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Canada oil producer Baytex restarts idled wells as prices rise -source

Published 2016-06-08, 06:49 p/m
© Reuters. Canada oil producer Baytex restarts idled wells as prices rise -source
BTE
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By Nia Williams
CALGARY, Alberta, June 8 (Reuters) - Baytex Energy Corp
BTE.TO has restarted nearly all the heavy crude output it shut
last year, encouraged by the months-long rally in oil prices, a
source familiar with the matter said on Wednesday.
It is among the first signs of a North American producer
restarting wells that were deemed uneconomic during the deepest
part of the global crude price slump.
Around 95 percent of the idled Baytex wells have been turned
back on, roughly half of them in May and the rest in June, said
the source, who declined to be named because he is not
authorised to speak to the media.
"We have not drilled any new wells, but old wells that were
uneconomic are coming back on now prices are back up," he said.
The medium-sized producer did not immediately respond to a
request for comment, but on a May 3 earnings call Chief
Executive Officer James Bowzer said if prices held around $45 a
barrel he expected to have most production back online by July.

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