Baytex Energy Trust (BTE, BTE_UN.TO) said its Board of Directors has approved a 2010 capital budget of C$235 million for exploration and development, or E&D, activities, as compared to an estimated C$165 million E&D program in 2009. This budget is designed to generate an average production rate of 43,500 boe/d, as compared to approximately 41,300 boe/d in 2009.
Baytex plans to convert to a corporation by the end of 2010.
Baytex also announced that its Board of Directors has approved a distribution level of C$0.18 per unit per month, an increase of 50% from the current level of C$0.12 per unit per month. The C$0.18 per unit distribution will commence with the distribution in respect of December 2009 operations, which will be payable on January 14, 2010 to unitholders of record on December 31, 2009.
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