Baytex Energy Corp. is a Calgary-based Canadian producer, developer and explorer of oil and natural gas. Formerly a trust, it converted to a corporation January 2011 because of government changes to tax incentives. Through its subsidiaries, Baytex is "engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (in the provinces of Alberta and Saskatchewan) and in the United States (in the state of Texas)." Heavy oil makes up 50% of production while the EagleFord shale oil represents the other 50%. Baytex was over 40%-owned by institutional investors in late 2013, including four of the big five Canadian banks and the Quebec Public Service Employees pension fund.For fiscal 2016 total production was 69,300 US bbl/d (8,260 m3/d, flat to the year before. Baytex's portfolio is 79% oil and liquids with the remaining 21% natural gas. Light and medium oil (oil with an API gravity over 22.3 degrees) makes up a growing part of its reserve base.In 2011 and 2016, respectively, Baytex acquired "heavy oil assets located in the Reno and Seal areas of its northern Alberta Peace River area."In June 2014 Baytex acquired Aurora Oil & Gas Limited, which led to its significant new position in the EagleFord shale oil play in Texas.In 2014 Baytex 52-week high was $49.88 and its 52-week low was $14.56.In June 2018, Baytex announced an offer to buy Raging River Exploration Inc., another Canadian oil and gas firm, for C$2.8 billion. The all-stock deal was poorly received by markets and analysts, with both companys' share prices falling.