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Baytex Energy Announces Acquisition of Aurora Oil & Gas

Paul, Weiss client Baytex Energy Corp. (TSX, NYSE: BTE) entered into an agreement to purchase 100 percent of the shares of Aurora Oil & Gas Limited (TSX: AEF, ASX: AUT), an Australian oil & gas company, for AU$4.10 cash per share.  The total consideration to be paid by Baytex is approximately Cdn$1.8 billion, plus assumed debt of approximately Cdn$744 million for a total transaction value of approximately Cdn$2.6 billion. In conjunction with the acquisition of Aurora, Baytex entered into a Cdn$1.3 billion bought deal subscription receipt financing with a syndicate of underwriters co-led by Scotiabank and RBC Capital Markets. The financing is subject to customary closing conditions including receipt of applicable regulatory approvals and is expected to close on or about February 24. The acquisition of Aurora gives Baytex access to 22,200 net contiguous acres in the prolific Sugarkane Field located in South Texas in the core of the liquids-rich Eagle Ford shale. 
The Paul, Weiss team included corporate partner Andrew Foley and counsel Stephen Centa; tax partner David Mayo; and environmental counsel William O'Brien.

February 6, 2014

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