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Baytex Energy Corp. (TSX:BTE,NYSE:BTE) has announced that its Board of Directors has authorized a 2013 capital budget of $520 million for exploration and development activities.
Baytex Energy Corp. (TSX:BTE,NYSE:BTE) has announced that its Board of Directors has authorized a 2013 capital budget of $520 million for exploration and development activities.
Highlights from press release:
– Approximately one-half of our 2013 capital budget will be invested in our conventional heavy oil operations at Peace River and Lloydminster. budget includes the drilling of 37 horizontal multi-lateral wells in our Peace River region.
– Approximately 17% of the 2013 capital budget toward two thermal enhanced oil recovery projects.
– Our 2013 capital budget includes the drilling of approximately 228 net wells, of which 187 will target crude oil, three will target natural gas and 38 will be stratigraphic and service wells.