Baytex Energy Corp.

Title: Baytex Energy Corp.
Category: Energy
Clicks: 6
Added on: Jun 16, 2012
Baytex Energy is a Canada-based exporter, developer, and producer of natural gas and oil, mainly from heavy oil. It makes up 70 percent of the company’s reserves and 67 percent of its production. Assets in British Columbia and Alberta are situated in the Western Canadian Sedimentary Basin. The company also operates in North Dakota, US, outside of Canada. Baytex Energy is listed on TSX and NYSE under the ticker symbol BTE. Its main competitors are Murphy Oil Corporation, Devon Energy Corporation, and Compton Petroleum Corporation.

Established in 1993, during the period 1993 – 2000, the focus of the company was on developing natural gas and light oil containing properties in south-east and north Alberta. Baytex Energy completed the takeover of the natural gas and oil producer Burmis Energy Inc, based in Alberta, in 2008. This takeover increased the daily production of Burmis Energy by 3,650 boe, by giving it control of the Seal property, found in Alberta. In 2009, the company purchased a number of major natural gas and heavy oil assets from True Energy Trust, worth $79.9 million USD. The deal included different properties near Kerrobert and Lloydminster as well as properties in central Alberta.

The natural gas and crude oil operations of Baytex Energy are grouped into 3 business units – United States, Canadian Light Oil and Gas, and Canadian Heavy Oil. Each of the units has its own portfolio of non-operated and operated properties, mineral leases, and development prospects. Within these business units, the company operates with teams of landmen, geoscientists, and engineers. This technical approach aims to result in the evaluation of acquisition, development, and exploration of investment opportunities. Over 70 percent of the company’s current production is concentrated in the Canadian Heavy Oil unit, together with over 73 percent of the company’s oil-equivalent reserves. The Canadian Light Oil and Gas unit specializes in the production of medium gravity and light crude oil, natural gas liquids, and natural gas from different fields found in British Columbia and Alberta. Regarding the United States unit, the company owns significant land positions in the Williston and Powder River basins.
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