Baytex Energy Corp. says it has closed its $2.9-billion acquisition of U.S. oil company Ranger Oil Corp.

The deal, first announced in February, grows Calgary-based Baytex's presence in the Eagle Ford shale region of south Texas.

The company says the deal will add 162,000 net acres in the oil-producing region to Baytex's portfolio, including 741 net undrilled locations with an inventory life of 12 to 15 years.

It says the acquisition also increases its exposure to premium U.S. Gulf Coast pricing.

Baytex says it is targeting overall average production of 153,000 to 157,000 barrels of oil equivalent per day for the second half of 2023.

The company plans to bring onstream 34 net wells in the Eagle Ford and 90 net wells in Canada during the second half of this year.

This report by The Canadian Press was first published June 21, 2023.