Baytex Energy Corp. has completed the previously announced disposition of its North Dakota assets (the "Assets") to SM Energy Company, effective July 1, 2014, for gross proceeds of approximately $357 million (US$330.5 million). After tax net proceeds from the sale, estimated at $275 million, will be applied against outstanding indebtedness.

Production from the Assets averaged approximately 3,200 boe/d in the second quarter of 2014. As of December 31, 2013, the Assets were estimated to have proved plus probable reserves of 53.5 million boe (81% oil and NGL).

Tags: Baytex Energy Corp.