Business Context and Reporting Period
This filing is a Form 6-K press release dated November 1, 2006, from Baytex Energy Trust (TSX: BTE.UN; NYSE: BTE). The company is a conventional oil and gas income trust focused on maintaining production and asset bases through internal development. The announcement concerns an adjustment to the Exchange Ratio for Baytex Energy Ltd. Exchangeable Shares, effective November 15, 2006.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt figures. Specific data points disclosed include:
- Trust Distribution per Unit: $0.18 (Record Date: October 31, 2006)
- Five-day Weighted Average Trading Price (BTE.UN): $24.45
- Opening Exchange Ratio: 1.48762
- New Exchange Ratio: 1.49857
Material Changes
The primary material change is the increase in the Exchange Ratio of Baytex Energy Ltd. Exchangeable Shares from 1.48762 to 1.49857. This adjustment reflects the distribution paid to unitholders and is calculated by multiplying the distribution per unit by the opening exchange ratio and dividing by the five-day weighted average trading price.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, earnings outlook, or specific risk factors. Management commentary is limited to the company's general strategy of maintaining production and delivering consistent returns. No unusual items or contingencies are disclosed in this text.
Investor Verification Checklist
- Verify the effective date of the new Exchange Ratio (November 15, 2006).
- Confirm the calculation methodology for the Exchange Ratio adjustment.
- Review the full quarterly or annual financial report for revenue, profit, and liquidity metrics not included in this press release.
- Check current trading prices for BTE.UN and BTE to assess market reaction to the ratio change.