Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Baytex Energy to buy Texas-focused Aurora Oil and Gas for $2.6 billion
CALGARY – Baytex Energy Corp. has reached a $2.6-billion deal to buy a Aurora Oil & Gas Ltd.
The deal gets Calgary-based Baytex prime acreage in the oil-rich Eagle Ford shale in Texas.
Oil from the Eagle Ford fetches strong prices because of its proximity to the attractive Gulf Coast refining market.
Aurora’s production during the last three months of 2014 averaged nearly 25,000 barrels of oil equivalent per day, which was mostly light, high-quality crude oil.
The deal includes $744 million in Aurora’s debt.
Once the deal closes, Baytex’s core operating areas will include the Eagle Ford, Peace River oilsands in northwestern Alberta and Lloydminster near the Alberta-Saskatchewan border.
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
