Baytex Energy Corp.: Update following upgrade to Ba3
Our credit view of Baytex reflecting geographic diversity and strong metrics offset by high F&D costs and exposure to regional price volatility.Baytex Energy is a conventional oil and gas company engaged in the acquisition, development and production of petroleum and natural gas in the Western Canadian Sedimentary Basin and the United States. As of Dec 31 2010, total proved reserves for light and medium oil consisting of 18,416 thousand barrels gross (15,335 thousand barrels net), heavy oil consisting of 104,978 thousand barrels gross (87,384 thousand barrels net), natural gas liquids consisting of 2,825 thousand barrels gross (2,015 thousand barrels net) and natural gas consisting of 83,800 million cubic feet gross (70,300 million cubic feet net).
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