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Baytex Energy raises H2 production guidance following Aurora acquisition

  • Baytex Energy Trust (BTE -1.4%) boosts its production guidance for H2 2014 to 88K-90K boe/day to reflect its recent purchase of Aurora Oil & Gas, which expanded BTE's asset base into the Eagle Ford resource play.
  • Reaffirms Q2 production guidance of ~60K boe/day, excluding the acquisition; including production from the Eagle Ford for the 20 following closing of the deal, average Q2 production is estimated at 66K boe/day.
  • Expects to drill 29-31 net wells on its acquired Eagle Ford acreage during H2, with exploration and development expenditures comprising ~65% of H2 capex.
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