Board of Directors
Baytex has an ongoing board renewal process led by its Nominating and Governance Committee. In the last year, we have significantly restructured our board. Throughout this renewal process, our intent has been to create an efficient, diverse and independent board with complementary skill sets suited to our business.
As previously highlighted, Baytex welcomed Jennifer Maki as a director on September 9, 2019. As part of our renewal process, Jennifer Maki has been appointed to the Audit and Human Resources and Compensation committees while Kevin Olson has stepped down from the board of directors to concentrate on his other business ventures. Baytex would like to thank Mr. Olson for his time and effort on the board.
Baytex is committed to driving further efficiencies in our business as we execute on our plan to deliver profitable oil production and substantial free cash flow.
Following a thorough review of our organizational capabilities, we are streamlining our management team. Jason Jaskela, Executive Vice President and Chief Operating Officer, and Jonathan Grimwood, Vice President, Exploration, are no longer with the corporation. We wish to thank them both for their efforts and achievements over the past year in assisting with the seamless integration of Baytex and Raging River. Our operating business units will now report directly to Ed LaFehr, President and CEO.
Our operating performance remains strong. Consistent with our September 9, 2019 press release, we continue to forecast 2019 average production of approximately 97,000 boe/d (83% oil and NGL) and expect to exit 2019 producing 95,000-97,000 boe/d. We are forecasting exploration and development expenditures for 2019 of approximately $560 million.