Baytex Energy Corp. closed its CA$65 million acquisition of heavy oil assets in northern Alberta’s Peace River area, the company said Jan. 20.
The assets are immediately adjacent to its existing Peace River lands, the company said, noting they add about 3,000 barrels of oil equivalent per day of production and more than double the land base.
Over the next two years, there could be increased oil production on the acquired lands, the company added.
Cash consideration for the acquisition was funded by drawing on Baytex's revolving credit facilities.
Baytex Energy Corp. is based in Calgary, Alberta.
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