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<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex1-form8k12g3_021904.txt
<DESCRIPTION>EXHIBIT 1
<TEXT>

                                                                       EXHIBIT 1
                                                                       ---------


[GRAPHIC OMITTED]                               [GRAPHIC OMITTED]
  B A Y T E X                                        C R E W
  -----------                                        -------
 ENERGY TRUST                                      ENERGY INC.


FOR IMMEDIATE RELEASE - CALGARY, ALBERTA - SEPTEMBER 2, 2003
------------------------------------------------------------


Baytex Energy Trust and Crew Energy Inc. jointly announce today the successful
completion of the reorganization of Baytex Energy Ltd. into Baytex Energy Trust
and Crew Energy Inc. The trust units of Baytex Energy Trust (TSX symbol: BTE.UN)
and the common shares of Crew (TSX symbol: CR) have been conditionally approved
for listing on the Toronto Stock Exchange. It is expected that the Toronto Stock
Exchange will issue a bulletin later this week with respect to the date of
commencement of trading of the trust units and the Crew common shares. Until
then, the common shares of Baytex Energy Ltd. will continue to trade under the
symbol "BTE".

Baytex Energy Trust begins operation with production at approximately 37,000
boe/d, consisting of 27,000 bbl/d of oil and 60 mmcf/d of natural gas. The Trust
has a strong and flexible financial position, with the only outstanding debt
being the US$180 million senior subordinated long-term notes and undrawn credit
facilities of $165 million. The initial distribution of the Trust will be 15
cents per unit and will be paid on October 15, 2003 to unitholders of record on
September 30, 2003. This level of distribution is in keeping with the Trust's
policy of distributing between 60% and 70% of cash flow. The Trust has
53,304,858 units and 4,732,326 exchangeable shares issued and outstanding as of
this date.

Crew Energy Inc. begins operations with production at approximately 1,500 boe/d,
consisting of 7.5 mmcf/d of natural gas and 250 bbl/d of light oil and liquids.
Crew has no debt, $6 million of cash on deposit and undrawn credit facilities of
$12 million. With a two-year inventory of drilling prospects and an undeveloped
land position of nearly a quarter of a million net acres, Crew is well
positioned to aggressively pursue growth. Crew has 22,980,709 common shares
issued and outstanding as of this date.

For further information, please contact:

Baytex Energy Trust                     Crew Energy Inc.
Ray Chan, President and C.E.O.          Dale Shwed, President and C.E.O.
Telephone:  (403) 267-0715              Telephone:  (403) 750-1241

                                        John Leach, Vice-President, Finance
                                        and C.F.O.
                                        Telephone: (403) 750-1232

<PAGE>

Baytex Energy Trust/Crew Energy Inc.
Press Release
September 2, 2003                                                         Page 2
--------------------------------------------------------------------------------

FORWARD-LOOKING STATEMENTS
--------------------------

CERTAIN STATEMENTS IN THIS PRESS RELEASE ARE "FORWARD-LOOKING STATEMENTS" WITHIN
THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. SPECIFICALLY, THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS
RELATING TO MANAGEMENT'S APPROACH TO OPERATIONS AND COMPANY PRODUCTION, CASH
FLOW AND DEBT LEVELS. THE READER IS CAUTIONED THAT ASSUMPTIONS USED IN THE
PREPARATION OF SUCH INFORMATION, ALTHOUGH CONSIDERED REASONABLE BY BAYTEX AND
CREW AT THE TIME OF PREPARATION, MAY PROVE TO BE INCORRECT. ACTUAL RESULTS
ACHIEVED DURING THE FORECAST PERIOD WILL VARY FROM THE INFORMATION PROVIDED
HEREIN AS A RESULT OF NUMEROUS KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES AND
OTHER FACTORS. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: GENERAL ECONOMIC,
MARKET AND BUSINESS CONDITIONS; INDUSTRY CAPACITY; COMPETITIVE ACTION BY OTHER
COMPANIES; FLUCTUATIONS IN OIL AND GAS PRICES; THE ABILITY TO PRODUCE AND
TRANSPORT CRUDE OIL AND NATURAL GAS TO MARKETS; THE RESULT OF EXPLORATION AND
DEVELOPMENT DRILLING AND RELATED ACTIVITIES; FLUCTUATION IN FOREIGN CURRENCY
EXCHANGE RATES; THE IMPRECISION OF RESERVE ESTIMATES; THE ABILITY OF SUPPLIERS
TO MEET COMMITMENTS; ACTIONS BY GOVERNMENTAL AUTHORITIES INCLUDING INCREASES IN
TAXES; DECISIONS OR APPROVALS OF ADMINISTRATIVE TRIBUNALS; CHANGE IN
ENVIRONMENTAL AND OTHER REGULATIONS; RISKS ASSOCIATED WITH OIL AND GAS
OPERATIONS; THE WEATHER IN THE COMPANY'S AREAS OF OPERATIONS; AND OTHER FACTORS,
MANY OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE IS NO REPRESENTATION
BY BAYTEX AND CREW THAT ACTUAL RESULTS ACHIEVED DURING THE FORECAST PERIOD WILL
BE THE SAME IN WHOLE OR IN PART AS THOSE FORECAST.


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