Canada's Baytex Energy ( NYSE: BTE ) is near a deal to acquire U.S. oil and gas producer Ranger Oil ( NASDAQ: ROCC ) for ~$2.5B including debt, in a deal that could be announced as soon as tomorrow, Reuters reported late Monday.
Baytex ( BTE ) reportedly would pay a mix of cash and stock to buy Ranger ( ROCC ) at a small premium to its current $1.8B market cap and assume Ranger's debt, which totaled $603M as of September 30.
The deal would significantly boost Baytex's ( BTE ) presence in Texas' Eagle Ford shale basin, which currently comprises ~30% of its total production.
Reuters reported in November that Ranger ( ROCC ) was considering a sale.
Baytex Energy ( BTE ) last week reported Q4 adjusted earnings of C$0.64/share, with production rising 7.5% Y/Y to 86,864 boe/day .
For further details see:
Baytex Energy nears $2.5B deal to buy Ranger Oil - Reuters