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Canada: Baytex scores largest oil buy

 |  February 9, 2014

Canada-based crude oil producer Baytex Energy announced plans to acquire Australia-based Aurora Oil & Gas, a $1.6 billion transaction that marks Baytex’s largest acquisition ever.

Reports say the deal involves shale assets in the US and will expand Baytex’s portfolio of light oil, as heavy oil makes up about 75 percent of the company’s output.

The acquisition will also reportedly aid the company as heavy crude prices have dropped in Canada.

The deal remains subject to approval by US and Australian competition authorities.

Full Content: Bloomberg

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