April 15, 2010 / 2:10 PM / 8 years ago

UPDATE 1-Baytex Energy acquires heavy oil assets for C$40.9 mln

* Says production from assets about 900 barrels of oil/day

* To draw on revolving credit facility for acquisition

* Backs 2010 capital budget of C$235 mln

April 15 (Reuters) - Canada’s Baytex Energy Trust BTE_u.TO said it agreed to acquire a private company with heavy oil assets in the Lloydminster area of southwest Saskatchewan for C$40.9 million ($40.96 million).

Baytex said the assets produce about 900 barrels of oil per day and that the acquisition will add 2 percent to funds from operations and per unit production.

The company, which backed its 2010 capital budget of C$235 million, said it will draw on its revolving credit facility to fund the acquisition.

Units of the Calgary, Alberta-based company rose 4 Canadian cents to C$33.47 in early trade on the Toronto Stock Exchange. They closed at C$33.43 on Wednesday. ($1=.9986 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Anil D’Silva)

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