* Says 2011 capital budget to rise 38 percent
* Raises monthly dividend by 11 pct
Dec 7 (Reuters) - Canadian heavy oil producer Baytex Energy Trust BTE_u.TO forecast higher production and a 38 percent increase in its capital budget for 2011.
Baytex, which is engaged in exploration and production of oil and natural gas in British Columbia, Alberta, Saskatchewan and in the United States, also raised its monthly dividend by 11 percent to 20 Canadian cents per share. For 2011, the company expects production of 47,000-48,000 barrels of oil equivalent per day (boe/d), compared with its 2010 production forecast of 44,250-44,500 boe/d.
Baytex set a capital budget of C$325 million ($323.7 million). The company’s 2010 capital budget was C$235 million.
“Approximately 60 percent of our 2011 capital program will be directed to our heavy oil operations, with the single largest project being horizontal-well cold development at Seal in the Peace River Oil Sands,” the company said. Baytex units, which have gained about half their value so far this year, closed at C$44.32 on Monday on the Toronto Stock Exchange.
$1=1.004 Canadian Dollar Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal