Baytex Energy (BTE) said Friday the Toronto Stock Exchange accepted its renewed normal course issuer bid, allowing the company to repurchase up to 70,899,359 common shares over the 12 months beginning July 2.

The authorized repurchases represent 10% of Baytex's public float as of June 19, when the company had 712,593,536 common shares outstanding, Baytex said.

Under its prior NCIB, Baytex bought back 56,372,803 shares at a weighted-average price of CA$5.38 ($3.79) per share, according to the company.

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