Canadian heavy oil producer Baytex Energy Trust (BTE.TO) said it agreed to buy heavy oil assets in the Seal area of Northern Alberta and Lloydminster area of western Saskatchewan for C$156.5 million ($158.3 million). Baytex raised its production outlook to 49,000 to 50,000 barrels of oil per day (bbl/d) from its Dec.7 view of 47,000 to 48,000 bbl/d, while keeping its capital budget for 2011 at C$325 million. The company forecast production of about 2,600 bbl/d from the acquired assets for the year, with about 65 percent of it expected from the Seal area.
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