The company acquired the heavy oil assets through a combination of a corporate purchase of a private company and an asset purchase.
These assets include a 100% working interest in 95,600 acres of undeveloped land in the Seal area.
Baytex’s revolving credit facilities funded the aggregate cash consideration for the acquisition of $159.4m, the company said.
The company anticipates these assets to generate about 2,600boe/d of heavy oil for the remainder of 2011, of which 65% is from the Seal area and 35% is from the Lloydminster area.
The proved and probable reserves are estimated to be approximately 10.5 million boe.
