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Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay / Viking) and Heavy Oil Canada (Peace River / Peavine / Lloydminster). Its Eagle Ford assets are located in the core of the liquids-rich Eagle Ford shale in South Texas. The Eagle Ford shale covers approximately 269,000 gross acres of crude oil operations. Its Viking assets are located in the Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta. It also holds 100% working interest land position in the East Duvernay resource play in central Alberta.


TSX:BTE - Post by User

Comment by BayStreetWolfTOon Feb 07, 2022 9:07am
208 Views
Post# 34404133

RE:Reserves

RE:ReservesGood morning Gamble, while MANY people forget about the impact of COVID on reserves here is a snipet of the last report for Y/E 2020. You will notice the reduction in "economic" barrels.

Of course at 70+ oil these are now all economic....so we wait for the new reports

Something to think about as we wait for the 2021 YE reports.

BSW


Reference:

https://www.baytexenergy.com/files/pdf/Reserves/2020%20Reserves%20Information.pdf


"Our 2020 reserves report reflects the impact of a materially lower commodity price forecast being utilized by our reserves evaluator, which was brought on by Covid-19 and the extremely volatile crude oil market. We highlight the updated commodity price forecast on page 11 which has WTI averaging US$56/bbl over the next ten years, down 20% from one year ago. Consistent with the $2.4 billion impairment we recorded in 2020, we removed 29 million barrels of proved reserves (65% heavy oil and bitumen) and 41 million barrels of proved plus probable reserves (80% heavy oil and bitumen), which are uneconomic under the commodity price forecast."



2021Gamble wrote:
Noticed a real good news release from OBE this morning....reserve increase ... As in huge reserve increase....

Could we be getting close to the same now on BTE???  food for thought...

RED ...i'm assuming you have the 2020 reduction in your spreadsheet??  what would a reversal of that writedown be?


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