Baytex Supports Regulatory Initiatives on Peace River Oil Production Announced Today by the Alberta Energy Regulator
16 April 2014 - 9:38AM
Marketwired
Baytex Supports Regulatory Initiatives on Peace River Oil
Production Announced Today by the Alberta Energy Regulator
CALGARY, ALBERTA--(Marketwired - Apr 15, 2014) - 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 Public Proceeding.
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 Alberta.
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.
Investor InquiriesBrian EctorVice President, Capital
Markets1-800-524-5521investor@baytexenergy.comMedia InquiriesAndrew
LoosleyDirector, Stakeholder & Community
Relations1-800-524-5521media@baytexenergy.comwww.baytexenergy.com
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