Happy and excited for you folks in that neck of the woods; I hope good things are ahead. For those of us in southern Fayette County, north of I-10 and northwest of Flatonia, things have been pretty quiet lately. Baytex has taken over most of the EF production in the area and did some leasing of undrilled acreage (of which I am one) starting about two years ago. But the only drilling permits I have seen for Baytex have been to the south of I-10 mostly in Lavaca County. Magnolia dominates the drilling permitting in Fayette County but that is all up north (Chalk).
So today I see where Baytex is looking to sell out of US production. Interesting, not sure if good or bad. It will also be interesting to see if Baytex starts exercising its 2-year options since the 3-year mark is approaching on many of their leases. Not sure if I can post the link to the Baytex announcement, but will try:
Baytex Energy evaluating sale of US operations - report
Baytex Energy (NYSE: BTE) is evaluating the sale of its operations in the Eagle Ford shale of south Texas.
The Canadian oil and gas producer is using advisers to garner interest in the US business, which could get as much as $3 billion in a sale, according to a Bloomberg report on Thursday, which cited people familiar with the matter. No final decision has been made, and Baytex may decide to keep the operations.
The move comes after Baytex (NYSE: BTE) entered the Eagle Ford area a little more than two years ago with the acquisition of Ranger Oil.
Baytex declined to comment to Bloomberg.