Baytex Energy acquires Aurora Oil & Gas for $2.6B, to raise dividend 9%

|About: Baytex Energy Corp. (BTE)|By:, SA News Editor

Baytex Energy Trust (BTE) agrees to acquire Australia-based Aurora Oil & Gas for ~$1.8B in cash plus assumption of ~$744M in debt.

Aurora's primary asset is 22,200 net contiguous acres in the Sugarkane field in south Texas in the core of the Eagle Ford shale; Aurora's Q4 2013 gross production was 24,678 boe/day (82% liquids) of predominantly light, high-quality crude oil.

BTE says the deal is highly accretive on a per share basis to reserves, production, and funds from operations.

BTE plans to increase its monthly dividend by 9% to $0.24/share, subject to the completion of the acquisition.

Shares halted.