Baytex Energy Trust (Baytex) is an open-end investment trust. Baytex’s crude oil and natural gas operations are organized into two operating districts: the Heavy Oil District, and the Conventional Oil and Gas District. Each district has a portfolio of operated properties and development prospects. Its principal undertaking is to issue Trust Units and other securities and to acquire and hold net profits interests, royalties and other interests. Baytex carries on the business of acquiring and holding interests in oil and natural gas properties, and assets related thereto. The Heavy Oil District accounts for approximately 55% of production. Baytex's heavy oil operations consist of cold primary production, without the assistance of steam injection. The Conventional Oil and Gas District produces light and medium gravity crude oil, natural gas and natural gas liquids from various fields in Alberta and British Columbia. In June 2008, the Company acquired Burmis Energy Inc.
