Baytex Provides Update on Impact of Hurricane Harvey
September 11 2017 - 04:00PM
Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) provides an
update to the impact on production due to Hurricane Harvey.
As previously disclosed, on August 25, 2017 our
Eagle Ford operations were shut-in and drilling and completion
operations were suspended. During the week of August 28, 2017,
field operations were inspected, drilling and completion operations
resumed and the safe start-up of field operations was
initiated.
With very little damage to production facilities
on Baytex lands, our production in the Eagle Ford has steadily
increased as market access has improved. We are currently producing
at or near full capacity compared to pre-Hurricane Harvey levels.
We have 4 drilling rigs and 1 to 2 completion crews working on
our lands, which is consistent with our expected pace of
development during the second half of 2017.
We estimate the impact on our third quarter
production to be approximately 2,500 boe/d (625 boe/d on an
annualized basis). This represents less than 1% of our anticipated
corporate production for 2017. As a result, we are maintaining our
annual production guidance of 69,000 to 70,000 boe/d.
Advisory Regarding Forward-Looking
Statements
In the interest of providing Baytex's
shareholders and potential investors with information regarding
Baytex, including management's assessment of Baytex's future plans
and operations, certain statements in this press release are
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation (collectively, "forward-looking
statements"). In some cases, forward-looking statements can
be identified by terminology such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "forecast", "intend",
"may", "objective", "ongoing", "outlook", "potential", "project",
"plan", "should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement.
Specifically, this press release contains
forward-looking statements relating to but not limited to:
the portion of our Eagle Ford production that has been restored
following Hurricane Harvey; the number of drilling rigs and frac
crews working on our Eagle Ford lands in the second half of 2017;
the impact of Hurricane Harvey on production volumes for both the
third quarter of 2017 and full‑year 2017; and our 2017 annual
production guidance. These forward-looking statements are based on
certain key assumptions regarding, among other things: the
availability of labour and other industry services; and the ability
of downstream markets to accept produced volumes of petroleum and
natural gas. Readers are cautioned that such assumptions, although
considered reasonable by Baytex at the time of preparation, may
prove to be incorrect.
Actual results achieved will vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors. Such factors are
discussed in our Annual Information Form, Annual Report on
Form 40-F and Management's Discussion and Analysis for the
year ended December 31, 2016, as filed with Canadian securities
regulatory authorities and the U.S. Securities and Exchange
Commission.
There is no representation by Baytex that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and Baytex does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
Baytex Energy Corp.
Baytex Energy Corp. is an oil and gas
corporation based in Calgary, Alberta. The company is engaged in
the acquisition, development and production of crude oil and
natural gas in the Western Canadian Sedimentary Basin and in the
Eagle Ford in the United States. Approximately 79% of Baytex’s
production is weighted toward crude oil and natural gas liquids.
Baytex’s common shares trade on the Toronto Stock Exchange and the
New York Stock Exchange under the symbol BTE.
For further information about Baytex, please
visit our website at www.baytexenergy.com or contact:
Brian Ector, Senior Vice President,
Capital Markets and Public Affairs
Toll Free Number: 1-800-524-5521Email:
investor@baytexenergy.com
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