similar or
related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate law firm in each of
Canada and the United&nbsp;States for all such Indemnified Parties.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation hereby waives its rights to recover contribution from the Underwriters with respect to any liability of the Corporation by reason of any
misrepresentation or alleged misrepresentation of a kind referred to in subsection&nbsp;13(a)(i) or&nbsp;13(a)(ii), provided, however, that such waiver shall not apply in respect of liability
caused or incurred by reason of any misrepresentation which is based upon the Underwriters' Information.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
any legal proceedings shall be instituted against the Corporation or if any regulatory authority or stock exchange shall carry out an investigation of
the Corporation and any Indemnified Party is required to testify, or respond to procedures designed to discover information, in connection with or by reason of the services performed by the
Underwriters hereunder, the Indemnified Parties may employ their own legal counsel and the Corporation shall pay and reimburse the Indemnified Parties for the reasonable fees, charges and
disbursements (on&nbsp;a full indemnity basis) of such legal </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_oe73901_1_33"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>counsel,
the other expenses reasonably incurred by the Indemnified Parties in connection with such proceedings or investigation and a fee at the normal per diem rate for any director, officer or
employee of the Underwriters involved in the preparation for or attendance at such proceedings or investigation.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
rights and remedies of the Indemnified Parties set forth in Sections&nbsp;13 and&nbsp;14 hereof are to the fullest extent possible in law,
cumulative and not alternative and the election by any Underwriter or other Indemnified Party to exercise any such right or remedy shall not be, and shall not be deemed to be, a waiver of any other
rights and&nbsp;remedies.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Corporation waives any right it may have of first requiring an Indemnified Party to proceed against or enforce any other right, power, remedy or
security or claim or to claim payment from any other person before claiming under this indemnity. It is not necessary for an Indemnified Party to incur expense or make payment before enforcing
such&nbsp;indemnity.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
rights of indemnity contained in this Section&nbsp;13 shall not apply if the Corporation has complied with the provisions of Sections&nbsp;2
and&nbsp;3 and the person asserting any claim contemplated by this Section&nbsp;13 was not provided with a copy of any Offering Document which corrects any misrepresentation or alleged
misrepresentation which is the basis of such claim and which was required, under Canadian Securities Laws or U.S.&nbsp;Securities Laws, to be delivered to such person and which the Corporation had
provided to the Underwriters to deliver to such&nbsp;person.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Corporation has assumed the defense of any suit brought to enforce a claim hereunder, the Indemnified Party shall provide the Corporation copies of
all documents and information in its possession pertaining to the claim, take all reasonable actions necessary to preserve its rights to object to or defend against the claim, consult and reasonably
cooperate with the Corporation in determining whether the claim and any legal proceeding resulting therefrom should be resisted, compromised or settled and reasonably cooperate and assist in any
negotiations to compromise or settle, or in any defense of, a claim undertaken by the Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
respect of any judgment or order given or made for any amount due to the Underwriters under this Agreement that is expressed and paid in a currency
(the&nbsp;"</FONT><FONT SIZE=2><B>judgment currency</B></FONT><FONT SIZE=2>") other than Canadian dollars, the Corporation will indemnify each Underwriter, each person who controls any Underwriter
and each affiliate of any Underwriter against any loss incurred by such Underwriter, such controlling person or such affiliate, as the case may be, as a result of any variation as between:
(i)&nbsp;the rate of exchange at which the Canadian dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii)&nbsp;the rate of exchange at which such
Underwriter, controlling person or affiliate, as the case may be, is able to purchase Canadian dollars with the amount of judgment currency actually received by such Underwriter. If the Canadian
dollars so purchased are greater than the sum originally due to the Underwriters hereunder, the Underwriters agree to pay to the Corporation an amount equal to the excess of the dollars purchased over
the sum originally due to the Underwriters. The foregoing indemnity shall constitute a separate and independent obligation of the Corporation and shall continue in full force and effect
notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into
Canadian dollars. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;Contribution  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
order to provide for a just and equitable contribution in circumstances in which the indemnity provided in Section&nbsp;13 would otherwise be available
in accordance with its terms but is held to be unavailable to or unenforceable by the Underwriters or enforceable otherwise than in accordance with its terms, the Corporation and the Underwriters
shall contribute to the aggregate of all claims, expenses, costs and liabilities and all losses (other than loss of profits relating to the distribution of the Offered Shares) of a nature contemplated
by Section&nbsp;13 in such proportions so that the Underwriters are responsible for the portion represented by the percentage that the aggregate fee actually paid by the Corporation to the
Underwriters under this Agreement bears to the aggregate </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=33,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=692382,FOLIO='33',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_34"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>offering
