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Baytex Energy to sell North Dakota assets


Published Jul 31, 2014
Baytex Energy Corp.-2

Baytex Energy Corp. has entered into an agreement to sell 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). The transaction is expected to close toward the end of the third quarter with after tax net proceeds from the sale, estimated at $275 million, to be applied against outstanding bank 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.




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