Baytex Energy Corp T.BTE

New Press Release - Baytex Announces Sale of Viking Assets at Forgan and Plato

Calgary, Alberta--(Newsfile Corp. - November 27, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") today announced that it has entered into a definitive agreement to sell certain of its Viking assets located at Forgan and Plato in southwest Saskatchewan, effective October 1, 2023, for...read article.

[HeavyBanana]

Nice !!!

[Franman184]

Anyone know who the buyer is? 

[HeavyBanana]

Don't know but the deal was done October 1 and these are just sattelite to the core so smart move. Q4 dropping big cash towards debt and this chunk adds another juicy kicker to lower debt fast.

[dandu1924]

The market does not react positif. weirdo.

[red2000]

Good news, as I expected..., it's a good start only 2,5% of their boe/d, probably with an  avg. to high decline in production or which required more CAPEX to maintian the pace. They cannot drill all their locations at the same time, with efficiency. I expect more assets sale to reduce LT Debt faster and focus to their most important assets to reach over 160,000 boe/d for 2024. Feel

[KingandBay]

BTE expected to exit 2023 with 2.5 B in debt and repurchase a significant amount of shares. All brings us closer to the 1.5B debt target. 12 months from now we will be getting close to the target. Just need to stick with the plan. I dont think there is any room left for detours :)

[vwbusman]

Its the oil industry and its ego driven cowboy CEOs - there is always room for a detour when you almost do what you say you will do  

[Wildfury]

Baytex sells Viking assets primarily in Saskatchewan, approximately 4,000 bopd, $158 million to be applied directly to debt. I'm assuming that Baytex wants to concentrate on Clearwater & the Eagle Ford plays. Are they completely out of the Viking or only parts of the holding is the question.There was no mention of this sale in the last earnings report especially that is dated as of Oct 1

[dandu1924]

This is nice IF  they use realy this money to reduce the debt.