Baytex Energy to acquire Raging River Exploration in deal worth $2.8bn

By zaymalz malz

Calgary-based Baytex Energy Corp. has announced that it will be merging with Raging River Exploration Inc. in the aim of boosting its presence in Alberta, namely with its East Duvernay Shale operations.

The combined company, operating under the Baytex brand, is expected to produce approximately 94,000 barrels of oil equivalent daily across its asset portfolio.

See also:

The transaction will see Raging River Exploration shareholders receiving 1.36 common Baytex shares per each Raging River share, valuing the total deal at approximately CAD$2.8bn.

“This combination creates a diversified, well capitalized oil producer that has an impressive suite of high quality producing assets and the ability to materially advance our East Duvernay Shale light oil opportunity, while continuing to develop our Eagle Ford, Viking, Peace River and Lloydminster core assets,” said Neil Roszell, Executive Chairman and Chief Executive Officer of Raging River.

“The combined company has a dominant 260,000 net acre position in the emerging East Duvernay Shale oil play which has the potential to compete for capital with the best plays in North America,” said Edward LaFehr, President and CEO of Baytex.

Roszell will serve as Chairman of the newly combined company, whilst LaFehr will act as President and CEO.


Featured Articles

Top 10 easiest countries in the world to do business

Business Chief takes a look at the top 10 places in the world to do business, according to TMF Group's Global Business Complexity Index (GBCI) for 2023

Patagonia Chair Charles Conn on becoming an imperfectionist

Entrepreneur and Patagonia Chair Charles Conn talks to Business Chief about rethinking strategy amid uncertainty, and why an imperfectionist approach works

Top 10 most valuable brands in the world – Amazon to TikTok

Business Chief takes a look at the top 10 most valuable brands in the world, according to Brand Finance, which puts 5,000 major companies to the test

Four priorities for new Twitter CEO Linda Yaccarino

Leadership & Strategy

Top 10 shifts transforming organisations – McKinsey & Co

Leadership & Strategy

Top 10 fastest-growing jobs in the world according to WEF

Technology & AI