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Baytex Energy Corp.

Baytex Timeline

  

Baytex Energy Corp.

2014

  •  September 24, 2014 - Announced the closing of the previously announced disposition of its North Dakota assets.  After tax net proceeds from the sale, estimated at $275 million, will be applied against outstanding indebtedness.
  • July 29, 2014 - Announced the sale of  its North Dakota assets, effective July 1, 2014, for gross proceeds of approximately $357 million (US$330.5 million). The transaction is expected to close toward the end of the third quarter with after tax net proceeds to be applied against outstanding bank indebtedness.
  • June 11, 2014 - The acquisition of Aurora Oil & Gas Limited closes. Concurrent with the closing of the acquisition, the monthly dividend increases by 9% to $0.24 from $0.22 per share.
  • June 6, 2014 - Closed a private placement offering of senior notes due 2021 and 2024 in an aggregate principal amount of US$800 million. The 2021 notes were issued at par in an aggregate principal amount of US$400 million, bear interest at a rate of 5.125% per annum and mature on June 1, 2021. The 2024 notes were issued at par in an aggregate principal amount of US$400 million, bear interest at a rate of 5.625% per annum and mature on June 1, 2024. 
  • February  24, 2014 - Closed the $1.5 billion bought deal subscription receipt financing. Baytex issued 38.433 million subscription receipts, including 5.0 million subscription receipts pursuant to the full exercise of the over-allotment option.  
  • February 6, 2014 - Announced strategic $2.8 billion acquisition of Aurora Oil & Gas Limited and a $1.5 billion subscription receipt financing. Baytex acquired premier acreage in the core of the Eagle Ford, one of the leading shale oil plays in North America. Aurora's primary asset is 22,200 net contiguous acres in the prolific Sugarkane Field. Production in Q4/2014 was 24,678 boe/d (82% liquids) of predominantly light, high quality crude oil.
  

2013

  • First Quarter 2013 - Closed the disposition of approximately 22,000 net acres of non-core Viking rights in the Kerrobert area of southwest Saskatchewan, which included production of approximately 100 bbl/d, for net proceeds of $42 million. 
  

2012

  • October 3, 2012 - Completed the acquisition of  a 100% working interest in approximately 46 sections of undeveloped oil sands leases in the Angling Lake (Cold Lake) area of Northeastern Alberta for $120 million, net of adjustments.  The acquisition includes an approved SAGD project and 43.6 mmboe of proved plus probable reserves.
  • July 19, 2012 – Completed an offering of $300 million principal amount of 6.625% Series C senior unsecured debentures due July 19, 2022. A portion of this issue will be used to redeem $150 million of 9.15% Series A senior unsecured debentures, which were called for redemption on August 26, 2012 at 104.575% of the pricipal amount, with the remaining proceeds used to reduce borrowings on our credit facilities.  
  • May 23, 2012 - Closed the disposition of non-operated interests in North Dakota for cash proceeds of US$312 million, net of adjustments. The assets included approximately 950 boe/d of Bakken light oil production and 149,700 (50,400 net) acres of land.  
  

2011

  • Fourth Quarter 2011 - Closed the sale of approximately 32,600 net acres of leasehold in the "halo" of the Dodsland field in southwest Saskatchewan for $36.3 million. Production from the lands at the time of sale was approximately 60 bbl/d.
  • Fourth Quarter 2011 - Closed the sale of six sections of leasehold (zero production), including five sections with Duvernay rights, in the Kaybob South area of west central Alberta for $11.1 million.  
  • August 9, 2011 - Completed the acquisition of natural gas assets located in the Brewster area of west central Alberta for $22.4 million, net of adjustments, making us the operator of all of the aquired assets. Consisted of approximately 800 boe/d (80% natural gas), 2.5 million boe of proved plus probable reserves and approximately 72,000 net acres of undeveloped land, a 64 kilometer gathering system and two compressor stations. 
  • February 17, 2011 – Completed an offering of US$150 million principal amount of 6.75% Series B senior unsecured debentures due February 17, 2021 used to repay existing indebtedness under its revolving credit facilities and for general corporate purposes. 
  • February 3, 2011 - Completed the acquisition of heavy oil assets in the Seal area of northern Alberta and the Lloydminster area of western Saskatchewan for $159.4 million, net of adjustments. Consisted of approximately 2,600 boe/d (100% heavy oil, 65% from the Seal area and 35% from the Lloydminster area), 95,600 net acres of undeveloped land in close proximity to our existing lands at Seal and proved plus probable reserves of approximately 10.5 million boe.
  • January 3, 2011 - Baytex begins trading as Baytex Energy Corp. on the NYSE. 
  

