About Baytex

At Baytex, we offer sector-leading capital efficiencies and robust asset level returns across all three core resource plays. Approximately 83% of our production and 84% of our reserves are derived from crude oil and liquids. We have amassed a significant inventory of long-term, low cost development projects, most notably in the Eagle Ford in Texas, the Peace River area of northwest Alberta, the Viking light oil area, the East Duvernay shale light oil in Alberta and our Lloydminster heavy oil region. 

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Baytex manages its exposure to a variety of risks arising directly or indirectly in the conduct of its business, including commodity prices, foreign exchange rates and interest rates. Pursuant to its Risk Management Policy, management of Baytex is authorized to enter into transactions covering, in aggregate, up to 60% of its exposure to the risk being managed. Transactions in excess of this level must be pre-authorized by the Board of Directors. In addition, Baytex actively employs risk mitigation strategies to maximize the profitability of its heavy oil production, including an expanded use of crude by rail which allows us to deliver our heavy oil to higher netback markets. 

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Baytex is subject to numerous risks including commodity prices, production levels, global energy production and policy, political conditions, currency fluctuations and weather conditions. For a more detailed description of these risks, see the section of our Annual Information Form (page 11) entitled "Risk Factors". Click here to access this document.

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Common shares cannot be purchased directly from Baytex. You must contact your broker or other financial intermediary in order to purchase our common shares, which are traded on the Toronto Stock Exchange and the New York Stock Exchange (under the trading symbol BTE).

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Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. 
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Baytex is of the view that its dividends meet the criteria for “qualified dividends”. There are certain individual circumstances where the dividends may not be qualified dividends, such as circumstances where the shareholder does not meet a holding period test.  Where these circumstances apply, the dividends are to be reported as “ordinary dividends.”

Information relating to dividends paid by Baytex is provided annually on Form 1099-DIV.  Registered U.S. resident shareholders will receive this form from our transfer agent, Valiant Trust Company, who can be reached directly at 1-866-313-1873.  Non-registered U.S. resident shareholders will receive their Form 1099-DIV from their broker and not from Baytex or our transfer agent.  We strongly recommend you obtain advice from your tax advisor about the tax treatment of the dividends you receive.

Under Canadian tax legislation, dividends paid by Baytex to non-residents of Canada are subject to a withholding tax.  The withholding rate is 25% and may be reduced to 15% under the Canada/US income tax treaty (“Treaty”).  The Canada Revenue Agency requires that brokers obtain certain information from shareholders in order to determine the appropriate rate of withholding.

Registered, non-resident shareholders whose names appear on the records of the registrar and transfer agent of Baytex are mailed a form by Baytex’s transfer agent requesting this information. Until such form is completed and returned to Baytex’s transfer agent, the reduced Treaty rate of 15% will not be applied when determining the amount of withholding tax.

Non-registered, non-resident shareholders’ eligibility for any applicable Treaty rate will be determined by each shareholder’s broker and not by Baytex or its transfer agent. Certain brokers may require additional information or certifications in order to determine a non-resident shareholder’s eligibility for the reduced Treaty rate. Non-resident, non-registered shareholders are encouraged to contact their brokers or other tax, legal or financial advisors in the event that they have any questions or concerns in this regard. The withholding tax may be recovered in whole or in part as a foreign tax credit or a foreign tax deduction.

At the end of the year, U.S. resident shareholders receive a Form 1099-DIV which includes information about withholding tax paid to Canada during the year.

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US shareholders that hold their common shares in tax-exempt accounts are eligible for 0% withholding tax on cash dividends paid on their common shares. The process for qualifying for 0% withholding tax is dependent on whether you are a beneficial or registered shareholder.

Beneficial Shareholders

• A shareholder who holds their common shares through a broker, investment dealer, financial institution or other nominee is a beneficial shareholder.
• For US beneficial shareholders holding common shares in a tax-exempt account, Baytex is required to withhold tax and remit such amount to the Canada Revenue Agency. The US shareholder can subsequently apply to the Canada Revenue Agency for a refund of the Canadian withholding tax paid. See the next FAQ for information on how to apply for a refund of Canadian withholding tax.

