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Bracewell Represents Scotiabank in Financing for $2.6 Billion Baytex Oil & Gas Acquisition

February 7, 2014

Bracewell & Giuliani LLP is representing Scotiabank in the financing of Baytex Energy Corporation’s CAD $2.6 billion acquisition of Aurora Oil & Gas Limited. Aurora's primary asset is 22,200 net contiguous acres in the Sugarkane Field located in South Texas in the core of the liquids-rich Eagle Ford shale.

In conjunction with the acquisition, Baytex has entered into a CAD $1.3 billion bought deal subscription receipt financing with a syndicate of underwriters co-led by Scotiabank and RBC Capital Markets, and a CAD $1 billion revolving credit facility and CAD $200 million dollar term loan, both led by Scotiabank.

It is expected that Baytex will put in place a US $300 million borrowing base facility at Aurora (or a subsidiary thereof) with a syndicate of banks led by Scotiabank, concurrent with the closing of the acquisition.

The acquisition is expected to close in May 2014.

Bracewell attorneys involved in this transaction are:

Partner: Kate H. Day

Associates: Rebecca H. Keep, Shujun Tian, Alexis R. Brodie, L. Kate Champion, and Jennifer O. Reid