Acquisition adds 3,000 BOEPD

Baytex Energy Corp. (ticker: BTE) announces the closing of its previously announced acquisition of heavy oil assets located in the Peace River area of northern Alberta.

Cash consideration for the acquisition of $65 million (net of adjustments) was funded by drawing on Baytex’s revolving credit facilities.

The assets are located immediately adjacent to our existing Peace River lands, add approximately 3,000 BOEPD of production and more than double our land base in the area.

The acquisition will drive efficiencies and synergies in our operations and will significantly enhance our inventory of drilling locations for future growth. We see the potential to significantly increase crude oil production on the acquired lands over the next two years.

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