The stock is clearly tracking oil. Goldman raised their fall '08 target price for WTI from $107 to $145 (or thereabouts) on growing diesel demand in China.
The rush is in full swing and while it is certainly cyclical, the end doesn't seem to be around the next corner. I haven't studied Baytex's risk management (hedging) policies, but expiring contracts are being reuped at the current value. In other words, the value of their reserves are loosely tracking with market prices.
If crude goes to 145 as Goldman projects, Baytex will be at 33.