Drilling in the Eagle Ford shale. Baytex Energy's $2.2 billion acquisition of Houston's Ranger Oil expands the company's operations in the South Texas shale play.
The cash-and-stock deal with Baytex Energy Corp., based in Calgary, Canada, included the assumption of debt, according to a company statement. Ranger shareholders received 7.49 Baytex shares plus $13.31 cash for each share of Ranger common stock. "We are excited to close the Ranger acquisition, which materially increases our scale in the Eagle Ford while building quality operating capability in a premier basin," Baytex CEO Eric Greager said in a statement."We have emerged from this transaction as a well-capitalized and diversified North American exploration and production company with a portfolio of high-quality oil weighted assets in Western Canada and the Eagle Ford shale in Texas.