We previously announced a 50% reduction in our capital spending for this year to $260 to $290 million, from $500 to $575 million. This includes hedging 11,267 bbl/d at a weighted average price of US$25.43/bbl for Q2/2020 and 20,695 bbl/d at a weighted average price of $24.56/bbl for July. Both sets of shareholders will benefit from improved liquidity and greater institutional investor interest through Baytex’s listings on both the Toronto Stock Exchange and the New York Stock Exchange. The shut-in of these barrels is expected to have a positive impact on our adjusted funds flow and improve our financial liquidity. Interest coverage is computed as the ratio of Bank EBITDA to financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, and is calculated on a trailing twelve month basis. Accordingly, we caution that the test results should be considered to be preliminary. In the Eagle Ford, strong well performance continued across our acreage position. We have taken actions to achieve $135 million of cost reductions and have shut-in approximately 25,000 boe/d of production, which will have a positive impact on our adjusted funds flow and financial liquidity,” commented Ed LaFehr, President and Chief Executive Officer. During the first quarter, we enhanced our long-term note maturity schedule which provides us with improved flexibility and liquidity. In addition, we use a ratio of net debt to adjusted funds flow to manage our capital structure. Advisory Regarding Oil and Gas Information. In Lloydminster, the combined company’s net drilling locations include 213 proved, 47 probable and 690 unbooked locations. This is comprised of WTI-based fixed price swaps on 2,000 bbl/d at US$58.00/bbl and a 3-way option structure on 24,500 bbl/d that at current oil prices will see Baytex receive WTI plus US$7.60/bbl. The assets of the combined company are characterized by high margins and strong capital efficiencies, resulting in industry-leading returns. Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax expense or recovery and payments on onerous contracts. The Baytex Board has unanimously approved the Transaction, determined that the Transaction is in the best interests of Baytex and the holders of Baytex Shares, and has recommended that the holders of Baytex Shares vote in favour of the issuance of Baytex Shares pursuant to the Transaction. We are now starting to benefit from the actions we have taken as we generated positive free cash flow during the quarter and maintained approximately $300 million of financial liquidity. To manage commodity price movements we utilize various financial derivative contracts and crude-by-rail to reduce the volatility in our adjusted funds flow. The NI 51-101 product types are included as follows: “Heavy Oil” – heavy oil and bitumen, “Light and Medium Oil” – light and medium oil, tight oil and condensate, “NGL” – natural gas liquids and “Natural Gas” – shale gas and conventional natural gas. All amounts in this press release are stated in Canadian dollars unless otherwise specified. Operating netback is equal to petroleum and natural gas sales less blending expense, royalties, production and operating expense and transportation expense divided by barrels of oil equivalent sales volume for the applicable period. We previously announced voluntary production shut-ins of approximately 25,000 boe/d. Our definition of exploration and development expenditures may not be comparable to other issuers. Stikeman Elliott LLP is acting as Baytex’s legal advisor. Realized heavy oil prices are calculated based on sales dollars, net of blending and other expense. Completion activities, originally scheduled for Q2/2020 have been deferred indefinitely and production in the field has been voluntarily shut-in for April and May. On April 21, 2020, the NYSE announced temporary relief to provide noncompliant issuers additional time to cure the noncompliance. In this news release, we refer to certain financial measures (such as adjusted funds flow, EBITDA, exploration and development expenditures, net debt and operating netback) which do not have any standardized meaning prescribed by Canadian GAAP (“non-GAAP measures”) and are considered non-GAAP measures. Raging River’s common shares trade on the Toronto Stock Exchange under the symbol RRX. While adjusted funds flow, exploration and development expenditures, free cash flow, net debt and operating netback are commonly used in the oil and gas industry, our determination of these measures may not be comparable with calculations of similar measures for other issuers. Completion activities, originally scheduled for Q2/2020 have been deferred. Superior Capability to Optimize Capital Allocation. For the remainder of 2020, we also have WTI-MSW basis differential swaps for 6,388 bbl/d of our light oil production in Canada at US$5.95/bbl and WCS differential hedges on 6,500 bbl/d at a WTI-WCS differential of US$16.27/bbl. We remain intensely focused on driving further efficiencies to capture or sustain cost reductions identified during this downturn, while protecting the health and safety of our personnel. The carrying amount of debt issue costs associated with the bank loan and long-term notes are excluded on the basis that these amounts have been paid by Baytex and do not represent an additional source of capital or repayment obligations. Free cash flow (net of $575 million sustaining capital) is expected to be $425 million. “We are uniting two strong oil companies with exceptional people and assets. In the interest of providing Baytex’s shareholders and potential investors with information regarding Baytex, including management’s assessment of Baytex’s future plans and operations, certain statements in this press release are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Production averaged 36,000 boe/d (78% oil and NGL) in Q1/2018. Baytex’s common shares will continue to be listed and traded on the NYSE during the applicable cure period, subject to continued compliance with the NYSE’s other continued listing standards, under the symbol “BTE”, but the NYSE has assigned a “.BC” indicator to the symbol to denote that Baytex is below the NYSE’s price listing standard. Waterflood initiatives continue to advance with continued positive results at Gleneath, Eureka, Plato and Forgan. Operational momentum across the asset portfolio is expected to continue in the second half of 2018. We curtailed exploration and development spending in March, which resulted in first quarter capital spending of $177 million, 12% lower than our original expectation of $200 million. Accordingly, we caution that the test results should be considered to be preliminary. Maintained undrawn credit capacity of $363 million and liquidity, net of working capital, of approximately $300 million. Unbooked locations do not have attributed reserves. The NYSE can also commence accelerated delisting action in the event Baytex’s common shares trade at levels viewed by the NYSE to be abnormally low, which the NYSE has advised is typically below US$0.16 per share. In addition to voluntarily shutting-in production, we suspended drilling operations in Canada and moderated our pace of activity in the Eagle Ford. The conference call will also be archived on the Baytex website at www.baytexenergy.com. On February 20, 2020, we redeemed US$400 million principal amount of 5.125% senior unsecured notes due June 1, 2021 at par. Free cash flow is not a measurement based on GAAP in Canada. Financing and interest expense, excluding accretion of debt issue costs and asset retirement obligations, for the twelve months ended June 30, 2020 was $106.5 million. Production during the second quarter averaged 72,508 boe/d (81% oil and NGL), as compared to 98,452 boe/d (83% oil and NGL) in Q1/2020. We use exploration and development expenditures to measure and evaluate the performance of our capital programs. Accordingly, proved, probable and possible reserves disclosed in this press release may not be comparable to United States standards. Our objective is to reduce our corporate GHG emission intensity (tonnes of CO2 per boe) by 30% by 2021, relative to our 2018 baseline. The well continues to produce at strong rates with the last seven days averaging 400 boe/d (88% light oil and NGLs). CALGARY, Alberta, June 18, 2018 (GLOBE NEWSWIRE) -- Baytex Energy Corp. (“Baytex”) (TSX:BTE) (NYSE:BTE) and Raging River Exploration Inc. (“Raging River”)(TSX:RRX) are pleased to announce that their respective boards of directors have unanimously agreed to a strategic combination of the two companies (the “Transaction”). We have identified approximately $98 million of cost reductions for 2020 (operating, transportation and general & administrative expenses). A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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