Baytex Supports Regulatory Initiatives on Peace River Oil Production Announced
Today by the Alberta Energy Regulator
CALGARY, ALBERTA -- (Marketwired) -- 04/15/14 -- Baytex Energy
Corp. ("Baytex") (TSX: BTE)(NYSE: BTE) supports the regulatory
initiatives announced today by the Alberta Energy Regulator ("AER")
governing heavy oil development in the Peace River region.
Baytex welcomed the AER's Public Proceeding held in January into
Odours and Emissions from Heavy Oil Operations in the Peace River
Area. The AER Panel provided a highly-credible, science-based venue
for addressing and finding solutions to a variety of concerns that
have been expressed by some community members about Peace River oil
production. Baytex was an active participant throughout the two-week
Since commencing operations in the Peace River region approximately
10 years ago, Baytex has continually worked to lower its
environmental impact and to reduce emissions from all its operations.
Baytex operations are compliant with existing regulations and the
company plans to comply with the new regulations within the specified
timelines. Baytex has been proactively implementing a number of the
AER Panel's recommendations.
"Baytex's gas conservation activities and plans are consistent with
the AER initiatives announced today," said James Bowzer, President
and Chief Executive Officer. "In Three Creeks, along with our partner
- Genalta Power, an expansion to existing gas conservation facilities
is underway and by the end of 2014 it is estimated that Baytex will
deliver sufficient excess natural gas to Genalta's power facility,
which will generate the daily energy requirement equivalent to more
than 14,000 homes. In the Reno field, which we acquired in 2011,
excess natural gas is conserved through the connection of our
recently constructed pipelines to the TransCanada pipeline system and
work is underway to fulfill our commitment of capturing tank top
vapours from all existing and future well sites."
"Baytex is, and has always been, committed to operating in a safe,
environmentally responsible manner in all our operations. We are
committed to minimizing the impact of our activities on the residents
in the vicinity of our operations," Bowzer said.
In the past month, Baytex launched its Good Neighbour program, which
is a code of conduct that Baytex employees and contractors follow. It
reflects core and long-standing Baytex values of respect, safety and
integrity, community responsiveness, community investment,
environmental stewardship and economic contribution. As a prime
objective, the Good Neighbour program strives to provide social and
economic benefits to the community while mitigating operating impacts
related to traffic, noise, dust, garbage and wildlife.
Through the AER's regulatory initiatives announced today, Baytex
believes all the conditions and regulations are in place to develop
the resources in the Peace River area in a manner that will provide
long-term benefits and well-being to the community and the people of
Advisory Regarding Forward-Looking Statements
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"). Specifically, this press release
contains forward-looking statements relating to: our plans to comply
with the new regulations within the specified timelines; our plans to
deliver additional volumes of natural gas in the Three Creeks field
to Genalta for power generation; and our plans to capture tank top
vapours in the Reno field. The forward-looking statements contained
in this press release speak only as of its date and are expressly
qualified by this cautionary statement.
These forward-looking statements are based on certain key assumptions
regarding, among other things, the receipt, in a timely manner, of
regulatory and other required approvals for our operating activities
and the timing of completion of the expansion of Genalta's power
generating facilities. Readers are cautioned that such assumptions,
although considered reasonable by Baytex at the time of preparation,
may prove to be incorrect.
Actual results achieved during the forecast period will vary from the
information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors. Such factors include, but
are not limited to: declines in oil and natural gas prices; risks
related to the accessibility, availability, proximity and capacity of
gathering, processing and pipeline systems; changes in government
regulations that affect the oil and gas industry; risks associated
with acquiring, developing and exploring for oil and natural gas and
other aspects of our operations; risks associated with large projects
or expansion of our activities; risks related to heavy oil projects;
expansion of our operations; and changes in environmental, health and
safety regulations. These and additional risk factors are discussed
in our Annual Information Form, Annual Report on Form 40-F and
Management's Discussion and Analysis for the year ended December 31,
2013, as filed with Canadian securities regulatory authorities and
the U.S. Securities and Exchange Commission.
There is no representation by Baytex that actual results achieved
during the forecast period will be the same in whole or in part as
those forecast and Baytex does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law.
Baytex Energy Corp.
Baytex Energy Corp. is a dividend-paying oil and gas corporation
based in Calgary, Alberta. The company is engaged in the acquisition,
development and production of crude oil and natural gas in the
Western Canadian Sedimentary Basin and in the Williston Basin in the
United States. Approximately 88% of Baytex's production is weighted
toward crude oil. Baytex pays a monthly dividend on its common shares
which are traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol BTE. The subscription receipts issued by
Baytex to fund a portion of the purchase price for Aurora Oil & Gas
Limited trade on the Toronto Stock Exchange under the symbol BTE.R.
Vice President, Capital Markets
Director, Stakeholder & Community Relations
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