Baytex Energy Trust

2010

  • May 26, 2010 – Completed the acquisition of a private company with heavy oil assets in the Lloydminster area of southwest Saskatchewan for $40.9 million. Consisted of approximately 900 bbl/d of oil and 21,100 net acres of undeveloped land. 
  • September 30, 2010 - Completed the sale of our 50% interest in the lands and wells comprising phase one of an in-situ combustion project located in the Kerrobert area of southwest Saskatchewan for $18 million and a gross overriding royalty on the divested lands. We retained our 50% interest in the area of mutual interest surrounding the phase one lands and our 100% working interest in our steam-assisted gravity drainage project.
  • December 31, 2010 - Converted to Baytex Energy Corp.
  

2009

  • April 14, 2009 – Completed a public offering of 7,935,000 trust units at $14.50 per trust unit for gross proceeds of $115.1 million used to repay outstanding bank indebtedness.
  • July 30, 2009 – Completed the acquisition of predominantly heavy oil assets in the Kerrobert and Coleville areas of southwest Saskatchewan, plus natural gas assets in the Ferrier area of west central Alberta for $86.2 million, net of adjustments. Consisted of approximately 3,000 boe/d, split 72% heavy oil and 28% natural gas, 47,700 net acres of developed land and 63,300 net acres of undeveloped land.
  • August 26, 2009 – Completed a public offering of $150 million principal amount of 9.15% Series A senior unsecured debentures due August 26, 2016 used to partially fund the redemption of our 9.625% and 10.5% notes.
  • December 15, 2009 – Pre-paid the remaining deferred acquisition payments to our joint venture partner in our Bakken/Three Forks resource play and earned the right to operate a portion of the joint project area.
  

2008

  • June 4, 2008 – Acquired Burmis Energy Inc. by issuing trust units for Burmis Energy Inc. shares valued at $180.5 million. Consisted of natural gas and light oil properties in west central Alberta producing approximately 3,800 boe/d and 110,300 net acres of undeveloped land.
  • Third quarter of 2008 – Acquired a significant land position in the Bakken/Three Forks light oil resource play in northwest North Dakota from a private company. Consisted of 37.5% interest in 263,000 gross acres (98,600 net acres), 94% of which were undeveloped and approximately 300 boe/d of production, 95% of which is oil.
  

2007

  • June 15, 2007 – Completed a public offering of 7,000,000 subscription receipts at $21.35 each for gross proceeds of $149.45 million used to partially fund the June 26, 2007 property acquisition.
  • June 26, 2007 – Completed the acquisition of oil and gas producing properties in the Pembina and Lindbergh areas of Alberta for $238 million. Consisted of approximately 4,500 boe/d, comprised of 2,200 bbl/d of light oil and NGL and 8.0 MMcf/d of natural gas from the Pembina area, and 1,000 bbl/d of heavy oil from the Lindbergh area. Undeveloped land included 26,000 net acres in the Pembina area, 11,000 net acres in the Lindbergh area, 14,000 net acres at Mayerthorpe and 13,000 net acres at Nig.
  

2006

  • March 27, 2006 – Trust units commenced trading on the New York Stock Exchange
  

2005

  • June 6, 2005 – Issued $100 million principal amount of convertible debentures for net proceeds of $95.8 million used to reduce outstanding bank indebtedness.
  • September 30, 2005 – Completed the acquisition of heavy oil producing properties in the Celtic area in Saskatchewan for $69 million. Consisted of 3,350 bbl/d of heavy oil and 0.9 MMcf/d of natural gas and 7,500 net acres of undeveloped land.
  • December 30, 2005 – Sold steam-assisted gravity drainage assets in the Celtic area of Saskatchewan for $45.3 million.
  • 2005 Year – Purchased final approximately 5,000 acres of 100% working interest lands at Seal.
  

