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Baytex Energy Corp. Reports Q4; Shares Up 1% Late Mid-Morning

Baytex Energy Corp. (BTE.TO) generated net income of $31.6 million ($0.26 per basic share) in Q4 2012, an increase of 18% over Q3/2012, and a decrease of 45% from Q4/2011. On an annual basis it generated record net income of $258.6 million ($2.16 per basic share) in 2012, an increase of 19% over 2011. The 2012 net income includes the gain on disposition of its North Dakota assets of $172.5 million ($103.5 million after income tax expense).

Summary:

- Produced record quarterly production of 55,046 boe/d (87% oil and natural gas liquids) in Q42012, an increase of 4% over Q4 2011 and 1% over Q32012, and record annual production of 53,986 boe/d (87% oil and NGL), an increase of 8% over 2011.

- Generated funds from operations of $127.3 million ($1.05 per basic share) in Q4/2012, a decrease of 22% from Q4/2011 and 8% from Q3/2012, and $532.7 million ($4.44 per basic share) in full-year 2012, a decrease of 4% from 2011.

- Increased total proved plus probable reserves by 16% to 292 million boe, replacing 300% of 2012 production and extending our proved plus probable reserve life index to 14 years.

- Increased economic best estimate contingent resource by 2% to 795 million barrels of oil equivalent and bitumen, including a 4% increase at Peace River to 551 million barrels of bitumen.

Shares are up 35 cents (0.8%) to $43.90.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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