Le Lézard
Classified in: Business
Subject: LAW


HOUSTON, Sept. 19, 2023 /CNW/ - Juniper Capital Advisors, L.P. ("Juniper") announces that on September 18, 2023, Rocky Creek Resources, LLC ("RCR") and JSTX Holdings, LLC ("JSTX") and Juniper Capital III GP, LP ("Juniper GP III"), each an entity controlled (directly or indirectly) by Juniper, collectively entered into an agreement to dispose of 51,161,332 common shares of Baytex Energy Corp. ("Baytex") to certain arms' length persons in a private transaction effected by way of block-trade, at a price of US$4.125 per common share, for aggregate gross proceeds of US$211,040,494.50 (C$5.565 per common share, for aggregate gross proceeds of C$284,712,812.58 based on the daily exchange rate of US$1.000 = C$1.3491 posted by the Bank of Canada on September  18, 2023) (the "Block Trade"). Settlement of the Block Trade is expected to occur on September 20, 2023.

As a result of the Block Trade, Juniper will dispose of beneficial ownership of, and control or direction over, common shares of Baytex which, when added with 15,408,000 common shares of Baytex previously distributed by JSTX to certain of its members, represent more than 2% of the issued and outstanding common shares of Baytex.

Immediately prior to the aforementioned transactions, Juniper had beneficial ownership of, and control or direction over, 168,891,994 common shares in the aggregate, representing approximately 19.6% of the common shares issued and outstanding, comprised of (i) 40,491,996 common shares held directly by RCR and (ii) 128,399,998 common shares held directly by JSTX. Upon completion of the aforementioned transactions, Juniper will have beneficial ownership, and control or direction over, 102,322,662 common shares in the aggregate, representing approximately 11.9% of the common shares issued and outstanding, comprised of (i) 26,994,664 common shares held directly by RCR, (ii) 74,186,665 common shares held directly by JSTX and (iii) 1,141,333 common shares held directly by Juniper GP III.

The common shares to be disposed of in the context of the Block Trade are being sold for investment purposes. The remaining common shares beneficially owned by Juniper are held for investment purposes. Depending on the evolution of Baytex's business, financial condition, the market for Baytex's securities, general economic conditions and other factors, Juniper may in the future increase the ownership of common share, held by Juniper or its affiliates, from time to time, or sell some or all of the common shares they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions, applicable securities laws and other relevant factors.

This news release is issued pursuant to National Instrument 62-103 ? The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report filed by Juniper will be available under Baytex's profile on SEDAR+ at www.sedar.plus.ca or by contacting Tim Gray at 713-335-4735. Juniper's head office is located at 2727 Allen Parkway, Suite 1850, Houston, Texas 77019, USA. Baytex's head office is located at 2800, 520 ? 3rd Avenue SW, Calgary, Alberta T2P 0R3, Canada.

SOURCE Juniper Capital Advisors, L.P.

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