December 6, 2011 / 1:59 PM / 7 years ago

UPDATE 1-Baytex sets higher capex for 2012

* Sets 2012 capex at C$400 mln vs 2011 capex view C$355 mln

* Raises monthly dividend by 10 pct

* To raise production to 54,000-55,000 boe/d from 50,000-50,500 boe/d

* Will invest 60 pct of budget on heavy oil projects

Dec 6 (Reuters) - Baytex Energy set its 2012 capital budget at C$400 million, 13 percent higher than 2011, as the Canadian oil and gas company prepares to ramp up its production.

Calgary-based Baytex also raised its monthly dividend by 10 percent to 22 Canadian cents a share.

The company expects the new budget to help generate average production of 54,000-55,000 barrels of oil equivalent per day (boe/d) next year, compared with the 50,000-50,500 boe/d seen this year.

Baytex follows Canadian oil and gas driller Precision Drilling, which raised its 2012 budget by 54 percent earlier today, amidst higher oil prices.

The company plans to invest about 60 percent of its 2012 budget in heavy oil operations, mostly at its Seal project located in Alberta’s Peace River oilsands.

Baytex shares closed at C$54.27 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Sreejiraj Eluvangal)

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