Baytex Energy announces 2016 spending plans that focus heavily on the Eagle Ford Shale.
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
Read more at Baytex Energy.com