price of the Offered Shares and the Corporation is responsible for the balance. The Underwriters shall not in any event be liable to contribute, in the aggregate, any amounts in respect of an
offering of the Offered Shares in excess of such aggregate fee or any portion of such fee actually received under this Agreement in respect of such offering. Notwithstanding the foregoing, no Person
who has been determined by a court of competent jurisdiction in a final judgment from which no appeal can be made to have engaged in any fraud, wilful misconduct or fraudulent misrepresentation shall
be entitled to claim contribution from any Person who has not also been determined by a court of competent jurisdiction in a final judgment from which no appeal can be made to have engaged in such
fraud, wilful misconduct or fraudulent misrepresentation.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
rights to contribution provided in this Section&nbsp;14 shall be in addition to and not in derogation of any other right to contribution which the
Underwriters or the Corporation may have by&nbsp;Law. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;Certain Underwriter Obligations  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subject
to the terms and conditions hereof, the obligation of the Underwriters to purchase the Firm Shares and, if applicable, the Option Shares, shall be
several and not joint. The percentage of the aggregate number of the Firm Shares and, if applicable, Option Shares, to be purchased and paid for by the Underwriters shall be as&nbsp;follows: </FONT></DD></DL>
</UL>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Scotia Capital&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.22%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RBC&nbsp;Dominion Securities&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.21%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CIBC&nbsp;World Markets&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.13%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BMO&nbsp;Nesbitt Burns&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.08%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>National Bank Financial&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.08%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TD&nbsp;Securities&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.08%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Barclays Capital Canada&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.00%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Desjardins Securities&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.00%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Merrill Lynch Canada&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.00%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peters&nbsp;&amp;&nbsp;Co. Limited</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.00%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AltaCorp Capital&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FirstEnergy Capital Corp.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Macquarie Capital Markets Canada&nbsp;Ltd.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Raymond James&nbsp;Ltd.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100.000%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
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 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If,
on the Closing Date or any Additional Closing Date, if applicable, any one or more of the Underwriters (the&nbsp;"</FONT><FONT SIZE=2><B>Refusing
Underwriters</B></FONT><FONT SIZE=2>") shall fail or refuse to purchase the Firm Shares or, if applicable, the Option Shares that it has or they have agreed to purchase hereunder on such date, and the
aggregate number of Firm Shares or Option Shares, as the case may be, which such Refusing Underwriter or Refusing Underwriters agreed to but failed or refused to purchase is not more than 10% of the
aggregate number of Firm Shares or Option Shares, as the case may be, to be purchased on such date, the other Underwriters shall be obligated severally on a </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> basis according to the
percentage set forth opposite their respective names in subsection&nbsp;15(a), or in such other proportion as
the Co-Lead Underwriters may specify, to purchase the Firm Shares or Option Shares, as the case may be, which such Refusing Underwriter or Refusing Underwriters agreed but failed or refused to
purchase on such date; provided, however, that in no event shall the aggregate number of Firm Shares or Option Shares, as the case may be, that any Underwriter has agreed to purchase pursuant to this
Agreement be increased pursuant to this Section&nbsp;15 by an amount in excess of 10% of such number of Firm Shares or Option Shares, as the case may be, without the written consent of such
Underwriter. Nothing in this Section&nbsp;15 shall relieve any Refusing Underwriter from liability to the Corporation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
one or more but not all of the Underwriters shall fail or refuse to purchase the Firm Shares or, if applicable, Option Shares that it has or they have
agreed to purchase hereunder, and the aggregate </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=34,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=399583,FOLIO='34',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>number
of the Firm Shares or Option Shares, as the case may be, with respect to which such failure or refusal occurs is more than 10% of the aggregate number of the Firm Shares or Option Shares, as
the case may be, to be purchased on the Closing Date or Additional Closing Date, as applicable, then the other Underwriters shall have the right, but shall not be obligated, to purchase all of the
percentage of the Firm Shares or Option Shares, as the case may be, which would otherwise have been purchased by such Underwriters which have so failed or refused to purchase hereunder. If the amount
of such Firm Shares or Option Shares, as the case may be, which the remaining Underwriters wish, but are not obliged, to purchase exceeds the amount of such Firm Shares or Option Shares, as the case
may be, which remain available for purchase, such Firm Shares or Option Shares, as the case may be, shall be divided </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> among the
