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Calgary, Alberta-based Baytex Energy Corp. has finalized the sale of its Kerrobert thermal asset in southwest Saskatchewan to an undisclosed buyer, generating net proceeds of approximately US$42 million, Baytex said Dec. 20.
Baytex said the non-core asset’s production is approximately 2,000 bbl/d of heavy oil, according to the company’s release.
Proceeds from the sale will be used to reduce the company’s outstanding debt.
Following the transaction, Baytex has updated its 2025 production guidance to 148,000 boe/d to 152,000 boe/d, down from the previous range of 150,000 boe/d to 154,000 boe/d, the company said.
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