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A drilling rig near Kennedy, Texas, is seen at dusk. Calgary’s Baytex Energy is acquiring assets that will launch it into Texas light oil.
A drilling rig near Kennedy, Texas, is seen at dusk. Calgary’s Baytex Energy is acquiring assets that will launch it into Texas light oil.
(Eric Gay/The Associated Press)

Baytex financing is largest in oil patch since 2010

Baytex Energy Corp.’s $1.8-billion takeover of Aurora Oil & Gas, a deal that launches it into Texas light oil, couldn’t come at a better time for investment dealers, which have just closed the curtain on the slowest year for energy in the oil patch in half a decade.

The $1.3-billion equity financing that accompanies Calgary-based Baytex’s bid for the Australia-based company rings in at more than half the value of all the oil and gas issues in the fourth quarter of 2013. It is also worth more than the total in each of the previous three quarters, according to data from TD Securities.