Underwriters desiring to purchase such Firm Shares or Option Shares, as the case may be, in proportion to percentage set forth opposite their respective names in subsection&nbsp;15(a). If the other
Underwriters do not purchase all the Firm Shares or Option Shares, as the case may be, of the Underwriters who failed or refused to purchase hereunder, the Corporation shall be entitled to terminate
its obligations under this Agreement without further liability of the Corporation, except in respect of any liability which may have arisen or may arise under Sections&nbsp;9, 13 and&nbsp;14. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>16.&nbsp;&nbsp;&nbsp;Survival  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>All
representations, warranties, terms and conditions herein (including the rights to indemnity and contribution in Sections&nbsp;13 and&nbsp;14) or contained in certificates or documents
submitted pursuant to or in connection with the transactions contemplated herein shall survive the payment by the Underwriters for the Offered Shares and the distribution of the Offered Shares
pursuant to the Offering Documents and shall continue in full force and effect for the benefit of the Underwriters regardless of any investigation by or on behalf of the Underwriters with respect
thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>17.&nbsp;&nbsp;&nbsp;Standstill  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Without
the prior written consent of the Co-Lead Underwriters, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed, for a period beginning on the date of this
Agreement and ending 90&nbsp;days after the Closing Date, the Corporation agrees not to issue any Common Shares or securities convertible or exercisable into Common Shares other than:
(i)&nbsp;pursuant to or in connection with stock based incentive plans of the Corporation in effect as of the date of this Agreement; (ii)&nbsp;pursuant to existing rights to acquire Common Shares
outstanding as the date of this Agreement; (iii)&nbsp;the payment of dividends in the form of Common Shares as may be permitted by the Corporation's constating documents; or (iv)&nbsp;pursuant to
the&nbsp;DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>18.&nbsp;&nbsp;&nbsp;Time of the Essence  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Time
shall be of the essence of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>19.&nbsp;&nbsp;&nbsp;Governing Law  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>This
Agreement shall be governed by and construed in accordance with the Laws of the Province of Alberta and the Laws of Canada applicable therein and the courts of the Province of Alberta shall have
exclusive jurisdiction over any dispute hereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=35,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=182907,FOLIO='35',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
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<P style="font-family:times;"><FONT SIZE=2><B>20.&nbsp;&nbsp;&nbsp;Notices  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unless
otherwise expressly provided in this Agreement, any notice or other communication to be given under this Agreement shall be in writing addressed to the Corporation&nbsp;at: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Baytex
Energy Corp.<BR>
2800, 520&nbsp;&#150;&nbsp;3rd&nbsp;Avenue SW<BR>
Calgary, Alberta T2P&nbsp;0R3 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Attention:
James L. Bowzer, President and Chief Executive Officer </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Fax:
(587)&nbsp;952-3029 </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>or
if to an Underwriter to the addresses set out in </FONT><FONT SIZE=2><B>Schedule&nbsp;"A"</B></FONT><FONT SIZE=2> or&nbsp;to such other address as any of the parties may designate by notice
given to the&nbsp;others. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
notice shall be personally delivered to the addressee or sent by fax to the addressee and (i)&nbsp;a notice which is personally delivered shall, if delivered on a Business Day, be deemed to be
given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii)&nbsp;a notice which is sent
by fax shall be deemed to be given and received on the first Business Day following the day on which it is sent (with confirmed transmission). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>21.&nbsp;&nbsp;&nbsp;Waiver  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Underwriters may waive in whole or in part any breach of, default under or non-compliance with any representation, warranty, term or condition hereof, or extend the time for compliance therewith,
without prejudice to any of their rights in respect of any other representation, warranty, term or condition hereof or any other breach of, default under or non-compliance with any other
representation, warranty, term or condition hereof, provided that any such waiver or extension shall be binding on the Underwriters only if the same is in&nbsp;writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>22.&nbsp;&nbsp;&nbsp;Authority of the Co-Lead Underwriters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Co-Lead Underwriters are hereby authorized by each of the other Underwriters to act on their behalf and the Corporation shall be entitled to and shall act on any notice given in accordance with
Section&nbsp;20 or&nbsp;agreement entered into by or on behalf of the Underwriters by the Co-Lead Underwriters, which represent and warrant that they have irrevocable authority to bind the
Underwriters, except in respect of any consent to a settlement pursuant to Section&nbsp;13(b) (which consent shall be given by the Indemnified Party), or a notice of termination pursuant to
Section&nbsp;12 (which notice may be given by any of the Underwriters), or any waiver pursuant to Section&nbsp;21 (which waiver must be signed by all of the Underwriters). The Co-Lead Underwriters
shall take reasonable steps to consult with the other Underwriters concerning any matter in respect of which it acts as representative of the Underwriters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>23.&nbsp;&nbsp;&nbsp;Relationship Between the Corporation and the Underwriters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation: (i)&nbsp;acknowledges and agrees that the Underwriters have certain statutory obligations as registrants under Canadian Securities Laws and U.S.&nbsp;Securities Laws and have
