Baytex Energy Corp. says it has signed a deal to sell some of its Viking assets in southwest Saskatchewan for $153.8 million.

Production from the assets located at Forgan and Plato is about 4,000 barrels of oil equivalent per day of light and medium crude oil.

The company says the net proceeds from the sale will be used to reduce bank debt.

The sale is expected to close before the end of the year.

Baytex has operations producing oil and natural gas in Western Canada and the Eagle Ford region in the United States.

Shares in the company were down a penny at $5.21 in late-morning trading on the Toronto Stock Exchange on Monday.

This report by The Canadian Press was first published Nov. 27, 2023.