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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 70 cents to $46.22 on the New York Merc, while Brent for July added 72 cents to $49.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.25 to WTI ($36.97), unchanged. Natural gas for June added eight cents to $3.27. The TSX energy index added 5.68 points to close at 194.43.

Baytex Energy Corp. (BTE) added 38 cents to $4.24 on 8.32 million shares, buoyed by higher oil prices and its self-proclaimed "great start" to 2017. Its first quarter production was better than analysts had predicted. Production averaged 69,298 barrels of oil equivalent a day during the quarter, exceeding analysts' predictions of about 66,500 barrels a day. Cash flow met predictions at 32 cents a share.

The high production came in part from an accelerated program in the Texas Eagle Ford, where Baytex started using five drilling rigs, up from three to four in the fourth quarter. As well, in Canada, Baytex completed its first significant drill program since mid-2015 and managed to increase production quickly from a newly acquired asset. The asset was producing about 3,000 barrels a day when Baytex acquired it on Jan. 20; now the company puts that figure at closer to 3,400. Thanks to the first quarter production results, which are already at the high end of the full-year guidance of 66,000 to 70,000 barrels a day, Baytex has decided to tighten that guidance to a range of 68,000 to 70,000 barrels a day.

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