Jul. 29, 2014, 5:48 PM
- SM Energy (NYSE:SM) agrees to acquire 61K North Dakota net acres from Baytex Energy (NYSE:BTE) for $330M.
- Production from the assets averaged ~3,200 boe/day in Q2; as of Dec 31, the assets were estimated to have proved plus probable reserves of 53.5M boe (81% oil and natural gas liquids).
- The purchase includes nterests in 126 drilling spacing units, 81 of which will be operated by SM.
- In light of the acquisition, SM says in its Q2 earnings report that it will provide updated capital, production and performance guidance in mid-August.
- BTE says the sale is part of its plan to direct capital to the highest rate of return projects in its portfolio.
May 13, 2014, 8:59 AM
- Baytex Energy (BTE) raises its previous offer for Australian company Aurora Oil & Gas to A$4.20/share (A$1.88B) from $4.10.
- The move came as BTE said Harbour Advisors and Stirling Global Value Fund, which hold a combined 17.4% stake in Aurora, had stated they intended to vote for the scheme of arrangement in the absence of a superior offer.
Feb. 6, 2014, 4:43 PM
- Baytex Energy Trust (BTE) agrees to acquire Australia-based Aurora Oil & Gas for ~$1.8B in cash plus assumption of ~$744M in debt.
- Aurora's primary asset is 22,200 net contiguous acres in the Sugarkane field in south Texas in the core of the Eagle Ford shale; Aurora's Q4 2013 gross production was 24,678 boe/day (82% liquids) of predominantly light, high-quality crude oil.
- BTE says the deal is highly accretive on a per share basis to reserves, production, and funds from operations.
- BTE plans to increase its monthly dividend by 9% to $0.24/share, subject to the completion of the acquisition.
- Shares halted.
Oct. 2, 2012, 8:51 AMBaytex Energy (BTE) agrees to buy ~46 sections of undeveloped oil sands leases in the Cold Lake area of Alberta for $120M. BTE says the acquisition adds an approved steam-assisted gravity drainage project to its asset portfolio, which currently includes thermal recovery projects at Seal in the Peace River Oil Sands and at Kerrobert in Saskatchewan. | Comment!
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