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CALGARY, Alberta, Sept. 01, 2021 (GLOBE NEWSWIRE) — Baytex Energy Corp. (TSX: BTE) is admiring to accommodate an amend to its 2021 Clearwater appraisement affairs and advertise a added cardinal acreage acceding with the Peavine Métis Settlement.
“The Clearwater has emerged as one of the best assisting plays in Canada and our 2021 appraisement affairs has delivered assembly after-effects aloft our antecedent expectations. We accept accomplished bristles acknowledged oil wells and our Clearwater assembly has added to greater than 2,300 bbl/d. In addition, we are aflame to accept broadcast our affiliation with the Peavine Métis Adjustment in northwest Alberta accretion our acreage position aural the adjustment by a added 20 sections to 80 abutting sections,” commented Ed LaFehr, President and Chief Executive Officer.
Appraisal Affairs Yields Strong Results
We currently accept bristles bearing wells on our Peavine acreage and assembly has added from aught at the alpha of this year to greater than 2,300 bbl/d, currently. The two eight-lateral wells that account our antecedent assay able-bodied accept generated 30-day antecedent assembly ante of 695 bbl/d and 412 bbl/d, respectively, which rank amid the top Clearwater wells drilled-to-date. Our third eight-lateral able-bodied accomplished three afar to the east of our assay pad was brought onstream August 15 and is currently bearing 750 bbl/d.
The afterward table summarizes the after-effects of our 2021 appraisement program.
(1) 30-Day Antecedent Assembly Bulk (bbl/d) is authentic as the boilerplate oil bulk over the aboriginal 720 hours of assembly afterward conduct aqueous recovery.
Second Cardinal Acreage Agreement
We are committed to architecture and advancement admiring relationships with Indigenous communities and creating opportunities for allusive bread-and-butter accord and inclusion. In aboriginal 2020, we accomplished a cardinal acceding with the Peavine Métis Adjustment in the Peace River breadth that covered 60 sections of acreage anon to the south of our absolute Seal operations. At the time, we articular cogent abeyant for an aboriginal date basic comedy targeting the Spirit River formation, a Clearwater accumulation equivalent.
In August 2021, we accomplished a added cardinal acceding with the Peavine Métis Adjustment that covers an added 20 sections, bringing our absolute Peavine acreage to 80 abutting sections. When accumulated with our bequest acreage position in northwest Alberta, we appraisal that over 120 sections are -to-be for Clearwater development.
Preliminary 2022 Activity
As allotment of our 2022 plan, which is to be accustomed and appear in aboriginal December 2021, we are alive with the Peavine Métis Adjustment and are advancing to assignment up to two added Clearwater wells in backward 2021 and assassinate an broadcast affairs of 12 to 18 wells in 2022. To-date, we accept de-risked 20 sections and awaiting added success, accept the comedy now holds the abeyant for greater than 200 locations.
We will amend our five-year plan in December to accommodate Clearwater activity. At accustomed article prices, the Clearwater generates amid the arch economics aural our portfolio with payouts of beneath than six months and has the adeptness to abound organically while acceptable our chargeless banknote breeze profile. We abide committed to maximizing chargeless banknote breeze and accelerating our antithesis area deleveraging, with the ambition of carrying allusive allotment to shareholders.
Advisory Apropos Forward-Looking Statements
In the absorption of accouterment Baytex’s shareholders and abeyant investors with advice apropos Baytex, including management’s appraisal of Baytex’s approaching affairs and operations, assertive statements in this columnist absolution are “forward-looking statements” aural the acceptation of the United States Private Antithesis Litigation Reform Act of 1995 and “forward-looking information” aural the acceptation of applicative Canadian antithesis legislation (collectively, “forward-looking statements”). In some cases, advanced statements can be articular by analogue such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “initiative”, “intend”, “may”, “objective”, “ongoing”, “outlook”, “potential”, “project”, “plan”, “should”, “target”, “would”, “will” or agnate words suggesting approaching outcomes, contest or performance. The advanced statements independent in this columnist absolution allege alone as of the date thereof and are especially able by this cautionary statement.
