Baytex Energy to merge with Ranger Oil in a CAD2.9bn deal.

Baytex Energy, an oil and gas corporation, agreed to merge with Ranger, a pure-play independent oil and gas company, in a CAD2.9bn deal. "I couldn't be more proud of the Ranger team and the company we've built together. We expect that combining with the balance sheet strength, deep asset base, and operational excellence of Baytex will create a unique company of scale which will deliver sustained free cash flow growth and differentiated shareholder returns. We look forward to bringing together our complementary teams and assets to realize the long-term value of this combination for our shareholders," Darrin Henke, Ranger President and CEO.