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A pump jack pulls crude oil from the Bakken region of the Northern Plains near Bainville, Mont. on Nov. 6, 2013.
A pump jack pulls crude oil from the Bakken region of the Northern Plains near Bainville, Mont. on Nov. 6, 2013.
(Matthew Brown/The Canadian Press)

Baytex sells Bakken assets for $357-million

There’s one less Canadian company sucking oil out of North Dakota’s much-hyped Bakken play.

Baytex Energy Corp. on Tuesday said it has agreed to sell its assets in North Dakota to SM Energy Co., a publically-traded company out of Denver. Baytex will collect $357-million in the deal, which is effective July 1. It expects to pocket $275-million after taxes are knocked out, according to the company’s press release.