Baytex Energy Corp. (TSX/NYSE: BTE) has closed previously announced acquisition of heavy oil assets located in the Peace River area of northern Alberta, from reportedly Murphy Oil for $65 million in cash (net of adjustments).
The assets are located immediately adjacent to Baytex existing Peace River lands, add approximately 3,000 boe/d of production and more than double its land base in the area.
Baytex did not disclose the vendor name. There are three other companies operating in the area including Shell, PenWest, and Murphy Oil.
photo credit: Baytex Energy
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