Baytex 2016 Eagle Ford
Baytex Energy announces 2016 spending plans that focus heavily on the Eagle Ford Shale.
Related: Baytex Energy Tackles Eagle Ford Debt with Bakken Sale
In a press release last month, Calgary-based Baytex announced its planned 2016 capex, which includes directing approximately 80% to 90% of its budget to the company's Eagle Ford operations,
Baytex' Board of Directors approved a 2016 capital budget of $325 to $400 million to be heavily weighted to drilling and completion activities (approximately 83%) with the balance for facilities and pipelines (approximately 15%) and land and seismic (approximately 2%). The goal is to generate an average annual production of 74,000 to 78,000 boe/d.
Eagle Ford Highlights for 2016
- EFS represents the highest individual well economics and highest netbacks in the company's portfolio.
- Company plans for four to six rigs running throughout the year
- Will continue to advance the multi-zone potential of the Sugarkane acreage with individual pads targeting up to three zones in the Eagle Ford formation plus overlying Austin Chalk formation
- Will bring approximately 35 to 40 net wells on production in 2016
“We have structured our 2016 capital budget to ensure maximum flexibility with respect to both the timing and level of spend. In the first half of 2016, our budget will emphasize our highest rate of return and highest netback projects in the Eagle Ford.”
Read more at Baytex Energy.com