- Baytex Energy (TSX:BTE) will sell part of its Viking assets at Forgan and Plato in southwest Saskatchewan for $153.8 million
- The Calgary-based oil and gas company stated that the transfer is expected to close before the end of the year, with net proceeds from the sale to be applied against outstanding bank indebtedness
- Production from the assets is approximately 4,000 barrels of oil equivalent per day (boe/d) (100 per cent light and medium crude oil)
- Baytex Energy last traded at C$5.22 per share
Baytex Energy (TSX:BTE) will sell part of its Viking assets at Forgan and Plato in southwest Saskatchewan for $153.8 million.
In a news release, the Calgary-based oil and gas company stated that the transfer is expected to close before the end of the year, with net proceeds from the sale to be applied against outstanding bank indebtedness. Production from the assets is approximately 4,000 barrels of oil equivalent per day (boe/d) (100 per cent light and medium crude oil). Scotiabank acted as financial advisor to Baytex with respect to the transaction.
Baytex recently reported its Q3 2023 results, stating that its production increased to more than 155,000 boe/d (84 per cent oil and gas liquids).
In terms of the full-year 2023, the company stated it expects production to fall between 121,500 and 122,000 boe/d, up from its previous guidance range of 120,500 to 122,500 boe/d.
Baytex Energy last traded at C$5.22 per share.
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