relationships with their clients; (ii)&nbsp;acknowledge and agree that the Underwriters are neither the agents of the Corporation nor otherwise fiduciaries of the Corporation; and
(iii)&nbsp;consents to the Underwriters acting hereunder while continuing to act for their clients. Nothing in this Agreement shall be interpreted to prevent the Underwriters from fulfilling their
statutory obligations as registrants under Canadian Securities Laws and U.S.&nbsp;Securities Laws or duties to their&nbsp;clients. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>24.&nbsp;&nbsp;&nbsp;No Requirement to List Securities as a Condition for Services Provided  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
of Scotia Capital&nbsp;Inc., CIBC&nbsp;World Market&nbsp;Inc., National Bank Financial&nbsp;Inc., TD&nbsp;Securities&nbsp;Inc. and Desjardins Securities&nbsp;Inc., or an affiliate
thereof, owns or controls an equity interest in TMX Group Limited ("</FONT><FONT SIZE=2><B>TMX Group</B></FONT><FONT SIZE=2>") and may have a nominee director serving on the TMX Group's board of
directors. As such, each such investment dealer may be considered to have an economic interest in the listing of securities on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=36,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=537337,FOLIO='36',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
<A NAME="page_oe73901_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2>any
exchange owned or operated by TMX Group, including the TSX, the TSX Venture Exchange and the Alpha Exchange (each, a "</FONT><FONT SIZE=2><B>TMX Exchange</B></FONT><FONT SIZE=2>"). No person or
company is required to obtain products or services from TMX Group or its affiliates as a condition of any such dealer supplying or continuing to supply a product or service. None of Scotia
Capital&nbsp;Inc., CIBC&nbsp;World Market&nbsp;Inc., National Bank Financial&nbsp;Inc., TD&nbsp;Securities&nbsp;Inc. nor Desjardins Securities&nbsp;Inc. requires the Corporation to list
securities on any of the TMX Exchanges as a condition of supplying or continuing to supply underwriting and/or any other services, including any services provided pursuant to the terms&nbsp;hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>25.&nbsp;&nbsp;&nbsp;Stabilization  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
connection with the distribution of the Offered Shares, the Underwriters may effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which
might otherwise prevail on the open market, but in each case only as permitted by applicable law. Such stabilizing transactions, if any, may be discontinued at any&nbsp;time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>26.&nbsp;&nbsp;&nbsp;Severance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>27.&nbsp;&nbsp;&nbsp;Entire Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
provisions contained herein constitute the entire agreement among the parties effective as of the date hereof and supersede all previous communications, representations, understandings and
agreements among the parties with respect to the subject matter hereof, whether verbal or&nbsp;written. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>28.&nbsp;&nbsp;&nbsp;Counterparts  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>This
Agreement may be executed by any one or more of the parties to this Agreement in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[The remainder of this page was intentionally left blank.]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=37,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=543448,FOLIO='37',FILE='DISK104:[15ZAR1.15ZAR73901]OE73901A.;4',USER='LPENROD',CD='14-MAR-2015;03:53' -->
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_og73901_1_38"> </A>


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</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance by executing the enclosed copies of this letter where indicated below and returning
them to the Co-Lead Underwriters, upon which this letter as so accepted shall constitute an Agreement among&nbsp;us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Yours
very truly, </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="42%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="42%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>SCOTIA CAPITAL INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> RBC DOMINION SECURITIES&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Drew Ross"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Rob King"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Drew Ross</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Rob King</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>CIBC WORLD MARKETS INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> BMO NESBITT BURNS&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) "</FONT><FONT SIZE=2><I>Chris Folan"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"David Vetters"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Chris Folan</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: David Vetters</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>NATIONAL BANK FINANCIAL INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> TD SECURITIES&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Craig Langpap"</I></FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Alec W.G. Clark"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Craig Langpap</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Alec W.G. Clark</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>BARCLAYS CAPITAL CANADA INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> DESJARDINS SECURITIES&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"T. Tim Kitchen"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Alex Shegelman"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: T. Tim Kitchen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Alex Shegelman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>MERRILL LYNCH CANADA INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> PETERS&nbsp;&amp;&nbsp;CO. LIMITED</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Jamie Hancock"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"J.G. (Jeff) Lawson"</I></FONT><FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Jamie Hancock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: J.G. (Jeff) Lawson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>ALTACORP CAPITAL INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> FIRSTENERGY CAPITAL CORP.