Baytex Energy Corp. TSX:BTU.UN NYSE:BTU is a Calgary based oil and natural gas producer, developer and explorer. The company has a balanced product mix with most of its projects developing light oil assets but heavy oil (bitumen) making up most of its resource and natural gas reserves being maintained through acquisitions; that reduces risks because although lower prices for Western Canadian Intermediate heavy oil with respect to west texas conventional oil would affect heavy oil revenues it would be buffered by the subsequent price increases in conventional oil and natural gas. Though 2P reserves are 229 million boe (2010/2011, 16% higher than the 200 million boe in 2009), 70% of which is heavy oil, it has a much larger resource base due to exposure to Alberta's oil sands and the rest of the Western Canadian Sedimentary Basin. With a debt to cash ratio 75% lower in 2009 than 2004 Baytex has siginificantly improved capital efficiencies. Total proved reserves are 140 million boe 8% higher than in 2009.
Although it had a lot of success as a trust (more than doubled market capitalization between september 2009 and september 2010 (2.30958 billion to over 5 billion). it plans to renounce that status by 2011 due to a change in trust legislation.(Read more at Wikinvest )