Calgary’s Baytex Energy Corp. has agreed to acquire Eagle Ford Shale pure-play Ranger Oil Corp. in a cash, stock and debt deal valued at about $2.5 billion.

The merger, slated to close by the end of June, would see Baytex acquire 741 net undrilled locations with inventory life of 12-15 years, management said.

These include 523 Lower Eagle Ford opportunities and 218 additional Upper Eagle Ford and Austin Chalk locations. “Baytex believes it can grow production modestly from the acquired assets with two rigs and approximately 50 to 55 net wells per year,” the firm said.

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