2004

  • September 22, 2004 – Completed the acquisition of a Calgary-based private oil and gas company for cash consideration of $109 million before adjustments. Added approximately 3,000 bbl/d of 65% gas-weighted production mainly located in the Sedalia/Garden Plains and Turin/Parkland areas of southern Alberta and 110,000 net acres of undeveloped land.
  • October 18, 2004 – Implemented our distribution reinvestment plan.
  • December 20, 2004 – Completed a public offering of 3,600,000 trust units at $12.80 per trust unit for gross proceeds of $46,080,000 used to repay outstanding bank indebtedness.
  • December 22, 2004 – Completed the acquisition of certain strategic oil and natural gas interests in the West Stoddart area of northeast British Columbia for $90 million before adjustments. Consisted of approximately 3,300 boe/d comprised of 10.0 MMcf/d of natural gas, 1,300 bbl/d of NGL and 330 bbl/d of light oil and 17,000 net acres of undeveloped land contiguous to the principal producing properties.
  • 2004 Year – Purchased another approximately 18,000 acres of 100% working interest lands at Seal.
  

2003

  • September 2, 2003 – Converted to Baytex Energy Trust. Spin out of Crew Energy Inc. to Baytex shareholders.
  • December 12, 2003 – Completed a public offering of 6,500,000 at $10.00 per trust unit for gross proceeds of $65.0 million used to fund our ongoing capital expenditure and acquisition program.
  

Baytex Energy Ltd.

2003

  • April 1, 2003 – Sold natural gas assets in the Ferrier/O’Chiese area for proceeds of $133.3 million to strengthen the balance sheet.
  • July 9, 2003 – Issued US$179.7 million of 9.625% senior subordinated notes due July 15, 2010 in exchange for US$149.8 million of the 10.5% notes issued February 12, 2001.
  • 2003 Year – Acquired approximately 31,000 more acres of 100% working interest lands at Seal.
  

2002

  • 2002 Year – Acquired a further approximately 5,000 acres of 100% working interest lands at Seal.
  

2001

  • February 12, 2001 – Completed a private placement of US$150 million principal amount of 10.5% senior subordinated notes, due 2011 for net proceeds of approximately US$144.5 million used to repay all outstanding debt under the senior credit facilities.
  • May 1, 2001 – Acquired OGY Petroleums Ltd.for total consideration of $50.7 million and 1.2 million common shares. Consisted of light oil and natural gas in central Alberta.
  • June 1, 2001 – Acquired Triumph Energy Corporation for $82.3 million and 4.9 million common shares. Consisted of natural gas in central Alberta and light oil and natural gas in east central and southern Alberta.
  • 2001 Year – Acquires approximately 3,000 additional acres of 100% working interest lands at Seal.
  

2000

  • May 1, 2000 – Acquired Bellator Exploration Inc. for $39.9 million and 8.8 million common shares. Consisted of approximately 9,105 bbl/d of heavy oil and 3.3 MMcf/d of natural gas located mainly in western Saskatchewan.
  • August 1, 2000 – Acquired Aquilo Energy Inc., a private junior oil and gas company for 1.0 million common shares.
  • 1999 - 2000 Year – Acquires first approximately 3,000 acres of 100% working interest lands at Seal.
  

1998

  • November 13, 1998 – Issued US$57 million of senior secured term notes, bearing interest at 7.23% due November 13, 2004.
  

1997

  • October, 1997 – Acquired Dorset Exploration Ltd. for 0.48 of a common share of Baytex Energy Ltd. for each share of Dorset.
  

1993

  • June 3, 1993 – Incorporated Baytex Energy Ltd.
  • November 5, 1993 – Completed initial public offering of $8.0 million consisting of 2,400,000 Class A shares and 4,534,500 flow-through Class B non-voting shares, issued for $0.40 and $1.00 per share, respectively. Subsequent to year-end, a further 2,505,500 flow-through Class B non-voting shares were issued, pursuant to the installment agreement.
  
  

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Operations

Our operations are organized into Canadian Heavy Oil, Canadian Light Oil and Gas and United States business units.

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Operations Map
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