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Gurdeep Gill"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Jamie N. Ha"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Gurdeep Gill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Jamie N. Ha</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>MACQUARIE CAPITAL MARKETS CANADA&nbsp;LTD.</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> RAYMOND JAMES&nbsp;LTD.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Daniel J. Cristall"</I></FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Jason Holtby"</I></FONT><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Daniel J. Cristall</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Jason Holtby</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(signed) </FONT><FONT SIZE=2><I>"Chad Dundas"</I></FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name: Chad Dundas</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=38,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=331621,FOLIO='38',FILE='DISK104:[15ZAR1.15ZAR73901]OG73901A.;10',USER='LPENROD',CD='14-MAR-2015;23:29' -->
<A NAME="page_og73901_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2>The
foregoing offer is accepted and agreed to as of the date first above&nbsp;written. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Yours
very truly, </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> BAYTEX ENERGY CORP.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>(signed) "</FONT><FONT SIZE=2><I>James L. Bowzer</I></FONT><FONT SIZE=2>"<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>James L. Bowzer<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>(signed) "</FONT><FONT SIZE=2><I>Rodney Gray</I></FONT><FONT SIZE=2>"<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Rodney D. Gray<BR>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=39,EFW="2223688",CP="BAYTEX ENERGY CORP.",DN="2",CHK=105783,FOLIO='39',FILE='DISK104:[15ZAR1.15ZAR73901]OG73901A.;10',USER='LPENROD',CD='14-MAR-2015;23:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="oi73901_schedule__a__underwriters"> </A>
<A NAME="toc_oi73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE "A"    <BR>    <BR>    UNDERWRITERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Underwriters and their addresses are: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Scotia Capital&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;1800, Scotia Centre<BR>
700&nbsp;&#150;&nbsp;2nd&nbsp;Street S.W.<BR>
Calgary, Alberta T2P&nbsp;2W1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Drew Ross<BR>
Managing Director, Investment Banking</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;269-8355</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> RBC&nbsp;Dominion Securities&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;3900, Bankers Hall West<BR>
888&nbsp;&#150;&nbsp;3rd&nbsp;Street S.W.<BR>
Calgary, Alberta T2P 5Cs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Rob King<BR>
Managing Director, Global Investment Banking</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;299-6900</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> CIBC&nbsp;World Markets&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Bankers Hall East<BR>
855&nbsp;&#150;&nbsp;2nd&nbsp;Street S.W.<BR>
Calgary, Alberta T2P&nbsp;4J7</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Chris Folan<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;260-0500</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> BMO&nbsp;Nesbitt Burns&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Eighth Avenue Place<BR>
525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W., 9<SUP>th</SUP>&nbsp;Floor<BR>
Calgary, Alberta T2P&nbsp;1G1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>David M. Vetters<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;515-1535</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> National Bank Financial&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;1800<BR>
311&nbsp;&#150;&nbsp;6th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;3H2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Craig Langpap<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;265-0543</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> TD&nbsp;Securities&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;3600, TD Canada Trust Tower<BR>
421&nbsp;&#150;&nbsp;7th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;4K9</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Alec W.G. Clark<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;299-8572</FONT></TD>
</TR>
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<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Barclays Capital Canada&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;1700<BR>
140&nbsp;&#150;&nbsp;4th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;3N3</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>T. Tim Kitchen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(646)&nbsp;758-7445</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Desjardins Securities&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;410<BR>
110&nbsp;&#150;&nbsp;9th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;0T1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Alex Shegelman<BR>
Managing Director&nbsp;&amp; Head of Energy</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;532-6641</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Merrill Lynch Canada&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;2620<BR>
255&nbsp;&#150;&nbsp;5th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;3G6</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Tim Watson<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;237-7372</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Peters&nbsp;&amp;&nbsp;Co. Limited</B></FONT><FONT SIZE=2><BR>
2300&nbsp;Jamieson Place<BR>
