BAYTEX 2018 BUDGET: 55% DIRECTED TO THE EAGLE FORD
Baytex Energy Corp. based in Calgary, announced that its Board of Directors has approved a 2018 capital budget of $325 to $375 million, which is designed to generate average annual production of 68,000 to 72,000 barrels of oil equivalent per day (boe/d). Based on the mid-point a guidance range of 70,000 boe/d, approximately 51% of the production is expected to be generated in the Eagle Ford with the remaining 49% from Canada.
Approximately 55% of the company’s planned capital investment will be directed to the Eagle Ford. A similar pace of activity to 2017 is expected, bringing up to 30 net wells on production. Development will be concentrated in the Lower Eagle Ford formation across our four areas of mutual interest. Baytex expect strong well performance to continue. driven by enhanced completions as the company continue to exploit the oil window on the western portion of the acreages. There are currently running 5 drilling rigs and 1 completion crew in the Eagle Ford.
Baytex is also accelerating development of its heavy oil assets at Peace River and Lloydminster and expect to enter 2018 with four drilling rigs running. Approximately 45% of the planned capital investment will be directed to Canada, which represents a 40% increase from 2017. At Peace River, the plan is to drill 18 net multi-lateral horizontal wells, doubling the pace of activity from 2017. At Lloydminster, 63 net wells (including 16 net multi-lateral horizontal wells) will be programmed, representing an 80% increase in activity. (Source and image: Baytex – drilling rig in the Eagle Ford)
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