Baytex is authorized by its Board of Directors to hedge up to 50% of its net exposure to commodity prices, interest rates and foreign exchange notes. The details of our hedging positions are as follows:
Under the CICA guideline for hedge accounting, the Trust's financial derivative contracts for oil and foreign currency do not qualify as effective accounting hedges. Accordingly, these contracts have been accounted for based on the fair value method.
In accordance with the rules of the New York Stock Exchange, Baytex will provide any holder of its securities, upon request and free of charge, with a hard copy of our annual audited financial statements. To receive these statements please contact Investor Relations by calling toll free 1-800-524-5521 or email investor@baytex.ab.ca. A full text of the Trust's 40-F can be found at http://www.sec.gov/edgar.shtml. There is no significant difference between the corporate governance practices which Baytex follows, and those generally followed in the US.