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Stock Market & Financial Investment News

News Breaks
May 21, 2014
05:28 EDTBTEBaytex Energy announces Aurora shareholder approval of acquisition
Baytex Energy provides an update on the status of its proposed acquisition of all of the shares of Aurora Oil & Gas pursuant to a scheme of arrangement under Australian law. At the scheme meeting, the requisite majority of Aurora shareholders approved the Arrangement. Aurora will now apply to the Federal Court of Australia for orders approving the Arrangement at a hearing scheduled for May 26. If the Arrangement is approved by the Court, Aurora expects to lodge the Court orders approving the Arrangement with the Australian Securities Investment Commission on Tuesday, May 27. Once this has occurred, trading in Aurora shares is expected to cease at the close of trade on May 27 on the Australian Securities Exchange and at the open of trade on May 27 on the Toronto Stock Exchange. Based on cash consideration payable for Aurora of A$4.20 per share, the total purchase price is estimated at C$2.8B. The acquisition is accretive to the company's FFO while maintaining a strong balance sheet.
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February 19, 2015
17:20 EDTBTEBaytex Energy announces revised FY15 budget
Baytex Energy announces that its board has approved a revised 2015 capital budget of $500M-$575M, down from an initial 2015 capital budget of $575M-$650M. Baytex also announces amendments to the financial covenants contained in its bank credit facilities which will provide the company with increased financial flexibility. Commenting on the announcement, James Bowzer, president and CEO, said: "The challenging oil price environment that occurred in late 2014 has continued into 2015. To maintain strong levels of financial liquidity, we have continued to evaluate our planned level of capital spending. Our 2015 program remains flexible and allows for adjustments to second half capital spending based on changes in the commodity price environment. Our revised 2015 capital budget is designed to generate average production of 84,000-88,000 boe/d, versus a previous range of 88,000-92,000 boe/d. Included in our revised guidance is the shut-in of approximately 2,000 boe/d of uneconomic production. Excluding the impact of shut-in volumes, the approximate 12% reduction in planned spending impacts our 2015 production forecast by only 2%. This is a testament to the efficiency and quality of the assets within our portfolio."

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