Baytex Energy closes Ranger acquisition, significantly increases Texas presence

CALGARY — Baytex Energy Corp. says it has closed its $2.9-billion acquisition of U.S. oil company Ranger Oil Corp.

The deal, first announced in February, grows Calgary-based Baytex’s presence in the Eagle Ford shale region of south Texas.

The company says the deal will add 162,000 net acres in the oil-producing region to Baytex’s portfolio, including 741 net undrilled locations with an inventory life of 12 to 15 years.

It says the acquisition also increases its exposure to premium U.S. Gulf Coast pricing.

Baytex says it is targeting overall average production of 153,000 to 157,000 barrels of oil equivalent per day for the second half of 2023.

The company plans to bring onstream 34 net wells in the Eagle Ford and 90 net wells in Canada during the second half of this year.

This report by The Canadian Press was first published June 21, 2023.

Companies in this story: (TSX:BTE)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• 0079 Ministry of Energy Business_incentive PO
  0079 Ministry of Energy Business_incentive PO
• 0078 LHOS 2024
  0078 LHOS 2024
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0053 Kingston Midstream Westspur Alameda
  0053 Kingston Midstream Westspur Alameda
• 0076 Latus only
  0076 Latus only
• 0073 SaskWorks-Pipeline Online
  0073 SaskWorks-Pipeline Online
• 0063 Turnbull Excavating hiring crusher
  0063 Turnbull Excavating hiring crusher
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0058 Royal Helium Steveville opens anonymous rocket
  0058 Royal Helium Steveville opens anonymous rocket
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 0041 DEEP Since 2018 now we are going to build
  0041 DEEP Since 2018 now we are going to build
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0021 OSY Rentals S8 Promo
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0011
• 0006 JK Junior
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001