Baytex Energy Corp. says that its Board of Directors has approved a 2016 capital budget of $325 to $400 million, which is designed to generate average annual production of 74,000 to 78,000 boe/d. Baytex also announces amendments to the financial covenants contained in its bank credit facilities which will provide the company with increased financial flexibility to the end of 2017.
Commenting on the announcement, James Bowzer, President and Chief Executive Officer, said: "We have structured our 2016 capital budget to ensure maximum flexibility with respect to both the timing and level of spend. In the first half of 2016, our budget will emphasize our highest rate of return and highest netback projects in the Eagle Ford. In Canada, we anticipate ramping up activity in the second half of 2016, although the pace will be highly dependent on crude oil prices and project economics."