Baytex Energy Trust Increases Distribution
Baytex Energy Trust announced that the company's Board of Directors has approved an 11.1% increase in monthly distributions to unitholders from $0.18 per unit to $0.20 per unit. This increase will apply to the distributions in respect of March 2008 operations, which is scheduled to be paid on April 15, 2008 to unitholders of record on March 31, 2008. The ex-distribution date is March 27, 2008.
It is Baytex's strategy to achieve long-term sustainability and deliver consistent returns to unitholders. This increase in cash distributions, the second since the 2003 inception without any such decrease in this period, reflects our continued strong operating and financial performance as well as the improving underlying fundamentals of the company's business. Since the last significant asset acquisition and associated equity financing completed at the end of June 2007, monthly cash distributions of $0.18 per unit represent payout ratios of 44% net of Distribution Reinvestment Plan ("DRIP") and 52% before DRIP during the second half of 2007. Commodity prices to-date in 2008 compare favourably to those in the second half of 2007 and Baytex is pleased to share the benefit of the present operating environment directly with our investors.
- Baytex to Buy Australia's Aurora Oil & Gas at Big Premium (Feb 07)
- Baytex to Take Stakes in Heavy Oil Assets (Apr 15)
- Baytex Announces Management Appointments (Jan 05)