Specifically, this columnist absolution contains advanced statements apropos to but not bound to: our business strategies, affairs and objectives; that we are committed to architecture and advancement admiring relationships with Indigenous communities and creating opportunities for allusive bread-and-butter accord and inclusion; that we accept 120 sections of acreage -to-be for Clearwater development; that we are alive with the Peavine Métis Adjustment and are planning to assignment two added Clearwater wells in backward 2021 and assassinate a 12 to 18 able-bodied affairs in 2022; that we will amend our five-year plan in December to accommodate Clearwater activity; that at accustomed article prices, the Clearwater generates amid the arch economics aural our portfolio with payouts of beneath than six months and has the adeptness to abound organically while acceptable our chargeless banknote breeze profile; and that we abide committed to maximizing chargeless banknote breeze and accelerating antithesis area deleveraging with the aim of carrying allusive allotment to shareholders.
These advanced statements are based on assertive key assumptions regarding, amid added things: petroleum and accustomed gas prices and differentials amid light, boilerplate and abundant oil prices; able-bodied assembly ante and assets volumes; our adeptness to add assembly and affluence through our assay and development activities; basic bulk levels; our adeptness to borrow beneath our acclaim agreements; the receipt, in a adapted manner, of authoritative and added adapted approvals for our operating activities; the availability and bulk of labour and added industry services; absorption and adopted barter rates; the constancy of absolute and, in assertive circumstances, proposed tax and adeptness regimes; our adeptness to advance our awkward oil and accustomed gas backdrop in the address currently contemplated; and accustomed industry conditions, laws and regulations continuing in aftereffect (or, area changes are proposed, such changes actuality adopted as anticipated). Readers are cautioned that such assumptions, although advised reasonable by Baytex at the time of preparation, may prove to be incorrect.
Actual after-effects accomplished will alter from the advice provided herein as a aftereffect of abundant accustomed and alien risks and uncertainties and added factors. Such factors include, but are not bound to: the animation of oil and accustomed gas prices and bulk differentials (including the impacts of Covid-19); the availability and bulk of basic or borrowing; risks associated with our adeptness to accomplishment our backdrop and add reserves; availability and bulk of gathering, processing and activity systems; that our acclaim accessories may not accommodate acceptable clamminess or may not be renewed; abortion to accede with the covenants in our debt agreements; risks associated with a third-party operating our Eagle Ford properties; accessible acumen and its admission on the authoritative regime; restrictions or costs imposed by altitude change initiatives and the concrete risks of altitude change; new regulations on hydraulic fracturing; restrictions on or admission to baptize or added fluids; changes in government regulations that affect the oil and gas industry; regulations apropos the auctioning of fluids; changes in environmental, bloom and assurance regulations; costs to advance and accomplish our properties; variations in absorption ante and adopted barter rates; risks associated with our ambiguity activities; application or replacing our administration and key personnel; changes in assets tax or added laws or government allurement programs; uncertainties associated with ciphering oil and accustomed gas reserves; our disability to absolutely assure adjoin all risks; risks of counterparty default; risks accompanying to our thermal abundant oil projects; alternatives to and alteration appeal for petroleum products; risks associated with our use of advice technology systems; after-effects of litigation; risks associated with ample projects; risks associated with the buying of our securities, including changes in market-based factors; risks for United States and added non-resident shareholders, including the adeptness to accomplish civilian remedies, differing practices for advertisement affluence and production, added taxation applicative to non-residents and adopted barter risk; and added factors, abounding of which are aloft our control.
These and added accident factors are discussed in our Annual Advice Form, Annual Report on Form 40-F and Management’s Discussion and Assay for the year concluded December 31, 2020, filed with Canadian antithesis authoritative authorities and the U.S. Antithesis and Barter Commission and in our added accessible filings.
The aloft arbitrary of assumptions and risks accompanying to advanced statements has been provided in adjustment to accommodate shareholders and abeyant investors with a added complete angle on Baytex’s accustomed and approaching operations and such advice may not be adapted for added purposes.
There is no representation by Baytex that absolute after-effects accomplished will be the aforementioned in accomplished or in allotment as those referenced in the advanced statements and Baytex does not undertake any obligation to amend about or to alter any of the included advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as may be adapted by applicative antithesis law. All amounts in this columnist absolution are declared in Canadian dollars unless contrarily specified.
Non-GAAP Banking and Basic Administration Measures
In this account release, we accredit to assertive banking measures (such as adapted funds flow, assay and development expenditures and chargeless banknote flow) which do not accept any connected acceptation assigned by Canadian GAAP (“non-GAAP measures”) and are advised non-GAAP measures. While adapted funds flow, assay and development expenditures and chargeless banknote breeze are frequently acclimated in the oil and gas industry, our assurance of these measures may not be commensurable with calculations of agnate measures for added issuers.
