Baytex Energy Corp, a Canadian heavy oil producer, said it will purchase Aurora Oil & Gas Ltd for C$2.6 billion ($2.4 billion), including debt, to add production from the prolific Eagle Ford shale oil region of Texas.The acquisition is the largest in Baytex's 20-year history and broadens the company beyond its focus on conventional heavy oil from reserves in Western Canada and its emerging light oil output from the Bakken shale field in North Dakota.Baytex said it will pay a total C$1.8 billion for the shares and assume C$744 million of Aurora's long-term debt.Baytex is offering A$4.10 for each share of the Perth, Australia-based oil producer, a 52 percent premium to its average price in the past week, valuing the company at A$1.84 billion ($1.65 billion), Aurora said in a separate statement.
Baytex Energy Corp. (Baytex), through its subsidiaries, are engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (in the provinces of British Columbia, Alberta and Saskatchewan) and in the United States (in the states of North Dakota and Wyoming). Shares of BTE traded higher by 1.24% or $0.46/share to $37.62. In the past year, the shares have traded as low as $34.71 and as high as $47.47. On average, 199671 shares of BTE exchange hands on a given day and today's volume is recorded at 289996.
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