May 12, 2011 / 1:06 PM / in 7 years

UPDATE 1-Hedging losses hurt Baytex Energy Q1 profit

* Q1 EPS C$0.01 vs C$0.27 last year

* Petroleum, natural gas sales up 11 pct to C$290.3 mln

May 12 (Reuters) - Baytex Energy Corp , a Canada-based oil and natural gas producer, reported a sharp drop in net income due to C$46 million in unrealized mark-to-market losses from oil hedging program.

The net income fell to C$950,000 ($988,142), or 1 Canadian cent per unit, from C$29.82 million, or 27 Canadian cents per unit, a year ago.

Funds from operations rose 3 percent to C$110 million, or 93 Canadian cents per unit.

Petroleum and natural gas sales rose 11 percent to C$290.3 million for the company, which operates in British Columbia, Alberta, Saskatchewan and the United States.

January-March production averaged 8 percent higher at 46,902 barrels of oil equivalent per day.

Shares of the company closed at C$52.53 on Wednesday on the Toronto Stock Exchange.

$1 = 0.961 Canadian Dollars Reporting by Krishna N Das in Bangalore; Editing by Maju Samuel

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