Registered Shareholders

• A shareholder who holds a physical share certificate to evidence their ownership of common shares is a registered shareholder. 
• To qualify for 0% Canadian withholding tax, a registered shareholder in the US must apply to the Canada Revenue Agency for a tax-exempt status letter. For information on how to obtain a tax-exempt status letter, please contact the International Tax Services Office at Canada Revenue Agency by telephone at 1-800-267-3395, by fax at 613-941-6905 or by clicking the following link to their website: https://www.canada.ca/en/revenue-agency.html
• Once obtained, the tax-exempt status letter should be delivered to our transfer agent at the following address:
  Computershare Trust Company of Canada
  Attention: Tax Department
  100 University Ave, 8th Floor
  Toronto, ON M5J 2Y1
  
• Should the registered shareholder have their tax-exempt status withdrawn by Canada Revenue Agency, they are required to immediately advise our transfer agent, Valiant Trust Company.

The information contained herein is intended to be a general guideline and not an exhaustive discussion of all possible income tax consequences. It is not intended to constitute legal or tax advice to any holder or potential holder of common shares. Holders or potential holders of common shares should consult their own legal or tax advisors as to their particular tax consequences of holding common shares.

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Beneficial Shareholders

• For US beneficial shareholders holding common shares in a tax-exempt account, Baytex is required to withhold tax and remit such amount to the Canada Revenue Agency.
• To obtain a refund of the Canadian withholding tax (i.e., Part XIII tax) paid, the US beneficial shareholder should complete Form NR7-R “Application for Refund of Part XIII Tax Withheld” and file the form with Copy 3 of the NR4 supplementary (provided by your broker or other intermediary) with the Canada Revenue Agency at each calendar year end. Click the following link to access the Form NR7-R: http://www.cra-arc.gc.ca/E/pbg/tf/nr7-r/README.html
• The Form NR7-R has to be filed with the Canada Revenue Agency no later than two years from the end of the calendar year in which the withholding tax was remitted.

Registered Shareholders

• For US registered shareholders holding common shares in a tax-exempt account, Baytex is required to withhold tax and remit such amount to the Canada Revenue Agency until such time as such shareholder has submitted a copy of their tax-exempt status letter obtained from Canada Revenue Agency.
• To obtain a refund of the Canadian withholding tax (i.e., Part XIII tax) paid, the US registered shareholder should complete Form NR7-R “Application for Refund of Part XIII Tax Withheld” and file the form with Copy 3 of the NR4 supplementary (to be provided by Valiant Trust Company) with the Canada Revenue Agency at each calendar year end. Click the following link to access the Form NR7-R: http://www.cra-arc.gc.ca/E/pbg/tf/nr7-r/README.html
• The Form NR7-R has to be filed with the Canada Revenue Agency no later than two years from the end of the calendar year in which the withholding tax was remitted.

The information contained herein is intended to be a general guideline and not an exhaustive discussion of all possible income tax consequences. It is not intended to constitute legal or tax advice to any holder or potential holder of common shares. Holders or potential holders of common shares should consult their own legal or tax advisors as to their particular tax consequences of holding common shares.

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For 2019, Baytex's production is expected to be 27% heavy oil, 56% light oil and natural gas liquids and 17% natural gas.

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Baytex has an estimated reserves life index of 14.6 years for proved plus probable reserves based on our estimated reserves at December 31, 2018 and Q4 2018 actual production rate of 98,890 boe/d.

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Baytex's year-end 2018 proved and probable reserves were evaluated by Sproule Unconventional Limited ("Sproule") Ryder Scott Company, L.P. ("Ryder Scott") and GLJ Petroleum Consultants ("GLJ"), all independent qualified reserves evaluators.  Sproule evaluated our Canadian reserves, other than the reserves associated with our Duvernay assets.  GLJ evalutated the reserves associated with our Duvernay assets.  Our United States properties were evaluated by Ryder Scott.  Each evaluator used Sproule's December 31, 2018 forecast price and cost assumptions.  All of Baytex's oil and gas properties were evaluated or audited in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities". 

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