Baytex Energy Corp (BTE)

[Timothy Smith]

Baytex's assets are mostly located in western Canada, with a smaller chunk near the US border in North Dakota in the Bakken.

As mentioned above, Baytex's production is heavily tilted towards heavy oil, representing nearly 75% of production for FY 2013.

Baytex's reserves are liquids rich, with natural gas only representing 7% of reserves.

Baytex should see a large increase in earnings due to higher prices for its production. Heavy oil spreads have moderated greatly and WTI remained elevated during the quarter.