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Baytex Energy Corp. (TSX:BTE,NYSE:BTE) provided an updated guidance for the second half of 2014 to account for the acquisition of Aurora Oil & Gas Limited (TSX:AEF) was completed on June 11, 2014. The Aurora acquisition expands Baytex’s asset portfolio into the Eagle Ford, which is one of North America’s premier oil resource plays.
Baytex Energy Corp. (TSX:BTE,NYSE:BTE) provided an updated guidance for the second half of 2014 to account for the acquisition of Aurora Oil & Gas Limited (TSX:AEF) was completed on June 11, 2014. The Aurora acquisition expands Baytex’s asset portfolio into the Eagle Ford, which is one of North America’s premier oil resource plays.
As quoted in the press release:
For the second half of 2014, capital expenditures for exploration and development activities are forecast to be $440 to $465 million, which are expected to generate an average production rate of 88,000 to 90,000 boe/d. Our production mix for the second half of 2014 is forecast to be 86% liquids (50% heavy oil and 36% light oil and natural gas liquids) and 14% natural gas, based on a 6:1 natural gas-to-oil equivalency.
Baytex CEO, James Bowzer, said:
We are pleased to provide our initial guidance following the closing of the Aurora acquisition. Over 90% of our spending in the second half of this year will be directed to our three key oil resource plays which provide some of the highest rates of return in North America. We are well positioned to continue to deliver on our growth and income model.
Click here to read the Baytex Energy Corp. (TSX:BTE) press release
