Using BOE Intel’s public data mineral rights transfer tool, we noticed last week that Baytex acquired 66 net sections (16,896 hectares) of mineral rights near the company’s existing Peace River acreage.
The mineral rights were transferred from Grizzly Oil Sands ULC on January 11th, 2024. Pictured below is the mineral rights transfer.
Figure 1 – Mineral rights transfer from Grizzly to Baytex (pink) – Existing Baytex Crown mineral rights (yellow)
Zooming in a bit on the map in Figure 2, we can see that this land appears largely undrilled, and would likely be considered more exploratory in nature. It is however quite close to Baytex’s Peace River Bluesky development, which produced 11,800 BOE/d in Q3/23 according to the company’s presentation. Companies with Bluesky development in the area also include Obsidian and Canadian Natural Resources. In fact, Obsidian has cited the greater Peace River Bluesky area as its main source of expected growth over the next three years.
Figure 2 – Baytex licensed wells shown in green
The most recent company presentation does not appear to reflect these new mineral rights yet.
Figure 3 – Slide from Baytex January 2024 presentation
Source: 24-01-January-Presentation.pdf (baytexenergy.com)
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