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July 31, 2014
07:59 EDTBTEBaytex Energy sees FY14 production 74K-76K boe/d
The company updated its 2014 guidance to reflect the expected closing date of the North Dakota asset sale. Capital spending plans are unchanged as it had previously incorporated a reduction in spending in North Dakota in the second half of this year. For the second half of 2014, capital expenditures for exploration and development activities are forecast to be C$440M-C$465M and it expects to generate an average production rate of 86,000 to 88,000 boe/d, previously 88,000 to 90,000 boe/d. FY14 production guidance is 74,000 to 76,000 boe/d, previously 75,000 to 77,000 boe/d, with budgeted exploration and development expenditures of C$765M-C$790M.
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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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