May 10, 2012 / 12:48 PM / in 5 years

UPDATE 1-Baytex Energy profit rises on higher prices; CEO leaves

May 10(Reuters) - Canadian oil and gas producer Baytex Energy Corp’s first-quarter profit jumped on higher production and strong oil prices.

The company also said its Chief Executive Anthony Marino had resigned and Executive Chairman Raymond Chan would take over as the interim CEO.

Net income rose to C$43.0 million, or 36 Canadian cents per share, from C$950,000, or 1 Canadian cent per share, a year earlier.

Petroleum and natural gas sales rose 18 percent to C$343.4 million.

Production averaged 53,433 barrels of oil equivalent per day (boe/d), up 14 percent from a year earlier.

In the January-March quarter, U.S. crude oil prices rose 9 percent to average $103 per barrel.

Baytex said in April it was selling its non-operated interests in the Williston Basin in North Dakota to a unit of Magnum Hunter Resources and cut its 2012 production forecast by 500 boe/d.

Shares of the company, which has a market value of C$5.89 billion, closed at C$49.57 on Wednesday on the Toronto Stock Exchange.

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