Canada’s Baytex Energy Corp. continues to make progress toward closing its acquisition of Eagle Ford E&P Ranger Oil Corp.
Baytex reported on May 15 that shareholders had approved the deal, a cash and stock transaction valued at $2.5 billion. Baytex said that the holders of 95.45% of shares voted in favor of the purchase, according to a press release.
The company previously closed a private offering of $800 million in senior unsecured notes to help fund the cash portion of the acquisition.
Under the terms of the agreement, Ranger shareholders will receive a fixed ratio of 7.49 shares of Canada’s Baytex and $13.31 in cash for each Ranger share. Upon closing, Baytex shareholders would own approximately 63% of the combined company and Ranger shareholders will own approximately 37%.
Baytex said the merger is expected to close late in second-quarter 2023 or early in the third quarter, subject to the satisfaction of customary closing conditions, including receipt of requisite regulatory approvals and Ranger shareholder approval.
Recommended Reading
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
2024-05-09 - Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Pitts: Heavyweight Battle Brewing Between US Supermajors in South America
2024-04-09 - Exxon Mobil took the first swing in defense of its right of first refusal for Hess' interest in Guyana's Stabroek Block, but Chevron isn't backing down.