Baytex Temporarily Shuts In Eagle Ford Production Due to Hurricane Harvey
August 28 2017 - 4:00PM
Baytex Energy Corp. (“Baytex”) (TSX:BTE) (NYSE:BTE) announces that
due to Hurricane Harvey, on August 25, 2017 our Eagle Ford
operations were shut-in and drilling and completion operations were
suspended. This decision was driven by a number of factors
including the safety of operating personnel and the availability of
downstream markets. Our Houston office was also evacuated.
As of August 28, 2017, field operations are
being inspected and drilling and completion operations are expected
to resume this week.
There is currently a limited ability to produce
as downstream markets are closed or significantly curtailed. The
safe start-up of field operations has begun and will be balanced
with market access. We expect to increase production throughout the
week.
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 the impact of Hurricane
Harvey on our Eagle Ford operations, including the timing of
restarting drilling and completion operations and our expectation
that production will increase throughout the week. These
forward-looking statements are based on certain key assumptions
regarding, among other things: the condition of the production
operating facilities; 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: 1-800-524-5521
Email: investor@baytexenergy.com
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