The revised guidance — down from 88,000 to 92,000 boepd — ­reflected a reduced 2015 capital programme that will see spending cut 12% to between C$500 million (US$398 million) and C$575 million.

Furthermore, Baytex plans to shut-in about 2000 boepd of “uneconomic” production.

“We will prudently manage our business in order to preserve financial flexibility in the current commodity price environment.