Adjusted funds breeze is not a altitude based on about accustomed accounting attempt (“GAAP”) in Canada, but is a banking appellation frequently acclimated in the oil and gas industry. We ascertain adapted funds breeze as banknote breeze from operating activities adapted for changes in non-cash operating alive basic and asset retirement obligations settled. Our assurance of adapted funds breeze may not be commensurable to added issuers. We accede adapted funds breeze a key admeasurement that provides a added complete compassionate of operating achievement and our adeptness to accomplish funds for assay and development expenditures, debt repayment, adjustment of our abandonment obligations and abeyant approaching dividends.
Exploration and development expenditures is not a altitude based on GAAP in Canada. We ascertain assay and development expenditures as additions to assay and appraisal assets accumulated with additions to oil and gas properties. Our analogue of assay and development expenditures may not be commensurable to added issuers. We use assay and development expenditures to admeasurement and appraise the achievement of our basic programs. The absolute bulk of assay and development expenditures is managed as allotment of our allotment action and can alter from aeon to aeon depending on the availability of adapted funds breeze and added sources of liquidity.
Free banknote breeze is not a altitude based on GAAP in Canada. We ascertain chargeless banknote breeze as adapted funds breeze beneath assay and development expenditures (both non-GAAP measures discussed above), payments on charter obligations, and asset retirement obligations settled. Our assurance of chargeless banknote breeze may not be commensurable to added issuers. We use chargeless banknote breeze to appraise funds accessible for debt repayment, accepted allotment repurchases, abeyant approaching assets and accretion and disposition opportunities.
This account absolution discloses abeyant conduct locations associated with our Peavine Clearwater lands. All of the abeyant assignment locations are unbooked locations. Unbooked locations are centralized estimates based on our -to-be acreage and an acceptance as to the cardinal of wells that can be accomplished per area based on industry convenance and centralized review. As compared to appointed locations, unbooked locations do not accept attributed affluence and there is added ambiguity whether wells will be accomplished in such locations and if accomplished there is added ambiguity whether such wells will aftereffect in added oil and gas reserves, assets or production. The conduct locations on which the Aggregation absolutely drills wells will ultimately depend aloft the availability of capital, authoritative approvals, melancholia restrictions, oil and accustomed gas prices, costs, absolute conduct results, added backlog advice that is acquired and added factors. While assertive of the unbooked conduct locations accept been de-risked by conduct absolute wells in about abutting adjacency to such unbooked conduct locations, the majority of added unbooked conduct locations are added abroad from absolute wells area administration has beneath advice about the characteristics of the backlog and accordingly there is added ambiguity whether wells will be accomplished in such locations and if accomplished there is added ambiguity that such wells will aftereffect in added oil and gas reserves, assets or production.
Advisory Apropos Oil and Gas Information
References herein to boilerplate 30-day antecedent assembly ante and added concise assembly ante are advantageous in acknowledging the attendance of hydrocarbons, however, such ante are not absolute of the ante at which such wells will arise assembly and abatement thereafter and are not apocalyptic of continued appellation achievement or of ultimate recovery. While encouraging, readers are cautioned not to abode assurance on such ante in artful accumulated assembly for us or the assets for which such ante are provided. A burden brief assay or well-test estimation has not been agitated out in account of all wells. Accordingly, we attention that the analysis after-effects should be advised to be preliminary.
This account absolution includes references to 30-day antecedent and accustomed assembly ante in bbl/d, in anniversary case the artefact blazon actuality produced is “heavy oil” as authentic by NI 51-101.
Baytex Energy Corp.
Baytex Energy Corp. is an oil and gas association based in Calgary, Alberta. The aggregation is affianced in the acquisition, development and assembly of awkward oil and accustomed gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 81% of Baytex’s assembly is abounding against awkward oil and accustomed gas liquids. Baytex’s accepted shares barter on the Toronto Stock Barter beneath the attribute BTE.
For added advice about Baytex, amuse appointment our website at www.baytexenergy.com or contact:
Brian Ector, Vice President, Basic Markets
Toll Chargeless Number: 1-800-524-5521 Email: [email protected]
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