BAYTEX ANNOUNCES NEW GAS CONSERVATION PROJECT IN PEACE RIVER REGION CALGARY, ALBERTA (January 11, 2016) –
Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announces the Alberta Energy Regulator granted approval for the Baytex Energy gas storage project at our Cliffdale 1-18-84-17W5 facility on December 14, 2015. Baytex is currently injecting approximately 1.8 million cubic feet per day of sweet gas into an underground gas reservoir for storage and plans to gradually increase injection rates to a maximum of just under 3 million cubic feet per day with ongoing operational changes and infrastructure upgrades. Presently Baytex is authorized to inject up to 2.3 billion cubic feet of solution gas that would have otherwise been flared.
Today’s announcement reconfirms Baytex’s leadership and commitment to gas conservation activities in the region. In conjunction with the gas utilized in our operations and at the Genalta Peace River Power Centre, Baytex is currently conserving approximately 80% of the solution gas associated with heavy oil operations in the Three Creeks region. Our intent is to withdraw this gas from storage in the future to generate electricity. Safety and project integrity are core values that Baytex holds. Baytex is actively monitoring the pressure of the gas reservoir and we are pleased with the injectivity and operational success of the project thus far.
Baytex is committed to operating in a safe and environmentally responsible manner, minimizing the impact of our activities on stakeholders in the vicinity of our operations, and continuing to develop our assets to the benefit of all Albertans. Baytex Energy Corp. Baytex Energy Corp. is an oil and gas corporate 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 Eagle Ford in the United States. Approximately 78% of Baytex’s production is weighted toward crude oil and natural gas liquids.
Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. For further information about Baytex, please visit our website at www.baytexenergy.com or contact: Brian Ector, Senior Vice President, Capital Markets and Public Affairs or Andrew Loosley, Director, Stakeholder Relations Toll Free Number: 1-800-524-5521