308&nbsp;&#150;&nbsp;4th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;0H7</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>J.G. (Jeff) Lawson<BR>
Principal, Corporate Finance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;261-7565</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> AltaCorp Capital&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;1100<BR>
888&nbsp;&#150;&nbsp;3rd&nbsp;Street S.W.<BR>
Calgary, Alberta T2P&nbsp;5C5</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Gurdeep Gill<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;539-8575</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> FirstEnergy Capital Corp.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;1100<BR>
311&nbsp;&#150;&nbsp;6th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;3H2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Jamie N. Ha<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;262 0688</FONT></TD>
</TR>
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<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Macquarie Capital Markets Canada&nbsp;Ltd.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;3100<BR>
421 7<SUP>th</SUP>&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;4K9</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Daniel J. Cristall<BR>
Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;539-4365</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> Raymond James&nbsp;Ltd.</B></FONT><FONT SIZE=2><BR>
Suite&nbsp;4250, Eighth Avenue Place<BR>
525&nbsp;&#150;&nbsp;8th&nbsp;Avenue S.W.<BR>
Calgary, Alberta T2P&nbsp;1G1</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Jason Holtby<BR>
Senior Managing Director, Head of Energy&nbsp;&amp; Power Investment Banking</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Fax No.:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(403)&nbsp;509-0535</FONT></TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ok73901_schedule__b__free_writing_prospectuses"> </A>
<A NAME="toc_ok73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SCHEDULE "B"    <BR>    <BR>    FREE WRITING PROSPECTUSES    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Press
release dated March&nbsp;11, 2015 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Press
release dated March&nbsp;12, 2015 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>
<P><br><A NAME="15ZAR73901_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_oa73901_1">Exhibit 3.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_oa73901_2">UNDERWRITING AGREEMENT</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_oi73901_1">SCHEDULE "A" UNDERWRITERS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ok73901_1">SCHEDULE "B" FREE WRITING PROSPECTUSES</A></FONT><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>a2223688zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZAR73901_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="nc73901_exhibit_5.1"> </A>
<A NAME="toc_nc73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;5.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="nc73901_consent_of_independent__nc702321"> </A>
<A NAME="toc_nc73901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in this Amendment No.&nbsp;2 to&nbsp;Registration Statement No.&nbsp;333-202662 on
Form&nbsp;F-10 of our reports, dated March&nbsp;4, 2015, relating to the consolidated financial statements of Baytex Energy Corp. and subsidiaries ("Baytex") and the effectiveness of Baytex's
internal control over financial reporting appearing in the Annual Report on Form&nbsp;40-F of Baytex for the year ended December&nbsp;31, 2014, and to the reference to us under the heading
"Interest of Experts" appearing in the Prospectus, which is also part of this Registration Statement. </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>/s/ </FONT><FONT SIZE=2><I>Deloitte LLP</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2>Chartered
Accountants<BR>
March&nbsp;19, 2015<BR>
Calgary, Canada </FONT></P>
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<P style='font-family:times;page-break-before:always'></p>
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<BR>
<P><br><A NAME="15ZAR73901_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_nc73901_1">Exhibit 5.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_nc73901_2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>a2223688zex-5_2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZAR73901_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ne73901_exhibit_5.2"> </A>
<A NAME="toc_ne73901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;5.2    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g945152.jpg" ALT="GRAPHIC" WIDTH="660" HEIGHT="54">
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ne73901_consent_of_bdo_audit"> </A>
<A NAME="toc_ne73901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF BDO AUDIT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby consents to the use of their report(s), dated March&nbsp;21, 2014, relating to the consolidated financial
statements of Aurora Oil&nbsp;&amp; Gas Limited and subsidiaries ("Aurora") for the year ended December&nbsp;31, 2013 and the information derived therefrom, as well as the reference to their name, in
each case where used or incorporated by reference in this Amendment No.&nbsp;2 to the Registration Statement on Form&nbsp;F-10 of Baytex Energy&nbsp;Corp. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2><B>SIGNED</B></FONT><FONT SIZE=2> for and on behalf of</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>BDO AUDIT (WA) PTY&nbsp;LTD</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>by a duly authorised representative:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Signed:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Glyn O'Brien<BR>


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<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2>Date:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2>19 March 2015<BR>


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 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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<P><br><A NAME="15ZAR73901_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ne73901_1">Exhibit 5.2</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ne73901_2">CONSENT OF BDO AUDIT</A></FONT><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
